Collection Sites Provides Update With January Sales of 73,973 Tests at an Average Price of $96 per Test

Rhea-AI Summary

Medivolve Inc. (OTC:COPRF) announces the launch of new COVID-19 testing centers in Texas, Florida, and North Carolina, expanding its network to 62 sites. In January, the company sold 73,973 COVID-19 tests at an average price of $96, with 52% cash pay sales. A webinar on February 4 will discuss recent developments, featuring CEO Doug Sommerville. Medivolve is also acquiring up to 40% of Marvel Diagnostics for up to $1 million to enhance its testing capabilities. The company emphasizes the importance of increased testing for combating COVID-19.

Positive

• Sales of 73,973 COVID-19 tests in January, indicating strong demand.
• Average sale price of tests at $96, contributing positively to revenue.
• Expansion of network with 62 testing sites enhancing accessibility.
• Upcoming acquisition of up to 40% of Marvel Diagnostics for $1 million to boost testing capabilities.

Negative

• None.

To date Collection Sites has launched a total of 62 sites across its network with additional new openings in Texas, Florida, and North Carolina. Further, Medivolve will host a webinar today, Thursday, February 4th at 1 pm ET.

TORONTO, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve” or the “Company”) (NEO:MEDV; OTC:COPRF; FRA:4NC) is pleased to provide investors with a sales update and announces the launch of new COVID-19 testing centres by its wholly owned subsidiary, Collection Sites, LLC. Collection Sites has launched new sites in Texas, Florida, and North Carolina.

During the month of January, the Company realized the sale of 73,973 COVID-19 tests at an average sale price of $96 per test across its expanding network. Approximately 52% of the sales were cash pay, with the balance as insurance sales. The Company continued to see the strongest demand for antigen tests, followed by antibody and then PCR.

Upcoming Corporate Webinar

Medivolve is pleased to announce it is hosting a Corporate Update webinar, today Thursday February 4^th at 1 pm ET that will provide investors with an update on the Company's recent business developments.

Registration Link: https://us02web.zoom.us/webinar/register/WN_MwefnnmjR2y4mZb7xJq-ZA

Specifically, the webinar will feature Medivolve CEO, Doug Sommerville, and Collection Sites, LLC President, Tim Shelburn, who will discuss the growth of Collection Sites’ COVID-19 testing network and recent sales performance. It will also feature a special presentation from the UCLA-based research team behind Marvel Diagnostics and its novel technology. Medivolve has signed a share purchase agreement to acquire up to 40% of Marvel Diagnostics Inc, for an aggregate price of up to US$1 million through a series of milestone-based payments. This funding will be used to complete clinical studies for the BlowFISH collection system and to design and optimize, manufacture and market the device.

“We are thrilled by the strong sales performance in the month of January and are excited for future sales with the rapid growth of our network,” commented Collection Sites President Tim Shelburn. “We know COVID-19 testing is an important component of fighting back this virus and are proud to offer our testing services to Americans across the country.”

In order to maximize operational efficiency, Collection Sites is conducting a state by state expansion where possible. The new sites are currently located on the properties of Simon’s Property Group, an investment trust engaged in the ownership of premier shopping, dining, entertainment and mixed-use destinations and an S&P 100 company as well as Sandor Development Group. Additional sites are expected to be open in Texas, Florida, and Georgia within the coming weeks.

About the Collection Sites

The pop-up labs will be managed by Las Vegas based company Collection Sites, LLC and powered by Alcala Testing and Analysis Services, a CLIA-licensed laboratory based in San Diego, California. Appointments and payments will be handled through an online portal www.testbeforeyougo.com.

The key to flattening the curve is to increase testing.

The testing centers offer convenient access to rapid antibody and antigen tests - which take 8-10 minutes to administer and provide results within 24 hours. The sites also offer regular RT-PCR. All tests can be administered with insurance coverage options. The tests results can be communicated via text or email and can be accompanied with a certificate of good health via a HIPAA-compliant smartphone application.

For more information about the pop-up lab, the available sites and services visit www.testbeforeyougo.com.

About Medivolve Inc.

Medivolve Inc. (NEO:MEDV; OTC:COPRF; FRA:4NC) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, Medivolve offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.

Medivolve has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.

Medivolve’s primary focus is to provide convenient and assessable medical services for testing of the COVID-19 virus to help combat the pandemic. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.

For additional information, please contact:

Doug Sommerville, CEO
Doug.Sommerville@medivolve.ca

For investing inquiries please contact:
Evan Veryard
Evan.veryard@medivolve.ca

For US media enquires please contact:
Veronica Welch
veronica@vewprmedia.com
+1-508-643-8000

Cautionary Note Regarding Forward-looking Information

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to revenues earned by the Company and the number of tests conducted; the collectability of revenues; the expansion of COVID-19 testing sites; the proposed roll-out of testing sites; projected timelines for testing results; projected revenues from the testing; the pursuit by Medivolve of investment opportunities; and the merits or potential returns of any such investments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information 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 information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

NEITHER THE NEO STOCK EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FAQ

What is Medivolve's sales performance in January 2021?

Medivolve sold 73,973 COVID-19 tests in January 2021 at an average sale price of $96.

When is Medivolve's corporate webinar?

The corporate webinar is scheduled for February 4, 2021, at 1 pm ET.

What new states are Medivolve's testing centers opening in?

New testing centers are opening in Texas, Florida, and North Carolina.

What is Medivolve's stock symbol?

Medivolve's stock symbol is OTC:COPRF.

How much is Medivolve investing in Marvel Diagnostics?

Medivolve is acquiring up to 40% of Marvel Diagnostics for up to $1 million.