Intelligent Bio Solutions Adds Major European Transport and Infrastructure Solutions Provider to Growing Number of Accounts Adopting Fingerprint Drug Screening Technology
Intelligent Bio Solutions (Nasdaq: INBS) announced the integration of its Intelligent Fingerprinting Drug Screening System by a major European transport and infrastructure provider within its UK operations. This strategic move aims to enhance employee safety and operational efficiency through rapid, non-invasive drug testing. Previously reliant on sporadic urine testing with a two-hour response time, the new system allows for quick, on-site random testing. The addition of this prominent client underscores the growing adoption of INBS' innovative technology in the transport sector. VANTEC Europe , an existing customer, has used the system since 2021, reporting positive outcomes. INBS' solution tests for common drugs, including cocaine, cannabis, methamphetamine, and opiates, providing results in minutes.
- INBS secured a major European transport and infrastructure provider as a new client.
- The new client enhances operational efficiency and employee safety with INBS' rapid drug testing.
- The new system replaces slower, third-party urine tests, offering immediate on-site results.
- VANTEC Europe , an existing customer, has successfully used INBS' system since 2021.
- INBS' drug screening system is quick, hygienic, and tests for common drugs, delivering results in minutes.
- The adoption of INBS’ technology by a leading company demonstrates market confidence and potential for growth.
- No specific financial data or projected revenue gains from the new client were disclosed.
- Potential risks associated with market dependence on a number of key clients.
- Operational challenges may arise as INBS scales up to meet the new demand.
Insights
The adoption of Intelligent Bio Solutions' fingerprint drug screening technology by a major European transport and infrastructure provider suggests that there is a growing market demand for efficient, non-invasive drug testing solutions. This deal highlights an increasing recognition and acceptance of INBS' innovative technology within the transport and infrastructure sectors, which is a positive indicator for the company's future growth potential.
From a market perspective, this move could lead to a broader adoption of the technology across similar industries, potentially increasing INBS' market share. The fact that this new client previously relied on more traditional, less efficient drug testing methods underscores the competitive advantage INBS holds with its quick, in-house testing solution.
For retail investors, this development may be seen as a strong positive signal about the company's market positioning and potential for expansion. However, it's important to keep an eye on how well INBS can capitalize on this momentum and convert it into sustained revenue growth.
Intelligent Bio Solutions' ability to secure a significant client in the European transport and infrastructure sector is likely to have a noticeable impact on its financial performance. The addition of this client not only adds to the company's revenue stream but also validates its product's effectiveness and efficiency. This is important for building investor confidence and driving future sales.
Financially, the move should result in increased
The adoption of INBS' fingerprint drug screening technology by a major transport and infrastructure provider highlights the practical advantages of this innovative approach. The technology's ability to deliver results in minutes and its non-invasive nature offer significant benefits over traditional urine testing methods, which are more time-consuming and less convenient.
Technologically, INBS' system leverages advanced analysis of fingerprint sweat to detect common drugs of abuse, a method that enhances both speed and hygiene. This positions the company at the forefront of drug testing technology, potentially setting new industry standards.
For investors, understanding the technological edge and proprietary nature of INBS' solution can provide insights into the company's competitive advantage and its long-term potential for disrupting traditional drug testing markets.
NEW YORK, June 12, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, today announced the addition of a major European transport and infrastructure solutions provider to its growing number of accounts. The company is using INBS' Intelligent Fingerprinting Drug Screening System to monitor fitness for duty of employees within its United Kingdom operations.
The decision to integrate INBS’ innovative technology into the company’s operations demonstrates its commitment to employee safety and operational efficiency. Previously, it used sporadic, for-cause urine testing involving a third-party provider with a minimum two-hour call-out time. The company wanted to implement random testing on-site that was quicker and more efficient. INBS' solution facilitates in-house drug testing, ensuring greater efficiency, a safer workplace and compliance with industry standards and the company’s code of conduct.
The addition of the European transport and infrastructure solutions provider to INBS’ growing number of accounts shows an increasing interest in its innovative technology within the transport and infrastructure sectors. INBS’ existing customer, VANTEC Europe Limited (“VANTEC”), is a global provider of transportation and logistics solutions with 12 operations throughout the UK. VANTEC has used INBS’ system since 2021, with Diane Elgar, Head of Human Resources and Training at VANTEC Europe Limited, previously sharing her positive experience with the system.
"We are gaining traction within a significant number of industries and have further solidified our position by adding this leading transport and infrastructure solutions company to our increasing number of accounts. This addition follows a long-term relationship with an existing account in the same sector that has been purchasing our products for three years. This is a clear indication that we're not just acquiring new accounts but also establishing enduring supply relationships," commented Harry Simeonidis, President and CEO at INBS.
INBS’ first-of-its-kind solution uses fingerprint sweat to provide a quick, hygienic, and easy-to-use method for drug testing, delivering results in just minutes. This unique approach tests for common drugs of abuse, including cocaine, cannabis, methamphetamine, and opiates.
About Intelligent Bio Solutions Inc.
Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. Additionally, the Company's biosensor platform has the potential to test for various indications, ranging from immunological conditions to communicable diseases. The Company's current customer segments include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.
For more information, visit: http://www.ibs.inc/
Forward-Looking Statements:
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, Intelligent Bio Solutions Inc.'s ability to successfully develop and commercialize its drug and diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although Intelligent Bio Solutions Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. Intelligent Bio Solutions Inc. has attempted to identify forward-looking statements by terminology, including "believes," "estimates," "anticipates," "expects," "plans," "projects," "intends," "potential," "may," "could," "might," "will," "should," "approximately" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in Intelligent Bio Solutions' public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. Intelligent Bio Solutions undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
Company Contact:
Intelligent Bio Solutions Inc.
info@ibs.inc
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Investor & Media Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com
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