Calgary, Alberta, November 17, 2020 – FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF), (“FluroTech” or “the Company”) is pleased to announce that (“FluroTest”) will launch its first product solution aimed at solving the testing problems facing the operators of large stadiums, arenas, and other high capacity venues.
The FluroTest stadium and arena product solution is a COVID testing platform capable of running 3,000 tests per hour directly at the point of collection with results immediately available to every test taker within 5 minutes. This enables the safe opening of stadiums, arenas, airports, and other high traffic environments. Platforms can be configured to open any 60,000-seat indoor arena or outdoor stadium to full capacity in less than 2 hours.
“We applaud this week’s Ticketmaster COVID-19 Announcement. This is a major step toward creating safe environments and restoring trust,” said Bill Phelan, CEO of FluroTest. “We are pleased to offer our solution to provide fast, accurate and low-cost testing for all ticket holders and automatically transmit test results directly to every ticket holder’s digital safe pass within minutes of taking the test. All ticket holders will get comfort from knowing that every ticket holder has been tested right before they walked through the gates.”
By combining and leveraging the well-developed disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing, FluroTest’s patent pending pandemic defense platform (the “Platform”) is designed to achieve throughput rates of 3,000 tests per hour with results on the mobile device of the test taker in 5 minutes.
FluroTest believes its Platform can benefit organizations serving large, concentrated populations and bearing significant pandemic risk, forcing them to incur consequential business disruptions and closures. Examples include, but are not limited to: colleges and universities, hospitals & large healthcare complexes, athletic stadiums & large performance venues, corporate campus environments, large office buildings & complexes, shopping malls and centers, retail working warehouses, factories, food processing plants, airlines, as well as any public transportation hub such as subway entrances and airport terminals.
“The FluroTest solution solves the three problems standing in the way of making it safe to open stadiums, arenas, and large gatherings. Decision makers attempting to deploy testing solutions are forced to make trade-offs between speed, accuracy and cost. Most rapid tests sacrifice accuracy for speed. High accuracy has also come to mean high cost. The FluroTest solution is fast, highly accurate, and inexpensive so decision makers no longer need to wrestle with difficult trade-offs,” said Danny Dalla-Longa CEO of Flurotech Ltd.
Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device is still in the early stages of research and development and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus. The Platform is currently pending FDA approval. In addition, FluroTest requires additional capital in the near-term to further the development and deployment of its testing device and will be seeking equity investors and is exploring strategic partnerships in connection with the same.
FluroTech’s proprietary spectroscopy-based technology allows for the testing and identification of organic and inorganic compounds contained within biological samples for specific applications. Using technology that was first developed at the University of Calgary, FluroTech has created a two-part solution comprised of its CompleTest™ platform technology and consumable testing kits. Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTestTM platform technology. To learn more, visit FluroTech.com
About FluroTest LLC
Unlike firms developing individual tests for the detection of SARS-CoV2, FluroTest is developing a complete system for surge-scale testing of viruses and other pathogens to be deployed in environments where significant numbers of people need to be tested rapidly and frequently. By combining and leveraging the disciplines of robotics automation, biochemistry (antibody labeling and binding), fluorescence detection and cloud computing, FluroTest believes it is creating the first pandemic defense platform of its kind.
FluroTest is seeking additional capital in the near-term and will also be exploring strategic partnerships with manufacturing and distribution companies to advance the deployment of the patent pending platform it is developing. To learn more, visit FluroTest.com
|FluroTech Ltd.||FluroTest LLC|
|Danny Dalla-Longa||William P. Phelan|
|Chief Executive Officer||Chief Executive Officer|
|[email protected]||b[email protected]|
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer’s business, capital, technology or operations that is prospective in nature, and includes future-oriented financial information about the issuer’s prospective financial performance or financial position. The forward-looking information in this news release includes disclosure about FluroTest’s and its partners involvement in the launch its first product and solution offering, the ability to adapt FluroTech’s CompleTestTM platform technology to test for viruses, including COVID-19, as well as accurately determining viral load, the ability to adapt the technology to allow for the detection of specific anti-SARS-CoV-2 human antibodies in a patient’s blood sample, and the speed and accuracy of such testing, the need for financing of FluroTest in the near term and the formation of strategic partnerships for the deployment and distribution of the technology. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, as well as the ability to adopt the CompleTestTM technology as described herein in a timely manner and to obtain the financing required in connection with the same, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Actual results may vary from the forward-looking information in this news release due to certain material risk factors described in the Corporation’s Annual Information Form under the heading “Risk Factors” and the failure to adapt the CompleTestTM technology as contemplated herein in a timely manner or at all, the risk that competitors will develop a similar or superior testing platform, the technology not having the anticipated testing benefits, the inability of FluroTest to obtain the necessary financing to achieve its purpose on satisfactory terms or at all, the failure to form strategic partnerships necessary to deploy and distribute the technology. The Company cautions that the foregoing list of material risk factors and assumptions is not exhaustive.
The Company assumes no obligation to update or revise the forward-looking information in this news release, unless it is required to do so under Canadian securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.