Empower Clinics Completes Landmark Kai Laboratory Expansion

Rhea-AI Summary

Empower Clinics Inc. has completed a significant expansion of its Kai Medical Laboratory in Texas, enhancing its testing capabilities. Since its acquisition in October 2020, Kai Lab has driven consistent revenue growth, particularly in COVID-19 testing. The expansion introduces new testing services, including dried blood spot cards and various specimen types, aimed to meet increasing healthcare demands. CEO Steven McAuley highlighted the importance of this milestone for supporting enterprise clients and ensuring safer environments as flu season approaches.

Positive

• Expansion of Kai Medical Laboratory enhances testing capabilities.
• Consistent revenue growth from Kai Lab since its acquisition in October 2020.
• Introduction of new testing products and services, diversifying offerings.

Negative

• None.

The newly expanded facility substantially enhances KAI LAB's research and service testing capabilities

VANCOUVER, BC / ACCESSWIRE / August 4, 2021 / EMPOWER CLINICS INC. (CSE:CBDT)(Frankfurt:8EC)(OTCQB:EPWCF) ("Empower" or the "Company") an integrated healthcare company - serving patients through medical centers, telemedicine platforms and a high complexity medical diagnostics laboratory processing thousands of COVID-19 specimens is delighted to announce the completion of its Kai Medical Laboratory ("Kai Lab") expansion.

Acquired by Empower Clinics on October 6, 2020, Kai Lab's Texas facility represents best-in-class testing capabilities. Since Q4 2020, Kai Labs has been a consistent revenue driver for the Company by meeting the needs of enterprise clients focused on cultivating a safer work environment. Thus far in 2021, Kai labs has yielded consistent and promising growth for Empower Clinics.

"I'm immensely proud the Kai Lab team for completing this monumental expansion," said Steven McAuley, Chairman and CEO of Empower. "This endeavor has unleashed Kai Lab's full potential to become a leader in both enterprise and direct to consumer testing, a matter of utmost important as individuals and businesses prepare for another flu season."

"After months of hard work, I'm thrilled to see the successful completion of Kai Lab's crucial expansion," said Yoshi Tyler, President of Kai Labs. "Through the leadership and expertise of the Empower Team we continue to make strides in meeting the demands of North America's healthcare space."

In addition to expanding the volume of current testing services, this milestone brings new product and service offerings to Kai Labs, such as dried blood spot card-based testing, vitamine, and hormone testing. Kai Labs also invested in its future beyond the COVID-19 pandemic by augmenting its research and development endeavors and its ability to collect a variety of specimen samples for testing. New testing offerings will include saliva and swab-based testing, respiratory pathogen panel, urinary tract and sexually transmitted infections testing. A ceremony to launch the expanded Kai Labs is slated for Fall 2021.

This press release is available on the Empower Clinics Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/EmpowerClinics

ABOUT EMPOWER:

Empower is an integrated healthcare company that provides body and mind wellness for patients through its clinics, with digital and telemedicine care, and world-class medical diagnostics laboratories. Supported by an experienced leadership team, Empower is aggressively growing its clinical and digital presence across North America. Our Health & Wellness and Diagnostics & Technology business units are positioned to positively impact the integrated health of our patients, while simultaneously providing long term value for our shareholders.

ON BEHALF OF THE BOARD OF DIRECTORS:

Steven McAuley
Chief Executive Officer

CONTACTS:

Investors:

Steven McAuley CEO
s.mcauley@empowerclinics.com
604-789-2146

Investors:

Tamara Mason
Business Development & Communications
t.mason@empowerclinics.com
416-671-5617

DISCLAIMER FOR FORWARD-LOOKING STATEMENTS

This news release contains certain "forward-looking statements" or "forward-looking information" (collectively "forward looking statements") within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as "plans", "continues", "expects", "projects", "intends", "believes", "anticipates", "estimates", "may", "will", "potential", "proposed" and other similar words, or information that certain events or conditions "may" or "will" occur. Forward-looking statements in this news release include, but are not limited to, statements regarding: the expected benefits to the Company and its shareholders as a result of the acquisition of Kai Medical Laboratory; the transaction terms; the expected number of clinics and patients following the closing; the future potential success of Kai Medical Laboratory, Sun Valley's franchise model; launch of new healthcare centers and the occurrence thereof; that the Company can bring healthcare to millions of Canadians; that new healthcare services can be added and that the Company will be positioned to be a market- leading service provider for complex patient requirements in 2020 and beyond. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including: that Kai Medical Laboratory will successfully win any US Government RFP; that the MedX Health pilot program will be successful; that Empower will place the MedX Health teledermatology product in health centers in North America; that the Company's products may not work as expected; that the Company may not be able to expand COVID-19 testing; that legislative changes may have an adverse effect on the Company's business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; that the Company will be able to commence and/or complete build-outs and tenants improvements for Canadian clinics or Kai Medical Laboratory expansion inn 2Q 2021; that general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed transaction; and other factors beyond the Company's control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.

SOURCE: Empower Clinics Inc.

View source version on accesswire.com:
https://www.accesswire.com/658328/Empower-Clinics-Completes-Landmark-Kai-Laboratory-Expansion

FAQ

What recent development occurred for Empower Clinics (EPWCF) in August 2021?

Empower Clinics completed a major expansion of Kai Medical Laboratory in Texas.

How has Kai Medical Laboratory contributed to Empower Clinics' revenue?

Kai Medical Laboratory has been a consistent revenue driver for Empower Clinics since its acquisition.

What new testing services will be offered after the Kai Lab expansion?

The expansion includes new offerings such as dried blood spot card testing and saliva-based testing.

Why is the Kai Lab expansion significant for Empower Clinics?

The expansion aims to meet growing healthcare demands and enhance testing capabilities ahead of flu season.