SQI Diagnostics Secures Up To $2 Million in FedDev Ontario Funding

Rhea-AI Summary

SQI Diagnostics Inc. (TSX-V: SQD) (OTCQB: SQIDF) has secured a funding agreement with the Federal Economic Development Agency for Southern Ontario to boost the commercialization of its products, including the RALI-DX IL-6 test. The funding allows SQI to draw up to $2 million in interest-free contributions for eligible expenses dating back to August 2021. This initiative aims to enhance product line expansion and advance manufacturing technologies in Canada, promoting local job creation and global competitiveness.

Positive

• Secured funding of up to $2 million for commercialization and scale-up.
• Funding supports the development of innovative medical technologies.
• Positive local economic impact, including job creation.

Negative

• None.

Funding to be used to Scale-up and Support Commercialization of SQI Products

TORONTO, Nov. 10, 2022 /PRNewswire/ - SQI Diagnostics Inc. ("SQI" or the "Company") (TSX-V: SQD) (OTCQB: SQIDF), a leader in the science of lung health that develops and manufactures respiratory health and precision medicine tests, today announced that it has entered into a funding agreement (the "Contribution Agreement") with the Federal Economic Development Agency for Southern Ontario ("FedDev Ontario") to support the Company's manufacturing scale-up and commercialization of its pipeline of products in development, including the Company's recently approved RALI-DX IL-6 test. 

Under the terms of the Contribution Agreement, the Company will be able to draw down up to $2 million of funding in the form of interest-free repayable contributions to cover eligible expenses incurred since August 2021. The funding will be provided through FedDev Ontario's Business Scale-up and Productivity stream (the "stream"). The stream is intended to support businesses seeking to accelerate their growth and improve productivity through the adoption of highly innovative, first-of-its-kind technologies with a goal of global competitiveness and market expansion.

"SQI is extraordinarily pleased to have this investment from the Federal Economic Development Agency for Southern Ontario under the Business Scale-up and Productivity stream allowing SQI to pursue the expansion of its product line by completing its advanced manufacturing and commercial proliferation of our technology from right here in Canada. Our project would not have been possible without their critical support." said Andrew Morris, CEO of SQI Diagnostics.

"When we invest in Canadian's potential, we can create an economy that works for everyone. By developing first-of-its-kind innovative medical technologies, SQI Diagnostics Inc. is harnessing the talent in the region and creating good local jobs." said the Honourable Filomena Tassi, Minister responsible for the Federal Economic Development Agency for Southern Ontario.

About SQI Diagnostics

SQI Diagnostics is a leader in the science of lung health. The Company develops and manufactures respiratory health and precision medicine tests that run on SQI's fully automated systems. The Company is developing tests to simplify and improve COVID-19 antibody monitoring, Rapid Acute Lung Injury testing, donor organ transplant informatics, and immunological protein and antibody testing. SQI Diagnostics is driven to create and market life-saving testing technologies that help more people in more places live longer, healthier lives. For more information, please visit www.sqidiagnostics.com.

About FedDev Ontario

For 13 years, the Government of Canada, through FedDev Ontario, has worked to advance and diversify the southern Ontario economy through funding opportunities and business services that support innovation, growth and job creation in Canada's most populous region. The Agency has delivered impressive results, which can be seen in southern Ontario businesses that are creating innovative technologies, improving productivity, growing revenues, creating jobs, and in the economic advancement of communities across the region. Learn more about the impacts the Agency is having in southern Ontario by exploring our pivotal projects, our Southern Ontario Spotlight, and FedDev Ontario's Twitter, Facebook, Instagram and LinkedIn.

Contact:

Morlan Reddock
Chief Financial Officer
437-235-6563
mreddock@sqidiagnostics.com

Edward Hutchinson
Press Secretary
Office of the Minister responsible for the Federal Economic Development Agency for Southern Ontario Edward.Hutchinson@feddevontario.gc.ca 

FORWARD-LOOKING INFORMATION

This press release contains certain words and statements, which may constitute "forward-looking statements" within the meaning of applicable securities laws relating to future events or future performance and reflect the current expectations and assumptions of the Company regarding its growth, results of operations, performance, business prospects and opportunities. These statements generally can be identified by use of forward-looking words such as "may", "would", "could", "will", "should", "expect", "plan", "estimate", "anticipate", "intends", "believe", "potential", or "continue" or the negative thereof or similar variations. The Company's actual results and performance discussed herein could differ materially from those expressed or implied by such statements. Such statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations. Important factors that could cause actual results to differ materially from expectations include, among other things, general economic and market factors, competition, the effects of recent and ongoing macroeconomic risks and uncertainties and consequent economic disruption, and the factors detailed in the Company's ongoing filings with the securities regulatory authorities, available at www.sedar.com. Although the forward-looking statements contained herein are based on what we consider to be reasonable assumptions based on information currently available to us, there can be no assurance that actual events, performance or results will be consistent with these forward looking statements, and our assumptions may prove to be incorrect. Readers are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as required by applicable law.

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SOURCE SQI Diagnostics Inc.

FAQ

What is the purpose of SQI Diagnostics' funding from FedDev Ontario?

The funding will be used to support the commercialization of SQI's products and scale up manufacturing operations.

How much funding has SQI Diagnostics secured?

SQI Diagnostics has secured up to $2 million in interest-free repayable contributions.

What products will benefit from the funding provided to SQI Diagnostics?

The funding will support products including the recently approved RALI-DX IL-6 test.

When did SQI Diagnostics enter into the funding agreement?

The funding agreement was announced on November 10, 2022.

What is the significance of the funding for SQI Diagnostics?

The funding is significant as it aims to accelerate growth, improve productivity, and enhance global competitiveness.