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  • Therma Bright has added a veteran manufacturing expert to its advisory team to advance its saliva-based rapid antigen test
  • The company has chosen Ian Levine
  • Levine's experience in global manufacturing and distribution of regulated healthcare products will be instrumental in the final development of CoviSafe
  • Therma Bright also announced that it has negotiated debt settlements with arm's length and non-arm's length creditors
  • Therma Bright is up 5.71 per cent to C$0.37 per share

Therma Bright (THRM) has added a veteran manufacturing expert to its advisory team to advance its saliva-based rapid antigen test.

Therma Bright is a medical device technology company. The company has chosen Ian Levine to be on its advisory board to assist with future scaling for the manufacture of CoviSafe.

The company said Levine will build the overall operations for the Therma Bright team to secure efficient and smooth delivery of CoviSafe to its global customers.

Levine's experience in global manufacturing and distribution of regulated healthcare products will be instrumental in the final development of CoviSafe and the establishment of Therma Bright's manufacturing, logistics and distribution platforms for CoviSafe.

Therma Bright CEO and President Rob Fia said the company is pleased to add Levine to its advisory team.

"Therma Bright is moving rapidly through R&D with CoviSafe as we prepare the path for regulatory submissions to the FDA, Health Canada, and to obtain the CE mark for Europe," he said.

The company said his skill set will be essential for its long-term growth.

Therma Bright also announced that it has negotiated debt settlements with arm's length and non-arm's length creditors.

Pursuant to the debt settlement agreements, and subject to acceptance by the TSX Venture Exchange, the company has agreed to settle aggregate outstanding debt of $260,000 in consideration for which it will issue an aggregate of 866,664 common shares at a deemed price of $0.30 per share.

Certain insiders of the company participated in the debt settlements - Joe Heng, Tim Peterson and Spencer Sungbum Huh, each a director of the company, agreed to settle $20,000 debt owed to each of them for 66,666 shares each, and Victor Hugo, the company's CFO, agreed to settle $10,000 debt for 33,333 shares.

Therma Bright is not making any express or implied claims that its product, CoviSafe, has the ability to eliminate or cure COVID-19 or the SARS-CoV-2 virus.

Therma Bright is up 5.71 per cent to C$0.37 per share at 11:17am EST.

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