- Allows for further research and production of up to 4,000,000 additional testing units per month for Safetest following ANVISA (Brazilian Health Authority) approvals that apply to the laboratory and production facility only
- The Company has already received ANVISA approvals for the sale and distribution of its proprietary Safetest ELISA Covid-19 test
- This will increase laboratory testing and production of Safetest products in South America and globally
VANCOUVER, British Columbia, September 25, 2020 (GLOBE NEWSWIRE) — Victory Square Health Inc. (“VS Health” or the “Company”) – a portfolio company of Victory Square Technologies Inc. (“Victory Square”) (CSE:VST) (OTC:VSQTF) (FWB:6F6) — has entered into an agreement on September 24, 2020 to acquire a certified laboratory and production facility in Minas Gerais, Brazil. This acquisition will increase laboratory testing and production of an additional 4,000,000 testing units per month for Safetest following ANVISA (Brazilian Health Authority) approvals that apply to the laboratory and production facility. The Company has already received approval from ANVISA to sell and distribute its ELISA Covid-19 tests as stated in the prior news release dated September 8, 2020.
This new facility that has been formally used and certified for and by “Bioaptus”, Brazil will allow the Company to speed up research and add 4,000,000 units per month to its current Brazilian production volume with adding additional equipment upgrades of roughly ($300,000 USD) by year-end. This acquisition will enable the Company to reduce its manufacturing and production costs by 60%. The Company is in the process of purchasing additional testing and manufacturing equipment for speedier manufacturing approvals from ANVISA authorities in Brazil so that it may increase production in that country by an additional 80% with monthly production totaling 9,000,000 units by year-end including the 5,000,000 units that was announced on September 02, 2020.
“This laboratory and manufacturing facility will ease our pain points by enabling our scientists and manufacturing teams to have an additional home base for the testing, manufacturing and distribution of our products including Leishmaniasis, Hansen’s Disease, Chagas, Cancer and other proprietary tests that are currently in production and in our pipeline for all of South America and beyond,” said Victory Square Health CEO Felipe Peixoto.
VS Health was founded in 2016 to accelerate the development of personalized medicine and technology solutions including diagnostic tests to support patient’s care and improve health outcomes. Its first product, the Leishmaniasis Rapid Test, was developed in partnership with the UFMG, Federal University of Minas Gerais. Safetest took advantage of its expertise in the subject to develop other antibody-based tests and a robust R&D pipelines of diagnostic kits for Hansen’s Disease, Brucellosis, HTLV and Blood samples screening tests.
The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time.
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On behalf of the board,
Shafin Diamond Tejani
Chief Executive Officer
Victory Square Technologies
For further information about the Company, please contact:
Investor Relations Contact – Alex Tzilios
Media Relations Contact – Howard Blank, Director
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square (VST) builds, acquires and invests in promising startups, then provides the senior leadership and resources needed to fast-track growth. The result: rapid scale-up and monetization, with a solid track record of public and private exits.
VST’s sweet spot is the cutting-edge tech that’s shaping the 4th Industrial Revolution. Our portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt sectors as diverse as fintech, insurance, health and gaming.
What we do differently for startups
VST isn’t just another investor. With real skin in the game, we’re committed to ensuring each company in our portfolio succeeds. Our secret sauce starts with selecting startups that have real solutions, not just ideas. We pair you with senior talent in product, engineering, customer acquisition and more. Then we let you do what you do best — build, innovate and disrupt. In 24-36 months, you’ll scale and be ready to monetize.
What we do differently for investors
VST is a publicly-traded company headquartered in Vancouver, Canada, and listed on the Canadian Securities Exchange (VST), Frankfurt Exchange (6F6) and the OTCQX (VSQTF).
For investors, we offer early-stage access to the next unicorns before they’re unicorns.
Our portfolio represents a uniquely liquid and secure way for investors to get access to the latest cutting-edge technologies. Because we focus on market-ready solutions that scale quickly, we’re able to provide strong and stable returns while also tapping into emerging global trends with big upsides. For more information, please visit www.victorysquare.com.
Forward Looking Statement
This news release contains “forward-looking information” within the meaning of applicable securities laws relating to the outlook of the business of Victory Square, including, without limitation, statements relating to future performance, execution of business strategy, future growth, business prospects and opportunities of Victory Square and its related subsidiaries, including Victory Square Health Inc., and other factors beyond our control. Such forward-looking statements may, without limitation, be preceded by, followed by, or include words such as “believes”, “expects”, “anticipates”, “estimates”, “intends”, “plans”, “continues”, “project”, “potential”, “possible”, “contemplate”, “seek”, “goal”, or similar expressions, or may employ such future or conditional verbs as “may”, “might”, “will”, “could”, “should” or “would”, or may otherwise be indicated as forward-looking statements by grammatical construction, phrasing or context. All statements other than statements of historical facts contained in this news release are forward-looking statements. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square. Although Victory Square believes that the expectations and assumptions on which such forward looking information is based are reasonable, undue reliance should not be placed on them because Victory Square can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release and accepts no responsibility for the adequacy or accuracy hereof.