Intelligent Bio Solutions Partners with Spirit Group as Australian Distributor, Expanding Community Impact with Intelligent Fingerprinting Drug Testing Solution

Rhea-AI Summary

Intelligent Bio Solutions Inc. (Nasdaq: INBS) has announced a distribution partnership with Spirit Group, an Australian Indigenous-owned marketing and consulting agency. Spirit Group will distribute INBS' Intelligent Fingerprinting Drug Testing Solution to government and corporate clients across Australia. This solution includes on-site screening and a back-to-lab confirmatory testing service.

As part of this collaboration, Spirit Group will donate 10% of its proceeds from Intelligent Fingerprinting Drug Screening System sales to the National Centre of Indigenous Excellence (NCIE), supporting youth drug prevention and mentoring programs. This partnership aims to expand INBS' presence in Australia while creating meaningful impact and positive change beyond workplace safety.

Positive

• Partnership with Spirit Group expands distribution of INBS' drug testing solution in Australia
• Potential increase in sales and market presence in government and corporate sectors
• Social impact initiative through donation of 10% of proceeds to youth drug prevention programs

Negative

• None.

Insights

Market Research Analyst

The partnership between Intelligent Bio Solutions (INBS) and Spirit Group represents a strategic move to expand INBS's market presence in Australia, particularly in the government and corporate sectors. This collaboration has several potential benefits:

• Increased market penetration for INBS's Intelligent Fingerprinting Drug Testing Solution in key industries like mining, transportation and construction.
• Enhanced credibility through association with Spirit Group, an Indigenous-owned agency with prominent clients.
• Potential for increased sales and revenue streams in the Australian market.
• Alignment with corporate social responsibility initiatives, which could improve INBS's brand image and appeal to socially conscious investors.

However, the impact on INBS's financial performance remains uncertain. The partnership's success will depend on factors such as market adoption rates, competitive landscape and the effectiveness of Spirit Group's distribution efforts. While the social impact aspect is commendable, its direct effect on the company's bottom line is not immediately clear. Investors should monitor future financial reports for tangible results from this partnership.

Legal Expert

This partnership raises several legal and compliance considerations:

• The distribution agreement likely involves complex contractual obligations between INBS and Spirit Group, including performance metrics and territory rights.
• The use of drug testing technology in workplaces must comply with Australian labor laws and privacy regulations, which vary by state and industry.
• The donation scheme to the National Centre of Indigenous Excellence (NCIE) may have tax implications and require careful structuring to ensure compliance with both Australian and U.S. regulations, given INBS's Nasdaq listing.
• As an Indigenous-owned business, Spirit Group may qualify for certain government incentives or preferential treatment in contracts, potentially benefiting INBS indirectly.

While the partnership appears to be structured with good intentions, INBS must ensure rigorous due diligence and ongoing compliance monitoring to mitigate potential legal risks associated with drug testing and corporate social responsibility initiatives in a foreign market.

NEW YORK, Oct. 09, 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 its distribution partnership with Spirit Group, an Australian, Indigenous-owned marketing and consulting agency, with prominent clients across a wide range of industries, including mining, transportation and construction.

Spirit Group will bring INBS’ Intelligent Fingerprinting Drug Testing Solution to government and corporate clients across Australia. This comprehensive solution includes on-site screening with the Intelligent Fingerprinting Drug Screening System and a back-to-lab confirmatory testing service. As part of this collaboration, Spirit Group will donate 10% of its proceeds from Intelligent Fingerprinting Drug Screening System sales to the National Centre of Indigenous Excellence (NCIE), supporting youth drug prevention and mentoring programs.

“As an Indigenous business owner, it’s always important that I’m able to give back to my community,” said Glen Ella, Australian rugby legend and Co-Founder of Spirit Group. “By partnering with Intelligent Bio Solutions, we’re able to offer our government and corporate clients an innovative drug testing solution that also helps them reach their Indigenous procurement and social impact goals, as well as provide much needed support to the important work the NCIE do in the community.”

“Our partnership with Spirit Group is more than just about expanding the presence of our innovative technology in Australia,” added Harry Simeonidis, President and CEO at Intelligent Bio Solutions. “We believe in using our solutions to create meaningful impact and positive change beyond workplace safety. Every drug screening test will not only help workplaces maintain safety and compliance but also directly contribute to these critical community initiatives.”

Spirit Group is dedicated to using its influence in the government and corporate sectors as a force for good. Its collaboration with Intelligent Bio Solutions exemplifies how commercial success can intertwine with social responsibility and demonstrates the potential for businesses to play a pivotal role in driving social change.

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 the 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. 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/

About Spirit Group

Spirit Group is an Indigenous-owned group of brands delivering marketing and consulting services that connect with culture, create change, and bring ideas to life. The agency provides a full range of marketing and consulting services, offering streamlined, seamless, and cost-efficient outcomes for its clients. Spirit Group works with clients from startups to multinationals, government, and not-for-profits on small and large-scale projects.

 For more information, visit: https://spiritgroup.co

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 

Investor & Media Contact: 

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

FAQ

What is the new partnership announced by Intelligent Bio Solutions (INBS)?

Intelligent Bio Solutions (INBS) has announced a distribution partnership with Spirit Group, an Australian Indigenous-owned marketing and consulting agency, to distribute INBS' Intelligent Fingerprinting Drug Testing Solution to government and corporate clients across Australia.

How will the partnership between INBS and Spirit Group benefit Indigenous communities?

Spirit Group will donate 10% of its proceeds from Intelligent Fingerprinting Drug Screening System sales to the National Centre of Indigenous Excellence (NCIE), supporting youth drug prevention and mentoring programs.

What does the Intelligent Fingerprinting Drug Testing Solution by INBS include?

The Intelligent Fingerprinting Drug Testing Solution includes on-site screening with the Intelligent Fingerprinting Drug Screening System and a back-to-lab confirmatory testing service.

Who is the CEO of Intelligent Bio Solutions (INBS)?

Harry Simeonidis is the President and CEO of Intelligent Bio Solutions (INBS).