ARCPOINT INC. ANNOUNCES ACCELERATED RELEASE OF LOCK-UP SHARES TO INCREASE TRADING LIQUIDITY OF SHARES
March 17 2023 - 4:00PM
ARCpoint Inc. (TSXV:ARC) (the “
Company” or
“
ARCpoint”), announces accelerated release of
1,923,000 Class A Subordinate Voting Shares of the Company (the
“
Released Shares”) registered in the name of GICMB
Venture Corp. I (“
GVC”) from the transfer
restrictions set out in the lock-up agreement (the “
Lock-up
Agreement”) voluntarily entered into by GVC on October 21,
2022. GVC is an arm’s length party to the Company. The Released
Shares was initially scheduled for release on April 21, 2023
pursuant to the Lock-up Agreement. The board of directors of the
Company has approved the amendment of the Lock-up Agreement to
authorize the accelerated release of the Released Shares effective
March 17 2023 for the purpose of creating liquidity for the trading
of the Class A Subordinate Shares of the Company listed on the TSX
Venture Exchange.
About ARCpoint
Inc.
ARCpoint is a leading US-based franchise system
providing drug testing, alcohol screening, DNA and clinical lab
testing, corporate wellness programs, and employment and background
screening, among other services. The Company is based in
Greenville, South Carolina, USA. ARCpoint Franchise Group LLC,
formed under the laws of the state of South Carolina in February
2005, is the franchisor of ARCpoint Labs and supports over 120
independently owned locations. ARCpoint sells franchises to
individuals throughout the United States and provides support in
the form of marketing, technology and training to new franchisees.
ARCpoint Corporate Labs LLC develops corporate-owned labs committed
to providing accurate, cost-effective solutions for customers,
businesses and physicians. AFG Services LLC serves as the
innovation center of the ARCpoint group of companies as it builds a
proprietary technology platform and a physician network to equip
all ARCpoint labs with best-in-class tools and solutions to better
serve their customers. The platform also digitalizes and
streamlines administrative functions such as materials purchasing,
compliance, billing and physician services for ARCpoint franchise
labs and other clients.
For more information, please contact:
ARCpoint Inc.Jason Tong, Chief Financial Officer Phone: (604)
889-7827E-mail: invest@arcpointlabs.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION: This news release includes certain “forward-looking
statements” under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to,
statements with respect to the Company’s plan to create trading
liquidity of its Class A Subordinate Voting Shares listed on the
TSX Venture Exchange through the accelerated release of the
Released Shares. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable, are subject to known and unknown risks, uncertainties,
and other factors which may cause the actual results and future
events to differ materially from those expressed or implied by such
forward-looking statements. Such factors include, but are not
limited to whether the accelerated release of the Released Shares
could improve the trading liquidity of the Class A Subordinate
Voting Shares of the Company. 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 disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as required by law.
Neither the Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this Press release.
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