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Cryptocurrency Greenville, South Carolina, May 23, 2024 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) a leading US-based franchise system providing drug testing, alcohol screening, DNA and direct to consumer (“DTC”) clinical lab testing services, announces that it will host a conference call at 11am Eastern time, Friday, May 24, 2024 to review the Company’s Q1 financial results for the period ending March 31, 2024.
Key Points:
- Greenville, South Carolina, May 23, 2024 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) a leading US-based franchise system providing drug testing, alcohol screening, DNA and direct to consumer (“DTC”) clinical lab testing services, announces that it will host a conference call at 11am Eastern time, Friday, May 24, 2024 to review the Company’s Q1 financial results for the period ending March 31, 2024.
- By year end of 2023, every ARCpoint franchised location had MAPL integrated into their location and interfaced with their local website.
- This allows ARCpoint customers to connect with MD Care Group's doctors, through MAPL, to discuss results from ARCpoint diagnostic tests or other medical concerns they may have.
- For Q1 2024, ARCpoint Franchise Group revenues declined to USD$1.2 million versus USD$1.5 million in Q4 2023 as the result of lower recognition and amortization of upfront franchising.
Retrieved on:
Tuesday, January 23, 2024
Greenville, South Carolina, Jan. 22, 2024 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) is pleased to announce that it has closed its previously announced non-brokered private placement (the “Offering”) for gross proceeds of US$1,100,000, through the sale of 11,000,000 Class A subordinate voting shares of the Company (each, a “Share”) at a price of US$0.10 per Share.
Key Points:
- The net proceeds from the Offering will be used for operational expenses and other general corporate purposes.
- Certain insiders of the Company (the “Interested Parties”) purchased or acquired direction or control over a total of 4,000,000 Shares as part of the Offering.
- The placement to those persons constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
- The Company did not file a material change report 21 days prior to the closing of the Offering as the details of the participation of Interested Parties had not been confirmed at that time.
Retrieved on:
Wednesday, January 3, 2024
Greenville, South Carolina, Jan. 02, 2024 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) is pleased to announce that it intends to complete a non-brokered private placement to raise gross proceeds of up to US$1,600,000 (the “Offering”) through the sale of up to 16,000,000 subordinate voting shares of the Company (each, a “Share”) at US$0.10 per Share.
Key Points:
- For Immediate Release – Not for Dissemination in the United States or through U.S. Newswire Services
Greenville, South Carolina, Jan. 02, 2024 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) is pleased to announce that it intends to complete a non-brokered private placement to raise gross proceeds of up to US$1,600,000 (the “Offering”) through the sale of up to 16,000,000 subordinate voting shares of the Company (each, a “Share”) at US$0.10 per Share.
- The net proceeds from the Offering will be used for operational expenses and other general corporate purposes.
- The Offering is subject to all necessary regulatory approvals including acceptance from the TSX Venture Exchange.
- All securities issued in connection with the Offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
Retrieved on:
Wednesday, December 27, 2023
Greenville, South Carolina, Dec. 27, 2023 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) announces that it has entered into an agreement dated December 24, 2023 (the “Agreement”) with an arm’s length creditor (the “Creditor”) to restructure US$1,061,718.75 in indebtedness plus accrued and unpaid interests (the “Indebtedness”) owed to the Creditor by ARCpoint Franchise Group, LLC (“AFG”), a wholly owned subsidiary of the Company. Pursuant to the terms of the Agreement, the Company agreed to, among other things, pay US$350,000 of the Indebtedness to the Creditor on January 2, 2024, and to issue 1,500,000 Class A Subordinate Voting Shares at a deemed price of CDN$0.12 per share to settle CDN$180,000 of the Indebtedness. The Company and the Creditor further agreed that the remaining Indebtedness shall bear a simple interest at a rate of 9.6% per annum for a period of two years and shall cease to accrue after the date that is two years from the date of the Agreement. After giving effect to the aforementioned payment, share issuance and 2-year interest accrual, the parties agreed that the total amount of indebtedness owed by AFG to the Creditor will be $833,856.81. The shares to be issued to the Creditor pursuant to the Agreement will be subject to a four-month hold period pursuant to the applicable Canadian securities laws and one-year hold period pursuant to the applicable U.S. securities laws.
Key Points:
- Pursuant to the terms of the Agreement, the Company agreed to, among other things, pay US$350,000 of the Indebtedness to the Creditor on January 2, 2024, and to issue 1,500,000 Class A Subordinate Voting Shares at a deemed price of CDN$0.12 per share to settle CDN$180,000 of the Indebtedness.
- The Company and the Creditor further agreed that the remaining Indebtedness shall bear a simple interest at a rate of 9.6% per annum for a period of two years and shall cease to accrue after the date that is two years from the date of the Agreement.
- After giving effect to the aforementioned payment, share issuance and 2-year interest accrual, the parties agreed that the total amount of indebtedness owed by AFG to the Creditor will be $833,856.81.
- The shares to be issued to the Creditor pursuant to the Agreement will be subject to a four-month hold period pursuant to the applicable Canadian securities laws and one-year hold period pursuant to the applicable U.S. securities laws.
Retrieved on:
Tuesday, November 21, 2023
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Nursing The two companies are also discussing the possibility of developing and deploying a second API which would allow doctors within the MD Care Group system to refer patients to ARCpoint testing locations.
Key Points:
- The two companies are also discussing the possibility of developing and deploying a second API which would allow doctors within the MD Care Group system to refer patients to ARCpoint testing locations.
- “This is a new concept – it really takes direct primary care to a new level for our clients,” said Chris Cole, co-founder of MD Care Group.
- ARCpoint CEO John Constantine added, “Our relationship with MD Care Group will make it far easier for ARCpoint customers to consume and access healthcare where it is most convenient for them and how they want.
- MD Care Group provides services to all 50 US states with consultations in English and Spanish as well as 85 other languages on request.
Retrieved on:
Monday, November 20, 2023
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Income tax On October 17, 2023, the Company reported that it had undertaken new measures to reduce costs by US$1million on an annualized basis.
Key Points:
- On October 17, 2023, the Company reported that it had undertaken new measures to reduce costs by US$1million on an annualized basis.
- These cuts included annualized reductions in staffing and compensation of approximately US$800,000 and US$200,000 in sales, general and administration costs.
- As a function of these cuts, the Company incurred severance costs of US$67,000 in October 2023 with the full impact of financial benefits beginning in November 2023.
- A reconciliation of how the Company calculates EBITDA and Adjusted EBITDA is provide in the table appended to this press release.
Retrieved on:
Tuesday, October 17, 2023
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Health insurance ARCpoint CEO John Constantine commented, “The launch of the ARCpoint Access programs is a win-win-win scenario for our individual and business customers, and our franchisees.
Key Points:
- ARCpoint CEO John Constantine commented, “The launch of the ARCpoint Access programs is a win-win-win scenario for our individual and business customers, and our franchisees.
- All the Access plans offer varying discounts on ARCpoint services which are not included in a purchased bundle.
- Given that our franchisees have commercial relationships with over 4,000 businesses, this is an excellent opportunity to expand our affiliate network by turning those businesses into affiliates, which would expand our distribution reach and generate monthly subscription revenue”.
- With the launch of ARCpoint Employer Access, any business can now become a new type of affiliate by offering ARCpoint wellness and preventative diagnostic testing services to their employees, including discounts on all ARCpoint testing services not explicitly included in the particular employer-purchased subscription package.
Each Option is exercisable to acquire one Class A Subordinate Voting Share of the Company (“SVS”) at a price of $0.25 per SVS with a term of ten years from the date of issue (the “Issue Date”).
Key Points:
- Each Option is exercisable to acquire one Class A Subordinate Voting Share of the Company (“SVS”) at a price of $0.25 per SVS with a term of ten years from the date of issue (the “Issue Date”).
- The Options vest in three equal installments on the anniversary of the Issue Date for each of the three years following the Issue Date.
- In addition, the Company has granted 555,000 restricted share units (“RSU”) to a director and officer of the Company pursuant to the Omnibus Plan.
- Each RSU can be settled for one SVS after such RSU vests on October 2, 2024.
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Q2 As announced March 8, 2023, effective April 1, 2023, the Company enacted a headcount reduction representing approximately 30 per cent of the company's salary costs.
Key Points:
- As announced March 8, 2023, effective April 1, 2023, the Company enacted a headcount reduction representing approximately 30 per cent of the company's salary costs.
- Concurrently, the Company also incurred additional software expenditures to refine the new technology platforms in preparation for full roll out.
- AUV cannot be distinguished from totals, subtotals and items disclosed in the primary financial statements of the Company.
- A reconciliation of how the Company calculates EBITDA and Adjusted EBITDA is provide in the table appended to this press release.
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Q2 As announced March 8, 2023, effective April 1, 2023, the Company enacted a headcount reduction representing approximately 30 per cent of the company's salary costs.
Key Points:
- As announced March 8, 2023, effective April 1, 2023, the Company enacted a headcount reduction representing approximately 30 per cent of the company's salary costs.
- On May 15, 2023 the Company announced that it had appointed Bob Mann as President of Arcpoint Franchise Group LLC (AFG), a wholly owned U.S. subsidiary of the company that operates Arcpoint's franchise business.
- AUV cannot be distinguished from totals, subtotals and items disclosed in the primary financial statements of the Company.
- A reconciliation of how the Company calculates EBITDA and Adjusted EBITDA is provide in the table appended to this press release.
