Softlab9 Signs LOI for Distribution of 5 Different COVID-19 Rapid Test Kits
Softlab9 Technologies Inc. has signed an agreement with Emergence Technology PTY LTD for exclusive sub-distribution rights to five COVID-19 Rapid Test Kits. These kits, manufactured by various companies in China, target regions including the US, Caribbean, Italy, Spain, and Portugal. Softlab9 is required to meet sales targets for exclusivity. A definitive agreement is expected by September 15, 2020. The test kits demonstrate high specificity and varying sensitivity rates, with the company aiming to penetrate the COVID-19 testing market, thus creating a potential new revenue stream.
- Secured exclusive sub-distribution rights for five COVID-19 Rapid Test Kits.
- High accuracy rates of test kits, with some exhibiting 100% specificity.
- Potential new revenue stream from COVID-19 testing market.
- Access to future products through the agreement with Emergence Technology.
- Exclusivity contingent on meeting sales target requirements.
- Regulatory approval for several test kits is still pending.
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VANCOUVER, BC / ACCESSWIRE / August 24, 2020 / Softlab9 Technologies Inc. (CSE:SOFT)(FSE:APO2)(OTC PINK:SOFSF) ("SOFT" or the "Company"), is pleased to announce it has signed an agreement dated August 20th, 2020 with Emergence Technology PTY LTD, an Australian company, for exclusive sub-distribution rights of five different COVID-19 Rapid Test Kits for the detection of the novel coronavirus, SARS-COV-2.
The Company has concluded its due diligence of Emergence Technology PTY LTD. Softlba9 is satisfied that Emergence has the necessary rights and the prospect to achieve territorial exclusivity once milestones are met in the specified regions below to sell the multiple test kits covered under this letter of intent. Soft will need to meet minimum sales target requirements to have exclusivity for these products in the specified regions.
All test kits are manufactured in China by five separate pharmaceutical/biotech companies. Soft has agreed to purchase 1,000 test kits from each technology from Livzon, Orient Gene, Biotest and BGI. This will give the company the opportunity to penetrate the Covid-19 testing market as we continue our pursuit for additional opportunities and growth within the health sector.
The LOI stipulates that Softlab9 will have access to any new products or services that Emergence negotiates in the future.
The company intends to have a definitive agreement completed by September 15th, 2020 which will include all the details to obtain exclusivity for these products and a sub-sequent e-commerce website to begin sales of all test kits before the end of September 2020.
The Test Kits
Zhejiang Orient Gene Biotech Co. Ltd. manufactures a USFDA approved, rapid SARS-CoV-2 lgM/LgG antibody diagnostic kit. Results are achieved using a small portion of blood along a test strip, which is then inserted into a device to give the patient the result. This particular test is well suited in the field as results are achieved within minutes. Clinical reports show accuracy of the lgM test with
Biocredit, manufactures a saliva based, rapid antigen test kit used to detect the SARS-COV-2 virus. Results are achieved within eight minutes after use. Clinical studies have shown its effectiveness at
Zhejiang Orient Gene Biotech Co. Ltd. manufactures a USFDA EUA Pending, rapid antigen diagnostic kit. Results are achieved using a small portion of saliva, which is deposited into the testing device to give the patient the result. This particular test is well suited in the field as results are achieved within minutes. Clinical reports show accuracy
Livzon, a Hong Kong listed pharmaceutical company, manufactures a rapid SARS-CoV-2 lgM/LgG antibody diagnostic test. Like Zhejiang, the test uses a small amount of blood to determine results. Clinical reports have shown accuracy of
BGI Global Genomic Services, manufactures an RT-PCR (Reverse Transcription Polymerase Chain Reaction) test kit, the gold standard in the industry, with widespread use by many governments globally for its ease of use. Soft has the following regions in its agreement, North America, Italy, Spain, and Portugal. Regulatory approval is pending.
Rahim Mohamed, CEO of Soft said "We are pleased with adding a potential new revenue stream to the company. With the current pandemic changing the way we live; this will help our communities in sourcing the equipment it needs."
About SoftLab9
SoftLab9 Technologies Inc. is an international publicly traded company that specializes in the development of early staged companies. We provide access to capital, executive management, and industry experience to grow our portfolio of companies.
SoftLab9's experienced team bring new ideas and innovation based on science to find solutions to the current world we live in. Customers rely on quality, nontoxic products to keep their homes clean and their loved ones safe, now more than ever during these unprecedented international public health crises.
Cautionary Note:
The Company is not making any express or implied claims that CleanGo GreenGo or any other product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time. Do not drink or consume any of the products at any time. Follow the instructions on the bottles. The products mentioned are meant to be used on surfaces and hands to sanitize to protect against bacteria and viruses. CleanGo GreenGo is not a cure, nor does it imply to be a cure for COVID-19.
For further information please contact:
Rahim Mohamed
Chief Executive Officer
Phone: (403) 605-9429
RM@softlab9.com
www.softlab9.com
Paul Searle
Corporate Communications
Citygate Capital Corp
Phone: (778) 240-7724
psearle@citygatecap.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Cautionary Note:
The Company is not making any express or implied claims that Clean Go Green Go or any other product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time. Do not drink or consume any of the products at any time. Follow the instructions on the bottles. The products mentioned are meant to be used on surfaces and hands to sanitize to protect against bacteria and Viruses. Clean Go Green is not a cure, nor does it imply to be a cure for COVID-19.
Forward-looking Information
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements in this presentation that are not purely historical are forward-looking statements and include statements regarding beliefs, plans, expectations, and orientations regarding the future, including without limitation statements related to the completion of the Private Placement and the use of the proceeds therefrom, and the Company's prospect of success in executing its proposed plans, including its plans to complete the acquisition of CleanGo and the prospects for CleanGo's business. Forward-looking statements can often be identified by words such as "will", "plans", "expects", "may", "intends", "anticipates", "believes", proposes" or variations of such words including negative variations thereof and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. Forward-looking statements are based on certain assumptions by management regarding the Company, including, without limitation, investor interest in the Private Placement, and the Company's ability to acquire CleanGo and obtain required regulatory approvals and the timing thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors including, risks and uncertainties relating to the inability of the Company, to, among other things, obtain any required governmental, regulatory or stock exchange approvals, permits, consents or authorizations required to execute its proposed business plans, and obtain the financing required to carry out its planned future activities. Other factors such as general economic, market or business conditions or changes in laws, regulations and policies affecting the Company's operations may also adversely affect the future results or performance of the Company. The Company can provide no guarantee that it will be successful in completing the Private Placement or completing the acquisition of CleanGo. Investors are cautioned that forward looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company does not intend to update or revise any forward-looking statements, except as expressly required by law.
SOURCE: Softlab9 Technologies Inc
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FAQ
What is the significance of Softlab9's agreement with Emergence Technology PTY LTD?
What regions are covered under Softlab9's distribution agreement for COVID-19 test kits?
What are the expected timelines for Softlab9's definitive agreement regarding the test kits?
What is the sensitivity and specificity of the COVID-19 test kits Softlab9 is distributing?
Is regulatory approval secured for all test kits Softlab9 plans to distribute?
