FluroTech Announces Strategic Exit of COVID-19 Pandemic Testing Business
November 29 2022 - 6:00AM
FluroTech LTD. (TSXV: TEST) (OTCQB: FLURF)
(“
FluroTech” or the “
Company”)
announces that it has decided to exit the pandemic and emerging
disease industry immediately and halt any further expenditures on
development of its Pandemic and Emerging Disease Defense Platform
(“
PEDDP”). Due to declining rates of COVID-19 and
the establishment of testing protocols by various governmental and
commercial bodies, the demand for FluroTech’s PEDDP has
significantly diminished making the further advancement of the
PEDDP unprofitable for the Company.
“With waning public sentiment towards COVID-19
raising the necessary capital required to commercialize the PEDDP
was difficult,” stated Danny Dall-Longa CEO of FluroTech.
Over the next six months, FluroTech’s subsidiary
will discontinue its business operations related to the PEDDP.
Management of the Company is currently working on the strategic
direction FluroTech will take and will announce any updates to
Company’s business plan once established.
In connection with the exit of the Company from
its PEDDP related business, Rick Hanson has decided to resign from
the Board of Directors of the Company as he has determined that his
services and expertise may not be applicable to the Company moving
forward. The Company wishes to thank Mr. Hanson for his years of
valuable advice and substantial contribution on behalf of all
Company stakeholders and wish them the best in their further
endeavours. The remaining directors will use their best efforts to
secure a new path of opportunity for the Company's stakeholders.
This may take several months given current global issues, including
the state of the financial markets, the pursuit of new business,
capital reorganization and new financing.
The Company looks forward to reporting to all
stakeholders as we move through this period of reorganization.
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. The forward-looking information in this news
release includes disclosure about the future plans of the Company,
the Company’s ability to obtain further financing, reinvestment in
new opportunities and potential strategic entries into new
industries and markets. The Company made certain material
assumptions, including but not limited to prevailing market
conditions and general business, economic, competitive, political
and social uncertainties, the demand for its COVID-19 testing
devices and their ability to perform as expected, 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.
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.
FluroTech Ltd.
Danny Dalla-Longa, CEO
info@flurotest.com
FluroTech (TSXV:TEST)
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