CALGARY, Alberta, May 14, 2021 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) ("FluroTech" or the "Company"), a leading developer of spectroscopy-based technology, is pleased to announce that further to its news releases dated April 12, 2021 and May 7, 2021, the Early Warrant Exercise Incentive Program ("EWEIP") has been completed and that 5,213,612 Warrants (as defined and described below) were exercised at the price of $0.22 per Warrant for gross proceeds to the Company of $1,146,994.64.
In January of 2021, FluroTech closed, in two tranches, a non-brokered private placement of units ("Units"), for aggregate gross proceeds of $2,531,000. Each Unit comprised one common share in the capital of FluroTech ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant entitles the holder thereof to acquire one Common Share at a price of $0.22 per share for a period of 12 months from the date such Warrant was issued; provided that, if the closing price of the Common Shares (or the closing bid, if no sales were reported on a trading day) as quoted on the Exchange on any five consecutive trading days is greater than $0.395 per Common Share, FluroTech may provide notice in writing to the holders of the Warrants by issuance of a press release that the expiry date of the Warrants will be accelerated to the 15th day after the date on which FluroTech issues such press release (the "Early Acceleration"). FluroTech has had the ability to trigger the Early Acceleration since the end of January 2021, but instead opted to pursue a voluntary implementation of the EWEIP in an effort to recognize shareholder loyalty.
The Company issued to previous holders of Warrants who participated in the EWEIP an aggregate of 5,213,612 Warrant Units, comprised of:
(a) one-half of one Common Share purchase warrant exercisable for a period of 6 months, at an exercise price per warrant equal to the Market Price (as defined in TSX-Venture Exchange policies) on the day prior to this press release, being $0.44; and
(b) one-half of one Common Share purchase warrant exercisable for a period of 12 months, at an exercise price of $1.20 per warrant (collectively, the "Incentive Warrants").
For those Warrant holders who chose not to participate in the EWEIP, the applicable Warrants will continue to be exercisable for common shares on the same terms that previously existed.
The proceeds from the exercise of Warrants under the EWEIP will be used to advance the business of FluroTech, obtain required regulatory approvals and for general corporate purposes.
About FluroTech (TSXV: TEST) (OTCQB: FLURF)
The goal of FluroTech's research and technology is to develop detection methods which are sensitive, specific and easy-to-use. By combining FluroTech's proprietary spectroscopy-based technology with laboratory robotics automation and cloud computing, FluroTech, through the application of its technology and investment in FluroTest Systems Ltd. ("FluroTest"), the interests in which have been disclosed in previous press releases, has created a unique solution addressing the current and future pandemics. Using technology that was first developed at the University of Calgary, the FluroTest SARS-CoV-2 test is designed to identify patients with active virus infection; this is not necessarily the case for most of the currently approved tests that are meant to identify patients with SARS-CoV-2 nucleic acid.
About FluroTest Diagnostic Systems Ltd.
FluroTest, a diagnostics technology leader in surge-scale rapid antigen testing for the detection of SARS-CoV-2 and other pathogens, is developing a pandemic defense and economic recovery system purpose-built for businesses and special-needs populations requiring fast and highly accurate testing for significant numbers of people. Unlike individual or low-throughput tests, FluroTest's system is designed to be well-suited for high-traffic, high-risk pandemic environments including schools and colleges, hospitals and large healthcare facilities, athletic stadiums and performance venues, airline and cruise ship terminals, corporate campuses, shopping centers, manufacturing facilities, transportation and distribution hubs and other large business and retail locations. Created to support executive business continuity efforts and public well-being, the system combines and leverages the disciplines of robotics automation, biochemistry, fluorescence detection and cloud computing -- processing thousands of tests per hour while delivering accurate, digitally verifiable results to a test taker's mobile device within 5 minutes. To learn more, visit FluroTest.com.
For all investor inquiries:
MarketSmart Communications Inc.
1-877-261-4466
For general inquiries:
FluroTech Ltd.
Danny Dalla-Longa, CEO
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 terms of the EWEIP which remains subject to applicable approvals, the use of proceeds from the exercise of Warrants under the EWEIP, the ability of the Company's testing devices to accurately and quickly detect COVID-19 and to process large numbers of samples in short time frames and the benefits of and demand for the Company's testing devices.
The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, the ability to obtain TSXV and applicable approvals, the demand for its COVID-19 testing devices and their ability to perform as expected, and the ability to obtain the regulatory approvals 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.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release