SG Blocks and OSANG Healthcare Announce Managed Supply Agreement and Purchase Order to Distribute COVID-19 Rapid Test
October 19 2020 - 7:00AM
Business Wire
- Agreement Provides for the Joint Sale and
Distribution of Two Million Tests -
SG Blocks, Inc. (Nasdaq: SGBX) ("SG Blocks" or the "Company"), a
leader in modular container-based structures and innovator in
portable, clinical-grade laboratories for high-capacity testing,
and OSANG Healthcare Co., Ltd. (“OSANG” or "OHC"), a South Korea
based global manufacturer of medical-grade diagnostic tests and
equipment, announced today a Managed Supply Agreement building on
their distributorship agreement executed earlier this year, to
distribute OHC’s "GeneFinder® COVID-19 Plus RealAmp Kit" test in
the United States and Canada.
"We are thrilled to advance our partnership with OSANG,
utilizing our modular construction expertise to create fully
functional turnkey lab-testing facilities quickly and efficiently,
which should allow us to broaden distribution of OSANG’s advanced
tests to help address this global pandemic,” stated Paul Galvin,
Chief Executive Officer of SG Blocks. “OSANG’s FDA approved
SARS-CoV-2 test has been used by leading hospitals and other
emergency service providers due to its ease-of-use, accuracy and
ability to work on low-cost point-of-care analyzers. We believe
that our units provide safe, isolated SARS-CoV-2 testing and
‘lab-in-a-box’ solutions for these health care providers, which is
critical to free up hospitals to focus on providing
non-pandemic-related health care services again.”
It is expected that the partnership will enable a much more
efficient supply-chain arrangement for OSANG tests, not just for SG
Blocks customers but also as a regional distribution hub for
pre-existing OSANG customers, including FEMA and large lab and
hospital networks, significantly reducing the costs and delivery
times.
“We are delighted with the SGB partnership and see this as a
prelude to yet closer collaboration as we explore the expansion of
operations and localized manufacturing in the USA,” commented
Dong-Hyun Lee, Chairman & Chief Executive Officer of OSANG
Healthcare Co., Ltd. “This should greatly improve the speed and
efficiency by which we roll-out exciting new products optimized for
these markets - not least in the short-term our combination
Covid-19/Influenza A&B Test which the US Government has deemed
of critical importance as we move into the winter season.”
OHC’s test is designed to detect SARS-CoV-2 (Severe Acute
Respiratory Syndrome-Coronavirus 2), the virus that causes
COVID-19, through a gene-based reverse transcription reaction and
real-time polymerase chain reaction (PCR) testing process that can
provide 96 tests results in just over two hours, making it ideally
suited to emergency, pop-up and point of care situations. SG Blocks
will have sales, marketing and distribution rights to OHC’s product
in the United States and Canada, and plans to leverage its customer
base and relationships with federal government and state-level
customers in particular who are only beginning to roll-out
widespread SARS-CoV-2 testing centers.
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.
About OSANG Healthcare Co., Ltd.
OSANG Healthcare is a South Korea based global manufacturer and
distributor of medical devices and in-vitro diagnostics solutions.
Devoted since inception to the development of diagnostic biosensors
for blood glucose measurement, OSANG Healthcare envisions medical
devices becoming as commonplace as home appliances, easily
measuring all diseases across the globe as "Technology for Human".
OSANG Healthcare currently exports its diagnostic biosensors for
blood glucose, HbA1c and cholesterol to more than 110 countries, in
its drive to become the leading researcher and developer of
diagnostic sensors for heart disease and cancer, and of remote
diagnosis systems. For more information, visit
www.osanghc.com.
Safe Harbor Statement
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 utilizing the Company’s modular
construction expertise to create fully functional turnkey
lab-testing facilities quickly and efficiently and broaden
distribution of OSANG’s advanced tests to help address the global
pandemic, providing safe, isolated SARS-CoV-2 testing and
‘lab-in-a-box’ solutions for leading hospitals and other emergency
service providers, the partnership with Osang enabling a much more
efficient supply-chain arrangement for OSANG tests significantly
reducing the costs and delivery times and plans to leverage the
Company’s customer base and relationships with federal government
and state-level customers. 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 utilizing its
modular construction expertise to create fully functional turnkey
lab-testing facilities quickly and efficiently and broaden
distribution of OSANG’s advanced tests, the Company’s ability to
create safe, isolated SARS-CoV-2 testing and ‘lab-in-a-box’
solutions for leading hospitals and other emergency service
providers, the Company’s ability to establish a much more efficient
supply-chain arrangement for OSANG tests and significantly reduce
the costs and delivery times, the Company’s ability to leverage its
customer base and relationships with federal and state-level
customers, 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 we undertake 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.
All product names used herein are trademarks of their respective
companies.
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version on businesswire.com: https://www.businesswire.com/news/home/20201019005246/en/
Media Rubenstein Public Relations: Christina Levin Account
Director 212-805-3029 clevin@rubensteinpr.com
Investor Relations ICR Stephen Swett (203) 682-8377
stephen.swett@icrinc.com
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