- FluroTech (TEST), subsidiaries Subco and FluroTest Diagnostic Systems have completed a three-cornered amalgamation
- The amalgamated entity will carry on the business previously carried on by FluroTest Systems Ltd. as a subsidiary of FluroTech
- The goal of FluroTech’s research and technology is to develop SARS-CoV-2 detection methods that are fast, sensitive, specific and easy to use
- FluroTest is a diagnostics technology leader in surge-scale rapid antigen testing for the detection of SARS-CoV2 and other pathogens
- FluroTech Ltd. is unchanged, trading at C$0.26 per share at 1:20 pm ET
FluroTech (TEST), subsidiaries Subco and FluroTest Diagnostic Systems have completed the previously announced three-cornered amalgamation.
The transaction involves a three-cornered amalgamation in which FluroTech has acquired all of the shares of FluroTest not currently owned by FluroTech.
“We are laser focused on a rigorous clinical trials program that will validate system performance and help pave the way for successful FDA and Health Canada submissions but remain equally committed to achieving scale and commercialization,” said Bill Phelan, CEO, FluroTest.
“It’s important that the market understands that we are a unified company with a singular mission to create safe environments through frequent, accurate and inexpensive high-volume point of access testing.”
“Global variants continue to fuel the ongoing COVID-19 pandemic, and while some parts of the world are making progress in the administration of vaccines, the authoritative consensus is that testing will continue to be mandatory for a return to a more normal everyday life,” added Danny Dalla-Longa, CEO, FluroTech.
“Look at the airline industry, for example, and recent comments made by Star Alliance CEO Jeffrey Goh stating that the travel industry cannot depend on just vaccine passports to reopen and needs to consider requiring COVID-19 test results. Testing is one of the simplest preventative measures we have to curb the spread and get industry back on its feet.”
Pursuant to the terms of the amalgamation agreement dated March 12, FluroTest Systems Ltd. and Subco amalgamated to form FluroTest under the corporate name “FluroTest Diagnostic Systems Ltd.”
The amalgamated entity will carry on the business previously carried on by FluroTest Systems Ltd. as a subsidiary of FluroTech. The transaction was approved by FluroTech, as sole shareholder of Subco, and by the unanimous resolution of the shareholders of FluroTest.
FluroTech issued 40,705,361 common shares to the previous shareholders.
William Phelan has been appointed to the board of directors of FluroTest.
Bill is a CEO, board director and entrepreneur with over three decades of experience pioneering innovative companies and capitalizing on strategic technology to create disruptive business models based on the Internet, e-commerce, software development and transaction processing technologies. Throughout his career, Bill has held executive-level positions at pioneering companies such as FTD, AOL and Bright Hub while also serving on the Board of Paradigm Capital Management, Mechanical Technology Inc. and others.
The goal of FluroTech’s research and technology is to develop SARS-CoV-2 detection methods that are fast, sensitive, specific and easy to use.
FluroTest, a diagnostics technology leader in surge-scale rapid antigen testing for the detection of SARS-CoV2 and other pathogens, is developing a pandemic defence and economic recovery system for businesses and special-needs populations requiring fast and highly accurate testing.
FluroTech Ltd. is a technology and marketing company focused on the design, development, and commercialization of fluorescence spectroscopy diagnostics.
FluroTech Ltd. is unchanged, trading at C$0.26 per share at 1:20 pm ET.