Intelligent Bio Solutions’ Innovative Drug Screening Technology Now Offered in New Zealand

Rhea-AI Summary

Intelligent Bio Solutions Inc. expands into the New Zealand market with its Intelligent Fingerprinting Drug Screening System, aiming to meet the screening needs of businesses and support health and safety initiatives. The system offers a non-invasive alternative to traditional drug testing methods.

Positive

• Intelligent Bio Solutions expands into New Zealand market, a significant milestone in its growth strategy
• Drug-related harm in New Zealand equates to $1.9 billion annually
• The Company's Intelligent Fingerprinting Drug Screening System helps employers fulfill legal obligations by offering a non-invasive alternative to traditional drug testing methods

Negative

• None.

NEW YORK, Oct. 24, 2023 (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 its expansion into the New Zealand market, representing a significant milestone in the Company’s growth strategy for its Intelligent Fingerprinting Drug Screening System.

Drug-related harm in New Zealand equates to a staggering $1.9 billion each year¹, with significant societal consequences across communities, workplaces and more. New Zealand employers have a responsibility under the Health and Safety in Employment Act 1992 (HSE Act) to ensure the provision of a safe workplace and take all reasonable measures to safeguard employees while at work². The HSE Act further requires significant hazards to employees, such as the behaviour of an employee affected by alcohol or drugs, to be eliminated, isolated and minimized³. The Company’s Intelligent Fingerprinting Drug Screening System, which uses fingertip sweat to screen for common drugs of abuse, helps employers to fulfil these legal obligations by offering an efficient, dignified, and non-invasive alternative to traditional and more intrusive point-of-care drug testing methods.

Harry Simeonidis, President and CEO of Intelligent Bio Solutions, said, “We are delighted to announce our expansion into New Zealand and observe another key growth milestone. Our primary focus is to meet the screening needs and support the health and safety initiatives of businesses across New Zealand and around the world. Drawing on our success in Australia over the past six months, we aim to continue this progress in New Zealand and other markets by offering an alternative and innovative solution that places a strong emphasis on operational efficiency, fitness for duty, and employee privacy and dignity.”

The Company’s Intelligent Fingerprinting Drug Screening System is currently available throughout Australia, the United Kingdom, South America, and parts of Europe and Asia, including Spain and Nepal. In addition to these locations, the Company’s growth plan includes further expansion throughout Asia Pacific, the United States and Canada.

About Intelligent Bio Solutions Inc.

Intelligent Bio Solutions Inc. (the “Company”) (Nasdaq: INBS) is a medical technology company delivering intelligent, 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. This hygienic, and cost-effective system is designed to screen for recent use of drugs commonly found in the workplace, including opioids, 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 up to 130 indications, ranging from glucose to immunological conditions and 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: www.ibs.inc

Forward-Looking Statements:

Some of the statements in this press 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

Investor Contact:
Valter Pinto, Managing Director
KCSA Strategic Communications
PH: (212) 896-1254
INBS@kcsa.com

Media Contact:
Cheryl Billson
Comma Communications
cheryl.billson@commacomms.com

¹ https://www.drugfoundation.org.nz/policy-and-advocacy/drugs-in-nz-an-overview/

² https://www.supportadventure.co.nz/assets/Uploads/ACC-alcohol-and-drugs-in-the-workplace.pdf

³ https://www.legislation.govt.nz/act/public/1992/0096/latest/DLM278829.html

FAQ

What is Intelligent Bio Solutions expanding into?

Intelligent Bio Solutions is expanding into the New Zealand market.

What does the Intelligent Fingerprinting Drug Screening System do?

The Intelligent Fingerprinting Drug Screening System uses fingertip sweat to screen for common drugs of abuse.

What are the benefits of the system for employers?

The system offers a non-invasive alternative to traditional and more intrusive drug testing methods, helping employers fulfill legal obligations and ensuring employee privacy and dignity.

What is the annual cost of drug-related harm in New Zealand?

Drug-related harm in New Zealand amounts to $1.9 billion each year.