EMPOWER CLINICS INC - EPWCF STOCK NEWS

Empower Clinics Inc. (OTCQB:EPWCF) has signed a Memorandum of Understanding with SimpliFlying to provide COVID-19 testing for airlines and tourism sectors. This partnership aims to support ‘Travel Bubbles’, facilitating safe travel amidst the pandemic. Empower will leverage its KAI Medical Laboratory's capabilities, processing up to 4,000 RT-PCR tests daily. The initiative aligns with SimpliFlying's 'SimpliTested' program, showcasing comprehensive testing solutions. The collaboration intends to enhance travel accessibility and may reduce quarantine measures for travelers.

Empower Clinics announced the launch of its FDA-approved at-home saliva COVID-19 RT-PCR test on December 15, 2020, through Kai Medical Laboratory, which it acquired on October 6, 2020. This test enables easy self-collection and offers results within 24 hours. Additionally, an ABC-PCR test differentiating between Influenza A/B and COVID-19 will be available starting December 7, supported by a record order of 10,000 tests from the film and TV production industry, valued over $1 million. Empower's advances position it as a leading provider in COVID-19 and flu testing.

Empower Clinics Inc. has released its unaudited financial statements for Q3 2020, reporting total revenue of $629,854 from 5,044 patient visits. This represents a decrease from Q3 2019's $663,003 on 5,807 visits. The net loss for the quarter stood at $460,035, an improvement from a $504,532 loss last year. Year-to-date, revenue increased by 67% to $2,306,111 due to the Sun Valley Health acquisition. Despite rising direct clinic expenses, the company anticipates further growth in Q4 and 2021.

Empower Clinics has announced the introduction of the KAI ABC RT-PCR test protocol at Kai Medical Laboratory, which differentiates between Influenza A/B and COVID-19. The test will be available in early December 2020, coinciding with a $1,000,000 order from a film production. This innovation is crucial for effective diagnosis and treatment of respiratory diseases and aims to slow COVID-19's spread. Empower anticipates significant business growth from this development, leveraging its extensive patient database and strategic market positioning.

Empower Clinics Inc. (EPWCF) has reported significant revenue growth for 2020, highlighting an 86% increase YoY to $2.03M, with Q4 achieving a 217% boost. Year-to-date figures show total revenue at $1.7M, representing 130% growth compared to the prior year. The company recently acquired Kai Medical Laboratory, enhancing its COVID-19 testing capabilities in the film industry and Arizona. A proposed $1.1M private placement and an upcoming acquisition of Momentum Health are also in progress, supporting expansion and diversification into telemedicine and Canada.

Empower Clinics (OTC PINK:EPWCF) announces a partnership with Loop Insights to develop a comprehensive COVID-19 mitigation solution aimed at reviving the global travel industry, which faces losses of up to $3.3 trillion due to ongoing travel restrictions. The solution includes venue tracing, rapid testing, and real-time notifications to facilitate safer travel. Empower's KAI Medical Laboratory is equipped for high-volume testing, providing results in just 15 minutes. This initiative aligns with industry calls for testing alternatives to mandatory quarantines.

Empower Clinics Inc. has announced that its subsidiary, Kai Medical Laboratory, has launched a COVID-19 RT-PCR testing program for a Disney production, set to test 1,000 specimens over 30 days. This program follows a successful partnership with To Dream A Life, LLC, during which KAI processed tests for six film and television projects. There are discussions in place to expand testing programs further, contingent on the current program's success. Empower aims to support the film industry’s safe resumption of operations amid COVID-19 challenges.

Empower Clinics Inc. has acquired Kai Medical Laboratory for approximately US$1.97 million, effective October 5, 2020. This acquisition enhances Empower's COVID-19 testing capacity, allowing it to process 4,000 RT-PCR tests daily. Kai Medical's accredited lab will support nationwide testing initiatives for large enterprises, including the film industry, as they resume operations. Empower aims to leverage this deal to address heightened testing demand amid COVID-19 and the flu season. The acquisition includes assumption of certain liabilities totaling US$1.97 million.

Empower Clinics Inc. has announced the appointment of Mr. Kyle Appleby, CPA, CA, as its new Chief Financial Officer. With over 20 years of experience in accounting and financial consulting, Mr. Appleby is expected to enhance financial controls and aid in business development and acquisitions. CEO Steven McAuley emphasized that his expertise will be crucial in maintaining superior finance standards and guiding deal structuring and fundraising efforts. Empower operates health and wellness clinics and provides COVID-19 testing services across the U.S.