/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
TORONTO, April 13, 2022 /CNW/ - SQI Diagnostics Inc.
("SQI" or the "Company") (TSXV: SQD) (OTCQB: SQIDF),
a leader in the science of lung health that develops and
manufactures respiratory health and precision medicine tests,
announces the extension of the maturity date of its credit
agreement (the "Credit Agreement") with Pivot Financial
("Pivot") dated February 8,
2022 to June 11, 2022. All of
the other terms of the Credit Agreement remain unchanged.
As previously announced, the Company entered into the Credit
Agreement with Pivot, an arm's length third party to the Company,
with respect to the extension of a short-term senior secured demand
credit facility in the aggregate amount of $7,500,000 (the "Credit Facility") to
satisfy the cash consideration payable pursuant to the Company's
acquisition of substantially all of the assets underlying Precision
Biomonitoring Inc.'s human diagnostic COVID-19 PCR testing business
and its TripleLock™ molecular diagnostic testing technology and for
general working capital. Certain insiders of the Company (the
"Insider Lenders") also participated in funding the Credit
Facility pursuant to the terms of participation agreements entered
into between Pivot and the Insider Lenders.
For additional details relating to the Credit Agreement please
see the Company's material change report dated February 24, 2022.
About SQI Diagnostics
SQI Diagnostics are leaders in
the science of lung health. We develop and manufacture respiratory
health and precision medicine tests that run on SQI's fully
automated systems. Our tests simplify and improve COVID-19 mobile
PCR, Point of Care antigen testing and antibody monitoring, Rapid
Acute Lung Injury testing, donor organ transplant informatics, and
immunological protein and antibody testing. We're driven to create
and market life-saving testing technologies that help more people
in more places live longer, healthier lives. For more information,
please visit www.sqidiagnostics.com.
Contact:
Morlan
Reddock
Chief Financial Officer
437-235-6563
mreddock@sqidiagnostics.com
CAUTIONARY NOTES
This news release contains certain "forward-looking
statements", including, without limitation, statements containing
the words "will", "may", "expects", "intends", "anticipates" and
other similar expressions which constitute "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Company's current
expectation, assumptions and beliefs, and are subject to a number
of risks and uncertainties that could cause actual results to
differ materially from those anticipated. These forward-looking
statements are qualified in their entirety by the inherent risks
and uncertainties surrounding future expectations. Important
factors that could cause actual results to differ materially from
expectations include, but are not limited to, general economic and
market factors, competition, the ability of the Company to repay
its indebtedness under the Credit Facility, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com. Although
forward-looking statements contained herein are based on what
management considers to be reasonable assumptions based on
currently available information, there can be no assurance that
actual events, performance or results will be consistent with these
forward-looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable laws.
This press release does not constitute an offer to sell or a
solicitation of an offer to buy any securities in the United States. The securities of the
Company have not been and will not be registered under the United
States Securities Act of 1933, as amended, (the "U.S. Securities
Act"), or any state securities laws and may not be offered or sold
within the United States except
pursuant to an available exemption from the registration
requirements of the U.S. Securities Act and applicable state
securities laws.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
SOURCE SQI Diagnostics Inc.