Relay Medical Corp. (“
Relay” or the
“
Company”) (CSE: RELA, OTC: RYMDF, Frankfurt:
EIY2), and Fio Corporation (“
Fio”), together
Fionet Rapid Response Group (“FRR”), announce that its Fionet
pandemic response devices will be produced by US-based,
FDA-approved, high-volume contract manufacturer, KeyTronic, which
is now creating a Fionet device assembly line. KeyTronic (NASDAQ:
KTCC) offers turnkey services and global reach and is already
producing other COVID-related medical devices.
FRR has approximately 1000 devices being prepared
for manufacture, with initial runs of the assembly line expected in
October. The company has paid for the manufacturing line set ups
and 50% of the cost of the first batch of 165 units and will pay
the balance upon completion within 6 to 8 weeks.
“In August, we focused on implementing our vision
for adapting Fionet to COVID. In September, we focused on bringing
this vision to the market, which resulted in agreements for initial
deployment we are signing. We now moved to engage a high-quality,
high-volume manufacturer to fulfill orders,” said Dr Michael
Greenberg, CEO of FRR and of Fio Corporation.
In early September, FRR announced the first
delivery of the COVID-19 workflow software and the Company has
since signed additional agreements for trial deployments with other
organizations including a subsidiary of a large European
diagnostics company which, upon successful completion a feasibility
pilot, could result in volume deployments in multiple countries in
Africa.
Trial or pilot deployments are designed to enable
FRR and clients to customize Fionet for region-based workflows,
including safe-return-to-work protocols, community-based COVID-19
testing protocols, and for field stress-testing.
In mid-August Relay Medical and Fio Corp. formed
Fionet Rapid Response Group to rapidly adapt the Fionet platform
for testing and tracking of COVID-19 to provide a solution that
allows for management of mass community-based testing, triage, and
contact tracing of the disease. The platform has been successfully
deployed in over a dozen countries, where it has performed with
excellent results for 1 million tests of high-consequence
infectious diseases, including HIV, Ebola, malaria, dengue fever,
and others.
Relay Medical and Fio Corporation executed this
agreement for COVID based on the anticipation that: (1) for the
first wave, all attention would go to personal protective
equipment, tests, treatments, and vaccines - which a multitude of
other companies would vie to provide; (2) the second wave will be a
major threat; (3) by that time, sweeping measures would be needed
to protect national and personal economies worn down by the first
wave; and, (4) this would drive attention to implementing
controlled, mass, community-based testing and triage coupled to
real-time data circulation between frontline action and remote
decision-making - which FRR can uniquely provide.
“The FRR team is working in unison with client
teams to serve a great need and to intercept the opportunity
anticipated in the second wave of COVID. Governments and the
private sector are moving strongly towards taking the fight against
COVID to mass, community-based settings, where people work, live,
study, and travel so that they can continue to work, live, study,
and travel.” said Yoav Raiter, CEO of Relay Medical Corp.
Fionet has been submitted to Health Canada for
expedited access to address community-based testing and tracking.
FRR is simultaneously working towards Fionet regulatory approval in
the US and EU.
**The Companies are 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.
About Fio Corporation
Fio Corporation, privately held and headquartered
in Toronto, developed and markets the world’s first integrated
guidance & tracking IT platform for decentralized healthcare
settings, a new category of solution that raises healthcare quality
and lowers healthcare costs. The platform enables average
healthcare workers in clinics to deliver a new level of
quality-controlled diagnostic testing and case management.
Simultaneously, as an automated by-product of its clinical use, the
platform captures and provides unprecedented frontline data to
remote supervisors and stakeholders, enabling real-time remote
tracking, insight distribution, and intervention. Fio operates
globally in partnership with local distribution, service, and
support organizations and also partners with other companies that
license its technologies.
Website: www.fio.com
About Relay Medical Corp.
Relay Medical is a MedTech innovation Company
headquartered in Toronto, Canada focused on the development of
novel technologies in the diagnostics and AI data science
sectors.
Website: www.relaymedical.com
Contact: W. Clark Kent President
Relay Medical Corp. Office. 647-872-9982 ext. 2 TF. 1-844-247-6633
ext. 2 investor.relations@relaymedical.com
Bernhard Langer EU Investor Relations Office. +49
(0) 177 774 2314 Email: blanger@relaymedical.com
Forward-looking Information Cautionary
Statement
Except for statements of historic fact, this news
release contains certain "forward-looking information" within the
meaning of applicable securities law. Forward-looking information
is frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate" and other
similar words, or statements that certain events or conditions
"may" or "will" occur. Forward-looking statements are based on the
opinions and estimates at the date the statements are made, and are
subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from
those anticipated in the forward-looking statements including, but
not limited to delays or uncertainties with regulatory approvals,
including that of the CSE. There are uncertainties inherent in
forward-looking information, including factors beyond the Company’s
control. There are no assurances that the commercialization plans
for the Company’s technologies described in this news release will
come into effect on the terms or time frame described herein. The
Company undertakes no obligation to update forward-looking
information if circumstances or management's estimates or opinions
should change except as required by law. The reader is cautioned
not to place undue reliance on forward-looking statements.
Additional information identifying risks and uncertainties that
could affect financial results is contained in the Company’s
filings with Canadian securities regulators, which filings are
available at www.sedar.com
1
https://www.globenewswire.com/news-release/2020/07/14/2062245/0/en/Keytronic-Selected-as-a-Top-10-Contract-Manufacturing-Service-Provider-for-2020.html
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c73e26ec-59f6-4967-825e-53d60a7386d5
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