CALGARY, Alberta, April 08, 2022 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (the “Company” or “FluroTech”), announces that it has decided to pause any further expenditures on development of its Pandemic and Emerging Disease Defense Platform (“PEDDP”), initially targeting COVID-19, until it is able to obtain further financing. While management continues to believe that its COVID-19 testing technology will be viable and needed, the Company will require additional financing to complete the technology through to regulatory approvals in order to become commercial. To that end, management continues to pursue financing options.
Readers are cautioned that, although the Company has achieved proof of concept prototype, the testing method and device is still in the pre-approval stage and accordingly the Company is not currently making any express or implied claims that its PEDDP can, or will be able to, accurately detect the COVID-19 virus.
About FluroTech (TSXV: TEST) (OTCQB: FLURF)
The goal of FluroTech’s research and technology is to develop detection methods which are high speed, 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 through its wholly-owned subsidiary FluroTest Diagnostics Systems Ltd. (“FluroTest”), has created a unique solution addressing the current and future pandemics. Based upon 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.
To learn more, visit FluroTest.com.
For general FluroTech inquiries:
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 perspective financial performance or financial position. The forward-looking information in this news release includes disclosure about the Company’s ability to obtain further financing and advance its PEDDP and the ability of the Company’s testing devices to identify patients with active virus infection. 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.
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 the Company’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.
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