ViraxClear Opens Up New Market for Distribution to South Africa With Signed LOI for up to 5 million Test Kits
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VANCOUVER, British Columbia, Sept. 01, 2020 (GLOBE NEWSWIRE) -- Global Care Capital Inc. (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 joint venture, Shanghai Biotechnology Devices Ltd. (“SBD”) has, on August 27th, 2020, signed a non-binding LOI with Blue Med (Pty) Ltd. (“Blue Med”) for the distribution of up to 5 million COVID-19 Rapid Antibody Test Kits (“Test Kits”) for the South African market, a contract valued at up to $25 million in gross revenue. The Test Kits will be supplied by ViraxClear’s previously announced supplier, Shanghai Liangrun Biomedicine Technology Co., Ltd (“SLB”).
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James Foster, CEO of Virax Clear, states: “This represents a significant step forward for ViraxClear in terms of our global ambitions within the company. We are delighted to add such a strategic distribution region to our portfolio, particularly given the scale of operations Blue Med are able to deliver.”
Distribution Contract for Test Kits in South Africa
The LOI provides for a 90-day exclusivity period during which ViraxClear and Blue Med intend to sign a definitive agreement with a total contract value of up to $25 million for 5 million test kits.
South African Health Products Regulatory Authority (SAHPRA) has approved the tests for distribution in South Africa.
Blue Med is a diversified construction, property development, medtech distribution and management group that was established in 2007. They are headquartered in Randburg, South Africa.
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 and ViraxCare PPE. 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. ViraxCare is aimed at minimizing at-work risks by supplying PPE for employees and innovative products and devices which monitor potential viral outbreaks.
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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.
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GLOBAL CARE CAPITAL CORP.:
Company Contact:
Alex Somjen, President & CEO
604-687-2038
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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
