ViraxClear Provides Update on Sales Platform and Increases Access to PPE Stock with Supply Agreement
SBD does not currently have purchase orders in hand with relation to this agreement.
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VANCOUVER, British Columbia, May 11, 2020 (GLOBE NEWSWIRE) -- Global Care Capital Corp. (CSE: HLTH, FRANKFURT: L6V1) (the “Company” or “Global Care”) a global investment company which engages in early stage investment opportunities in private and public companies, is pleased to announce that its portfolio company, ViraxClear, through its operating entity, Shanghai Biotechnology Devices Ltd. (“SBD”) has on May 5th, 2020, finalized supply contracts with Shenzhen Qianhai Huolilang Technology Co., Ltd. (“Qianhai”) for the supply of KN95 Masks (the “Masks”) manufactured by Promask Electronic Medical Device (Guangzhou) Manufacturing Co., Ltd. (“Promask”) globally.
Agreement Between SBD and Qianhai
Pursuant to the SBD contract with Qianhai, SBD has agreed to purchase Masks manufactured by Promask. SBD has a non-exclusive right to distribute and sell Masks into any market it wishes, in its discretion, subject to providing written notice to Qianhai. SBD intends to primarily distribute the Masks in Europe and North America. Under the terms of this arrangement, SBD provides production orders to Qianhai, from time to time as it identifies sales opportunities and Qianhai allocates Promask KN95 Masks to support these orders under agreed purchase orders. SBD does not currently have purchase orders in hand with relation to this agreement. If the quantity of a purchase order from SBD is greater than 100,000 Masks and less than 10,000,000 Masks, SBD must give Qianhai at least seven days notice. The duration of the agreement between SBD and Qianhai is two years.
Promask KN95 Masks
The Promask KN95 Masks are CE marked, allowing for sales to the European market and are available for sale to the United States.
James Foster, ViraxClear CEO, states, “This Contract provides ViraxClear with a substantial and ongoing supply of masks from a reliable source to fulfil demand in markets experiencing a shortage of PPE. This allows for the rollout of our PPE distribution platform beyond that of our main Hong Kong warehouse in order to expedite deliveries to customers in North America and Europe.”
CE Marking
CE marking is a certification mark that indicates conformity with health, safety, and environmental protection standards for products sold within the European Economic Area ("EEA"). The CE marking is also found on products sold outside the EEA that have been manufactured to EEA standards. This makes the CE marking recognizable worldwide even to people who are not familiar with the European Economic Area (the 27 member states of the EU, the 4 members of European Free Trade Association (“EFTA”), plus Turkey and United Kingdom). CE marking also supports fair competition by holding all companies accountable to the same rules.
ViraxClear Sales Platform
ViraxClear has stocked its Hong Kong warehouse with an initial 10,000 IgM-IgG Combined Antibody COVID-19 Test Kits, which it has been selling to customers in North America, South America, Europe and Asia. Pursuant to recent PPE supply contracts, customers will be able to order KN95 Masks, as well as the ViraxClear Test Kits.
Appointment of Doctor Tomasz George
ViraxClear has appointed Doctor Tomasz George as Chief Scientific Officer. Dr Tomasz George has a BSc from University College London and a PhD from King’s College London. He has 12 years of experience in developing digital healthcare systems focusing on diagnostics, physiological assessments, biochemistry and laboratory analysis. Tomasz has held the position of Chief Scientific Officer for London based Soza Health and Singapore based Verita Healthcare Group and has worked in scientific research at Liverpool St John’s University.
Qianhai is an arm’s length parties to the Company, ViraxClear and SBD.
The Company has conducted due diligence on the KN95 masks manufactured by Promask. ViraxClear provided the Company with the CE marking for the masks manufactured by Promask and James Foster, CEO of ViraxClear has inspected the masks physically in Shanghai.
The Company is not making any express or implied claims that it has the ability to treat the COVID-19 virus at this time.
The Company has also entered into agreements with the following arms-length parties: Aktien Check AG, effective May 7th, 2020, to provide digital marketing services on behalf of the Company for a term of one month and Danayi Capital Corp. effective May 7th, 2020, to provide digital marketing services on behalf of the Company for a term of one month. The agreement with Aktien Check AG provides for a one-time payment of EUR 50,000. The agreement with Danayi Capital Corp. provides for a one-time payment of US$ 50,000.
About ViraxClear
ViraxClear focuses on commercializing novel products that address significant healthcare needs with a specific target on the novel coronavirus (COVID-19). The company’s main focus is marketing its ViraxClear Rapid IgM-IgG Combined Antibody Test. The ViraxClear Rapid IgM-IgG Combined Antibody Test for COVID-19 is a lateral flow immunoassay used to qualitatively detect both early and late marker IgG/IgM antibodies.
About Global Care
Global Care Capital is a global investment company which specializes in providing early stage financing to private and public companies. The Company engages in new, early stage investment opportunities in previously underdeveloped assets and obtaining positions in early stage investment opportunities that adequately reflect the risk profile.
GLOBAL CARE CAPITAL CORP.:
Company Contact:
Alex Somjen, President & CEO
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Forward-Looking Information: This news release includes certain statements that may be deemed “forward-looking statements”. The use of any of the words “anticipate”, “continue”, “estimate”, “expect”, “may”, “will”, “would”, “project”, “should”, “believe” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These statements speak only as of the date of this News Release. Actual results could differ materially from those currently anticipated due to a number of factors and risks including various risk factors discussed in the Company’s disclosure documents which can be found under the Company’s profile on www.sedar.com.
