FluroTech Provides Operational Update: Announces Pause on Further Development of its Pandemic and Emerging Disease Defense Platform
April 08 2022 - 7:30PM
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:
FluroTech Ltd.
Danny Dalla-Longa, CEO
info@FluroTest.com
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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