CALGARY, Alberta, Nov. 29, 2022 (GLOBE NEWSWIRE) -- FluroTech LTD. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”) announces that it has decided to exit the pandemic and emerging disease industry immediately and halt any further expenditures on development of its Pandemic and Emerging Disease Defense Platform (“PEDDP”). Due to declining rates of COVID-19 and the establishment of testing protocols by various governmental and commercial bodies, the demand for FluroTech’s PEDDP has significantly diminished making the further advancement of the PEDDP unprofitable for the Company.
“With waning public sentiment towards COVID-19 raising the necessary capital required to commercialize the PEDDP was difficult,” stated Danny Dall-Longa CEO of FluroTech.
Over the next six months, FluroTech’s subsidiary will discontinue its business operations related to the PEDDP. Management of the Company is currently working on the strategic direction FluroTech will take and will announce any updates to Company’s business plan once established.
In connection with the exit of the Company from its PEDDP related business, Rick Hanson has decided to resign from the Board of Directors of the Company as he has determined that his services and expertise may not be applicable to the Company moving forward. The Company wishes to thank Mr. Hanson for his years of valuable advice and substantial contribution on behalf of all Company stakeholders and wish them the best in their further endeavours. The remaining directors will use their best efforts to secure a new path of opportunity for the Company's stakeholders. This may take several months given current global issues, including the state of the financial markets, the pursuit of new business, capital reorganization and new financing.
The Company looks forward to reporting to all stakeholders as we move through this period of reorganization.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking information generally refers to information about an issuer's business, capital, technology or operations that is prospective in nature. The forward-looking information in this news release includes disclosure about the future plans of the Company, the Company’s ability to obtain further financing, reinvestment in new opportunities and potential strategic entries into new industries and markets. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, the demand for its COVID-19 testing devices and their ability to perform as expected, to develop the forward-looking information in this news release. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
The Company assumes no obligation to update or revise the forward-looking information in this news release unless it is required to do so under Canadian securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered or sold within the United States or to or for the benefit or account of U.S. persons, absent such registration or an applicable exemption from such registration requirements.
Danny Dalla-Longa, CEO