Subjects: BUSINESS CONTRACTS, HEALTH
Global Care Capital Portfolio Company ViraxClear Secures Supply Contracts to Meet Demand for COVID-19 Antibody Test Kits in Europe and Singapore
VANCOUVER, British Columbia, May 01, 2020 (GLOBE NEWSWIRE) -- Global Care Capital Corp. (CSE: HLTH, OTC: RSCZF, 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 ViraxClear, through its joint venture ("Joint Venture") Shanghai Biotechnology Devices Ltd. ("SBD") has on April 30th, 2020, finalized supply contracts with Shanghai CP Adaltis Diagnostics Co., Ltd. ("Shanghai CP"), for the distribution of COVID-19 Antibody Test Kits (the "Test Kits") manufactured by Innovita Biological Technology Co., Ltd. ("Innovita"), into the European market and a second contract with Shenzhen Qianhai Huolilang Technology Co., Ltd. ("Qianhai"), for the distribution of the Test Kits manufactured by Nanjing Vazyme Biotech Co., ("Vazyme"), into the European and Singapore markets.
Alexander Somjen, CEO of Global Care states, "We believe detection and prevention have demonstrated success as key initial steps in dealing with the COVID-19 pandemic. Many countries do not have access to Test Kits, which we believe hinders their ability to protect the public and re-open the economy. SBD has partnered with suppliers to deliver Test Kits to areas that may have a need.
"With these contracts in place, SBD has entered into agreements for a significant supply of Test Kits. We hope that ViraxClear will now be able to leverage these supply entitlements to distribute and sell Test Kits with CE marking, particularly in Europe where there is an apparent shortage."
Agreement Between SBD and Shanghai CP
Pursuant to the SBD contract with Shanghai CP, SBD has agreed to purchase Test Kits manufactured by Innovita, with a right to distribute and sell those kits into the European Market. Under the terms of this arrangement, SBD provides production orders to Shanghai CP, from time to time as it identifies sales opportunities at which point Shanghai CP will allocate production from its facilities to support these orders. SBD has placed an initial order for 120,000 Test Kits, with an aggregate entitlement under the agreement of up to 1,000,000 Test Kits. SBD does not currently have purchase orders in hand with relation to this agreement and has not yet paid for the 120,000 Test Kit order.
Agreement Between SBD and Qianhai
Pursuant to the SBD contract with Qianhai, SBD has agreed to purchase Test Kits manufactured by Vazyme. SBD has a non-exclusive right to distribute and sell Test Kits into any market it wishes, in its discretion, subject to providing written notice to Qianhai. SBD intends to distribute the Test Kits in the regions they are approved: Europe and Singapore. Under the terms of this arrangement, SBD provides production orders to Qianhai, from time to time as it identifies sales opportunities and Qianhai allocates Vazyme Test Kit products to support these orders under agreed purchase orders. SBD does not currently have purchase orders in hand with relation to this agreement. The duration of the agreement between SBD and Qianhai is two years.
Innovita Test Kits
The Innovita Test Kits are CE marked, allowing for sales to the European Market.
Website:
Vazyme Test Kits
The Vazyme Test Kits are CE marked, allowing for sales to the European Market and have received approval by The Food and Drug Administration of the Philippines as well as Singapore's Health Sciences Authority.
Website:
Shanghai CP and Qianhai are arm's length parties to the Company, ViraxClear and SBD.
The Company is not making any express or implied claims that it has the ability to treat the COVID-19 virus at this time.
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
Tel: 416-319-5744
Neither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.
All statements in this news release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws, including, but not limited to statements with respect to the focus of the Company's business; completion of supply contracts with Shanghai CP and Qianhai; the ability of Shanghai CP to secure product from Innovita and Qianhai to secure product from Vazyme; ability to supply Test Kits with CE Marking; ability to supply and sell Test Kits to the European, Philippine and Singapore markets; prevention efforts related to the COVID-19 pandemic; and global access to Test Kits. Forward-looking information is often, but not always, identified by the use of words such as "seeks", "anticipates", "plans", "continues", "expects", "projects", "predicts", "potential", "targets", "intends", "believes", "potential", "budgets", "schedules", "estimates", "forecasts" and similar expressions (including the negative of such expressions), or describes a "goal", or variation of such words and phrases or state that certain actions, events or results "may", "should", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information is not a guarantee of future performance and is based upon a number of assumptions of management at the date the statements are made including, among others, assumptions about the ongoing global impact of, and efforts to combat, the COVID-19 pandemic; that the representations and warranties of counterparties including, but not limited to, their existence, status, ability to sell and authority to enter into contracts is true and correct; the relationships between counterparties; that counterparties are able to meet contractual obligations including the delivery of Test Kits as specified in a timely manner; that Test Kits can be sold into specified markets and include specified markings; that specified markings with respect to Test Kits remain valid; import and export of Test Kits; currency exchange rates and interest rates; favourable operating conditions; political stability; obtaining governmental approvals; labour stability; stability in market conditions; availability of equipment and supplies; successful resolution of disputes and anticipated costs and expenditures. Management believes these assumptions are reasonable. In addition, many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.
Such forward-looking information involves known and unknown risks, which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information, including, risks related to the speculative nature of the Company's business; the Company's formative stage of development; the Company's financial position; the ongoing global impact of, and efforts to combat, the COVID-19 pandemic; that the representations and warranties of counterparties including, but not limited to, their existence, status, ability to sell and authority to enter into contracts be untrue; that counterparties not be able to meet contractual obligations including the delivery of Test Kits as specified in a timely manner; that Test Kits cannot be sold into specified markets and do not include specified markings; that new requirements with respect to Test Kits emerge; import and export restrictions prohibit the manufacture and sale of Test Kits; current economic conditions; future prices of materials; fluctuations in the securities market; fluctuations in currency markets; change in national and local government, legislation, taxation, controls, regulation and political or economic development; inability to obtain adequate insurance to cover risks and hazards; favourable operating conditions; availability of equipment and supplies; failure of equipment or processes to operate as anticipated; possible claims against the Company; labour and employee disputes; and delays in obtaining any governmental approvals.
Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law. Accordingly, readers should not place undue reliance on forward-looking information.
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
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