CALGARY, Alberta, Jan. 27, 2021 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), is pleased to announce that is has engaged Venture Liquidity Providers Inc. (“VLP”), subject to regulatory approval, to provide market-making services for the purpose of maintaining an orderly trading market and improving the liquidity of the Company’s shares.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP $5,000 per month for a period of three months, continuing on a month-to-month basis thereafter.
The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.
Warrants Exercised To Date
FluroTech is also pleased to announce that in the past week, investors have proactively, and under no obligation, exercised a total of 354,244 warrants at a price of $0.50 per share to add $177,122 to the Company's treasury. These funds will be used to support investment into FluroTest Systems Ltd. (“FluroTest”) and the commercialization of its rapid antigen testing and pandemic defense system, purpose-built for high traffic environments and engineered to deliver thousands of tests per hour.
"The voluntary exercise of these warrants strengthens our treasury and will help us move quickly towards clinical trials," said Danny Dalla-Longa, CEO at FluroTech. "Unanswered questions about vaccine supply availability and some speculation that Covid-19 will be present for years is not good news for any of us. We're mindful that people and businesses are hurting, and our planned FDA submission will reflect areas where we believe FluroTest can help."
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 Company is in the process of preparing its Platform for submission to the FDA for EUA approval.
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 comprising its CompleTest™ platform technology and consumable testing kits. Its accuracy has been independently validated. FluroTech continues to develop additional applications for the CompleTest™ platform technology. To learn more, visit FluroTech.com.
About Venture Liquidity Providers Inc.
VLP is a Specialized Consulting Firm based in Toronto providing a variety of services focused on Exchange listed stocks. VLP's exclusive Market Making Service is provided by W.D. Latimer Co. Limited, Canada's premier Market Making Firm.
About FluroTest LLC
FluroTest, a first-mover in surge-scale rapid antigen testing for the detection of SARS-CoV2 and other pathogens, is developing a pandemic defense and economic recovery system purpose-built for businesses and special-needs populations requiring fast and highly efficient 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, 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.
Contact Information
FluroTech Ltd.
Danny Dalla-Longa
Chief Executive Officer
403.680.0644
Danny@FluroTech.com
www.FluroTech.com
For all investor inquiries:
MarketSmart Communications Inc.
1-877-261-4466
Info@marketsmart.ca
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 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, the benefits of and demand for the Company’s testing devices, its efforts to obtain approval of the FDA and Health Canada. 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 FDA and Health Canada approvals, the demand for its COVID-19 testing devices and their ability to perform as expected, and 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.
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”, the failure to develop and commercialize its testing devices in a timely manner or at all, the failure to recognize the anticipated benefits from the devices, the failure to obtain FDA or Health Canada approval for its products, the risk that regulatory approvals will not be received and the risk that changing circumstances will result in the decrease in demand for FluroTest’s products. 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.
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.