October 26th, 2020
News, Top News
CALGARY, Alberta, Oct. 22, 2020 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF), (“FluroTech” or “the Company”) is pleased to announce that FluroTest LLC (“FluroTest”), a company in which the Company has an equity interest, has filed patent applications with the United States Patent and Trademark Office with respect to certain aspects of its proprietary test method and “Pandemic Defense Platform” (the “Platform”).
FluroTest’s patent pending Platform will be offered both on a turn-key basis to third parties seeking to operate their own testing solution as well as on a “testing as a service” offering to be operated by FluroTest, serving communities seeking a total solution for surge-scale, high-volume testing services necessary to safely open their environments at scale. The Platform will be available for deployment in Latin America immediately, and will be available for deployment in the United States, Canada and Europe, pending regulatory approval.
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 anticipates that a single platform installation could potentially serve over 3,000 test takers per hour with digitally verifiable results transmitted to a secure, managed, HIPAA compliant cloud environment and be available to the test taker’s mobile device within approximately 5 minutes. The platform is intended to make it possible to test up to 100% of a specific community population every 4 to 7 days at a low cost to the test taker and with a high value to the communities served by the platform.
“Our Platform solution solves a significant problem we are all facing. Assuring the safety and security of people and building trust in environments where large numbers of people are present requires an entire system rather than a single test. We have purpose-built that entire system. Our team is proud to offer this Platform solution to accomplish this goal,” said Bill Phelan, CEO of FluroTest.
The FluroTest Platform is a saliva-based, point of collection diagnostic immunoassay designed for accurate, digitally verifiable results, delivered with high throughput capacity, which are transmitted to a secure, managed, cloud environment compliant with the standards for privacy of individually identifiable health information as promulgated in the U.S. Health Insurance Portability and Accountability Act of 1996 (“HIPAA”).
Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device are 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.
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.
About FluroTech (TSXV: TEST) (OTCQB: FLURF)
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
FluroTest was firmed pursuant to a strategic agreement in principle between FluroTech, Alberta BioPhotonics Inc. (a related party to FluroTech with directors, officers and shareholders in common) and Albany Medical College. See the Company’s press releases dated April 16, 2020, April 28, 2020 and September 8, 2020 for additional information regarding FluroTest.
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 new test that’s being developed. To learn more, visit FluroTest.com
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 the formation of FluroTest and the capital structure thereof, how FluroTest’s Platform technology will be offered, the deployment of the Platform technology and the locations and timing in respect thereof, the ability of the Platform technology to test large numbers of sample in a short period of time and the accuracy of such testing, the low cost of testing using the Platform technology and the large benefits to be realized from using such technology, the ability to transmit test results to a secure, managed, HIPAA compliant cloud environment and deliver such results to test takers in a short period of time, the significant benefits of the Platform technology to communities and organizations and 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 develop and deploy the Platform 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 develop and deploy the Platform 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.
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