DECN Enters into a New 6 Month $300,000 Promissory Note with Major Current Investor to Help Fund the Recent International Launch if its GenViro! Swift Kits
Decision Diagnostics Corp (OTC PINK: DECN), through its subsidiary Pharma Tech Solutions, has announced a new $300,000 8% Promissory Note with a major investor. The note's principal and interest will be payable in six months, with no conversion rights included. Previously, the company launched the international version of its GenViro! Swift Kit for Covid-19 testing and secured an order for 550,000 kits from an international distributor. Currently, the GenViro! product awaits emergency waiver determinations for U.S. availability.
- Secured $300,000 Promissory Note to fund international launch.
- Previous order of 550,000 testing kits enhances revenue potential.
- Advancement in the XPrize initiative indicates innovation.
- Distribution agreement covering ten nations expands market reach.
- GenViro! product not yet available in the U.S. or Puerto Rico.
- Dependence on investor funding may raise financial concerns.
LOS ANGELES, CA / ACCESSWIRE / October 5, 2020 / Decision Diagnostics Corp. (OTC PINK:DECN) through its subsidiary Pharma Tech Solutions, Inc., the manufacturers and design specifiers for the :10.5 GenViro! Professional Swift Kit for Covid-19 testing, today announced that it has entered into a new
The new Note and the previous Notes executed with this same investor are for principal and interest only. No conversion rights are included. The company had previously announced the launch of the International version of its GenViro! Swift kit as of September 26, 2020, as well as the acceptance of an order for a combined 550,000 Swift Kits and Swift Verify kits from an International distributor.
ABOUT DECISION DIAGNOSTICS CORP
Decision Diagnostics Corp. is the leading manufacturer and worldwide distributor of diabetic test strips engineered to operate on legacy glucose meters. DECN's products are designed to operate efficiently and less expensively on certain glucose meters already in use by almost 7.5 million diabetics worldwide. With new inspired technology diabetic test strips already in the final stages of development, DECN products compete on a worldwide scale with legacy manufacturers currently selling to 71+ percent of a
The company's new GenViro!TM product designed to test for the Coronavirus Covid-19 is not yet available in the United States or Puerto Rico but Emergency Waivers have been submitted and are awaiting determination. In addition the company is involved with the XPrize initiative and has advanced to the semi-final stage in this competition. The company has also signed a distribution agreement covering ten nations in Asia and is in later stage negotiations with a Russian Federation partner, a partner in the EU, two potential partners in Africa, and a new potential partner covering several Eastern European and Middle Eastern countries.
Forward-Looking Statements:
This release contains the company's forward-looking statements which are based on management's current expectations and assumptions as of October 5, 2020, regarding the company's business and performance, its prospects, current factors, the economy, and other future conditions and forecasts of future events, circumstances, and results.
CONTACT INFORMATION:
Decision Diagnostics Corp.
Keith Berman (805) 446-2973
info@decisiondiagnostics.co
www.genultimate.com
www.genultimatetbg.com
www.pharmatechdirect.com
SOURCE: Decision Diagnostics Corp.
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