Announces first lab contract, for CLIA-Certified Laboratories
in modular containers, signed and scheduled to be completed within
12-months
SG Blocks, Inc. (NASDAQ: SGBX), a leading
designer, innovator and fabricator of container-based structures -
has entered the U.S. test lab market by forming a joint venture
with Clarity Diagnostics (“Clarity”), a manufacturer and market
leader of rapid diagnostic tests, diagnostic equipment, and
over-the-counter rapid diagnostic tests, to launch CLIA-certified
laboratories in modular containers, under the name Clarity Modular
Lab Solutions (“CMLS”). Under the terms of the joint venture, SG
Blocks will have 51% majority interest ownership in CMLS. CMLS’
first CLIA lab contract, “Lab 1,” will construct a redundant main
lab outside of Boca Raton, Florida. The contract has been signed
and is scheduled to be completed within 12 months, with the design
build already underway. SG Blocks will now be competing with the
nation’s largest clinical laboratories including Quest Diagnostics
and LabCorp.
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Clarity selected SG Blocks for its modular technology to
accelerate speed of deployment and redeployment into underserved
hot spots of labs certified under the Clinical Laboratory
Improvement Amendments of 1988 (CLIA) that require high
connectivity. The cost of transporting diagnostic testing samples
is high and to meet the high volume of underserved areas, Clarity
required CLIA-certified labs that could be deployed at the point of
collection.
SG Blocks recently announced its D-Tec suite of prefabricated
health facilities created in partnership with Grimshaw and OSANG
Healthcare for on-site immediate COVID-19 testing. The D-Tec suite
will be utilized for the modular CLIA labs and was designed to meet
the urgent global demand for safe, easily deployable medical
response solutions. This deployable technology line upcycles
disused shipping containers as a foundation for a sturdy and
sustainable solution to mass testing needs. Its design offers a
uniquely efficient environment for testing collection and onsite
deployable laboratory analysis.
According to Centers for Disease Control and Prevention (CDC),
70% of today’s medical decisions depend on 14 billion laboratory
tests conducted annually. Experts estimate that 40,000–80,000
deaths occur annually from preventable diagnostic errors.
While COVID is the primary initial project, the CMLS joint
venture was formed by SG Blocks and Clarity to process all types of
diagnostic tests in a CLIA-certified lab environment, including
screening for cancer, influenza, swine flu, opioids, enzymes, upper
respiratory illness and urinary tract infections. The CMLS joint
venture is designed to provide fast, accurate and reliable point of
care testing that has been elusive for the poor and working
classes. The vision behind CMLS is to reduce barriers to diagnostic
testing to enable the best possible medical outcomes. The labs are
expected to be located in high risk areas, densely populated or
regional hubs for rural U.S.
Paul Galvin, CEO of SG Blocks commented, “As the nation grapples
with COVID-19, the need for continuous testing has emerged, and
thus has the need for increasing the number of CLIA-certified labs
that can process diagnostic tests at the point of sample
collection. We are leveraging our earlier experience with OSANG to
form this joint venture and place SG Blocks into the enormous,
highly profitable CLIA laboratory market. CLIA certification has
rigorous licensing qualifications, helping to ensure a limited
supply of labs and a high barrier to entry. Furthermore, it is a
massive and extraordinary business opportunity to be able to
combine Clarity’s PCR testing expertise and CLIA lab certification,
with SG Blocks’ modular, relocatable, expandable facilities.”
Daniel Léger, President & Co-Founder of Clarity Lab
Solutions commented, “We are excited to be working with SG Blocks
and their team of professionals to deliver a service-focused
solution to fulfill an immediate need for more PCR testing. Our
simple goal is to continue to provide faster turnaround times for
the most accurate and advanced testing protocols available, to be
able to locate those labs, equipped with our state-of-the-art
diagnostic testing capabilities, wherever the need exists. We are
committed to working with SG Blocks in using this methodology to
expand our service capability across the country.”
ThinkEquity, a division of Fordham Financial Management, Inc.,
acted as financial advisor to SG Blocks, Inc.
About SG Blocks, Inc.
SG Blocks, Inc. is a premier innovator in advancing and
promoting the use of code-engineered cargo shipping containers for
safe and sustainable construction. The firm offers a product that
exceeds many standard building code requirements, and also supports
developers, architects, builders and owners in achieving greener
construction, faster execution, and stronger buildings of higher
value. Each project starts with GreenSteel™, the structural core
and shell of an SG Blocks building, and then customized to client
specifications. For more information, visit
www.sgblocks.com.
Forward-Looking
Statements
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal
securities laws. Words such as "may," "might," "will," "should,"
"believe," "expect," "anticipate," "estimate," "continue,"
"predict," "forecast," "project," "plan," "intend" or similar
expressions, or statements regarding intent, belief, or current
expectations, are forward-looking statements. These forward-looking
statements are based upon current estimates and assumptions and
include statements regarding completing construction of a redundant
main lab outside of Boca Raton, Florida within 12 months, placing
CLIA certified labs in high risk areas, densely populated or
regional hubs for rural U.S. and providing fast, accurate and
reliable point of care testing. While SG Blocks believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are subject to various risks and
uncertainties, many of which are difficult to predict that could
cause actual results to differ materially from current expectations
and assumptions from those set forth or implied by any
forward-looking statements. Important factors that could cause
actual results to differ materially from current expectations
include, among others, the Company’s ability to complete
construction of a redundant main lab outside of Boca Raton, Florida
as scheduled, the Company’s ability through CMLS to place CLIA
certified labs in high risk areas, densely populated or regional
hubs for rural U.S. as planned, the Company’s ability through CMLS
to provide fast, accurate and reliable point of care testing at
CLIA certified laboratories in modular containers, the Company’s
ability to position SG Blocks for future profitability, the
Company’s ability to maintain compliance with the NASDAQ listing
requirements, and the other factors discussed in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2019 and
the Company’s subsequent filings with the SEC, including subsequent
periodic reports on Forms 10-Q and 8-K. The information in this
release is provided only as of the date of this release, and the
Company undertakes no obligation to update any forward-looking
statements contained in this release on account of new information,
future events, or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20200901005676/en/
Media Rubenstein Public Relations Christina Levin Account
Director 212-805-3029 clevin@rubensteinpr.com
or
Investor Relations James Carbonara Hayden IR (646) 755-7412
james@haydenir.com
Brett Maas Hayden IR (646) 536-7331
brett@haydenir.com
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