Medivolve Subsidiary Collection Sites Provides March Sales Update With Total Sales of 20,574 Tests at an Average Price of $99 per Test

Rhea-AI Summary

Medivolve Inc. (NEO:MEDV; OTC:COPRF) announced a sales update revealing the sale of 20,574 tests in March at an average price of $99 each. About 59% of sales were through insurance, demonstrating a stable demand for COVID-19 tests, particularly antigen tests. CEO Doug Sommerville highlighted consistent sales after a drop from January to February. An investor webinar is scheduled for April 15 to discuss business developments and new testing services. The subsidiary, Collection Sites, LLC, continues to expand its network for increased accessibility to testing.

Positive

• Sales reached 20,574 tests in March, indicating stability in demand.
• Average selling price per test was $99, contributing to revenue.
• 59% of sales were insured, highlighting market penetration.
• CEO optimistic about growth with new testing services and mobile clinics.

Negative

• None.

Medivolve announces an investor webinar Thursday April 15th at 1 pm ET.

TORONTO, April 06, 2021 (GLOBE NEWSWIRE) -- Medivolve Inc. (“Medivolve”) (NEO:MEDV; OTC:COPRF; FRA:4NC) is pleased to provide a sales update for its wholly owned subsidiary, Collection Sites, LLC. During the month of March, Collection Sites realized the sale of 20,574 tests at an average selling price of $99 per test across its network. Approximately 59% of the sales were insurance pay, with the balance being cash sales. The Company continued to see the strongest demand for antigen tests, followed by antibody and then PCR tests.

“March was another solid month of sales for Collection Sites with over 20,000 tests conducted across our network. Compared to a more substantial drop from January to February, we saw a steady state with testing demand remaining relatively stable over the month,” commented Medivolve CEO Doug Sommerville. “As we continue to increase our offerings, including our new immunity tests, the AditxtScore, and through participation in government testing programs such as HRSA, we believe we can grow our testing numbers.”

Upcoming Corporate Webinar

Medivolve is pleased to announce it is hosting a Corporate Update webinar, on Thursday, April 15 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_pRyhGijjSgCGKKsE90lMPQ

Specifically, the webinar will feature Medivolve CEO Doug Sommerville as he provides an overview on the Company's recent developments, including March sales numbers and new testing services that are being offered. Representatives from the maker of the AditxtScore COVID-19 immunity test will also join the webinar to share more details on their innovative technology. Collection Sites intends on leveraging its network of sites and large customer database to market these new services and launch a series of mobile clinics.

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 will offer convenient access to rapid antibody and antigen (pending availability) 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:
info@medivolve.ca

For US media enquires please contact:
Veronica Welch
veronica@vewprmedia.com

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 sales results; the proposed roll-out of business testing; the Company’s expansion into telehealth; 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 CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

FAQ

What were the sales figures for Medivolve in March 2021?

Medivolve sold 20,574 tests in March 2021 at an average price of $99 each.

What percentage of Medivolve's sales were through insurance?

Approximately 59% of Medivolve's sales in March were insurance payments.

When is the investor webinar for Medivolve scheduled?

The investor webinar for Medivolve is scheduled for April 15, 2021, at 1 PM ET.

What types of tests does Collection Sites offer?

Collection Sites mainly offers antigen tests, followed by antibody and PCR tests.

How does Medivolve plan to increase testing?

Medivolve plans to increase testing through new offerings, including immunity tests and mobile clinics.