FluroTech Ltd. Announces Sale of Shares in FluroTest Diagnostic Systems Ltd. and Option Cancellation

CALGARY, Alberta, Jan. 03, 2023 (GLOBE NEWSWIRE) -- FluroTech Ltd. (“FluroTech” or the “Company”) (TSXV: TEST) announces that it has entered into a Share Purchase Agreement (“Agreement”) to sell all of the shares of FluroTest Diagnostic Systems Ltd., a wholly-owned subsidiary of the Company, to an arm’s length individual (the “Purchaser”). The Purchaser has agreed to pay total cash consideration of $1.00 in lawful Canadian currency. The completion of the transaction is effective December 31, 2022.

Additionally, the Company announces the cancellation of an aggregate of 3,435,050 options to purchase Common shares previously granted under the Company’s stock option plan (the “Stock Option Plan”) to certain directors, officers and employees (the “Cancelled Options”).

Under the Stock Option Plan, the Company may grant up to an aggregate 12,068,554 stock options. As of the date of this release, the Company has 5,996,097 options outstanding, that will likely be forfeited over the next 90 days.

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 the completion of the Agreement, the ability of the parties to complete the transactions as contemplated in the Agreement and disclosure about the future plans of the Company. The Company made certain material assumptions, including but not limited to prevailing market conditions and general business, economic, competitive, political and social uncertainties, 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.

For general FluroTech inquiries:
FluroTech Ltd.
Danny Dalla-Longa, CEO
info@flurotest.com