IRW-News: Relay Medical Corp. : Relay Medical Corp. gives entrepreneurial and economic update | message
Shares in this article
IRW-PRESS: Relay Medical Corp. : Relay Medical Corp. gives an entrepreneurial and economic update
– Relay is well positioned with over CAD9 million in the till in 2021 and expects first commercial sales in the 2nd quarter of 2021 due to the first commercial activities
The company is currently expanding to support the business related to the Fionet deployments, including the partnership with LifeLabs and the launch of Cybeats
– The Cybeats product line is now commercially available with several pilot products
April 30, 2021 – Relay Medical Corp. (CSE: RELA) (OTC: RYMDF) (FWB: EIY2) (Relay or the Company), a developer of technological innovations, is pleased to announce the ongoing activities related to the company’s trading and development activities.
Operations and Finance
Following an inscribed private placement in January 2021 and warrant exercises in the final quarter, the company has over CAD9 million in working capital to fund ongoing operations and growth initiatives for 2021 and beyond. Relay’s primary focus is to grow its Fionet and Cybeats operations that generate immediate commercial revenue.
Relay previously submitted a short form prospectus (letter of intent) to the CSE in accordance with NI 44-101 Short Form Prospectus Distribution and published it on SEDAR. In the event that Relay ever wants to raise additional capital, the submission can create a wider audience and public awareness. Relay currently has no need or intention to raise additional capital. The administrative letter of intent is valid indefinitely.
Fionet pandemic management system
In just 4 months, the development team developed a high-throughput COVID-19 screening solution for the Fionet platform for rapid antigen testing, creating a unique, competitive and sought-after product. The Fionet platform has been optimized to connect to additional pandemic screening methods and diagnostic tests, including PCR testing, providing an integrated point-of-need solution and generating additional revenue for the company on a per-test basis.
In the first quarter of 2021, Relay announced the deployment of the Fionet platform at Canada’s largest international airport, Toronto Pearson, as well as a nationwide partnership with LifeLabs LLC, the largest laboratory company in Canada that performs over 100 million tests annually.
Relay also announced Fionet’s collaboration with USAID to conduct testing remotely in communities in the Democratic Republic of the Congo. https://www.relaymedical.com/blog/2020/12/8/relay-medical-amp-fio-corporation-announce-sale-to-us-government-agency-usaid-to-deploy-fionet-pandemic- platform
The USAID project, which implements the Fionet platform, strategically positions the company to equip the approximately 4 billion RDTs sold annually with its automated AI-based RDT analysis. https://www.globenewswire.com/news-release/2019/12/12/1959998/0/en/Rapid-Test-Market-To-Reach-USD-48-54-Billion-By-2026-Reports- And-Data.html
With a budget of nearly $ 20 billion a year, USAID is the largest aid organization in the world and accounts for more than half of all US foreign aid. https://www.usaid.gov/cj
Fionet’s development team is now focused on integrating with LifeLabs to support a wide variety of implementations for COVID-19 testing in airports, laboratories, pop-up clinics, corporate and business customers. LifeLabs is Canada’s largest and oldest laboratory company, with over 380 locations across the country, serving over 20 million people annually. Through this alliance, FRR and LifeLabs are bringing together solutions for Covid testing and tracking in laboratory quality, which were previously only available to centralized laboratory facilities, in various community environments. Https://www.relaymedical.com/blog/2021/4/14/ relay-medical-and-fio-partner-with-lifelabs-canadian-healthcare-leader-to-deploy-fionet-platform-for-covid-19-testing-nationwide
Greater Toronto Airport Authority
On February 24, 2021, Relay announced the deployment of the Fionet Pandemic Management Platform to support the testing program at Canada’s largest Pearson Toronto International Airport https://www.relaymedical.com/blog/2021/2/24/relay-medical-amp -fio-corporation-to-deploy-fionet-covid-19-rapid-testing-platform-at-toronto-pearson-international-airport
The program is designed to test airport employees and international travelers. The company will continue to report on developments and the next steps at the airport. Highlights include testing thousands of employees and travelers for 24 airlines, with 96% of test results being provided in less than 45 minutes.
The Fionet platform is well positioned to add laboratory-grade test solutions to airports and communities, with the business development team actively involved, and at various stages of consultation and negotiation with other key partners in Canada, the US and Europe is located.
Acquisition and operation of Cybeats
In March Relay announced and completed the acquisition of Cybeats Technologies Inc. https://www.relaymedical.com/blog/2021/3/18/relay-medical-closes-acquisition-of-iot-cybersecurity-firm -cybeats-technologies-inc
Cybeats is a cybersecurity platform that protects IoT devices from threats. It is designed to secure and protect high quality networked devices, taking a unique approach that prevents device downtime due to cyber attacks and enables manufacturers to develop and maintain safe and protected devices in a timely and cost-effective manner. Cybeats’ platform also enables manufacturers to monetize cybersecurity services and provide security professionals with valuable security insights. Cybeats’ value proposition goes beyond network security protocols by ensuring that device infrastructure is aligned with the principles of secure by design.
Regulators in Europe and the US are accelerating the rollout of requirements and urging manufacturers of IoT devices – smart internet-connected consumer products such as televisions, cameras, wearable fitness trackers, smart home assistants, and home appliances – with more Equip security, said Yoav Raiter, CEO of Relay Medical. The Cybeats acquisition positions Relay’s portfolio to enter the rapidly growing $ 73 billion global IoT security market. Https://www.globenewswire.com/news-release/2020/05/18/2035053/ 0 / en / IoT-Security-Market-Predicted-to-Reach-73-92-Billion-by-2027-Says-Allied-Market-Research.html
Cybeats ‘development team has accelerated the commercialization of its product while operations have been integrated under the direction of Relay and the company has added additional business development resources to support Cybeats’ sales activities.
Given the increasing digitalization In the world, the pace of the introduction of connected devices will almost triple from over 20 billion in 2020 to 55 billion devices by 2025. https://www.idc.com/getdoc.jsp?containerId=prAP46737220
Most of these devices are susceptible to malware attacks because they are designed with no defenses against internal software and hardware components from third-party vendors.
The Cybeats suite of products is now available to original equipment manufacturers (OEM), contract manufacturers (ODM) and other companies that operate connected equipment. Relay intends to shortly provide the market with a comprehensive overview of Cybeats, as well as a webcast presentation to shareholders and the general public, to be disseminated through disclosure channels.
Relay has sufficient capital to continue to grow and support its Fionet and Cybeats sales operations and to expand across Canada, the United States and Europe.
In early 2020, during a global catastrophe and financial collapse, the Relay team was able to gather resources, innovate, and use their skills and expertise to join the global fight against COVID-19. Now the company has teamed up with leading Canadian health professionals and we are building the infrastructure to support screening millions of people per month in countries around the world, said Yoav Raiter, CEO of Relay Medical. The world is big and while there is international travel a screening test is required – Fionet has the ability to play a vital role in helping the public resume normal lives and ultimately save lives.
Relay’s current applications can reasonably project up to a million tests per month. The company is expanding production of Fionet equipment, continuing its ongoing, large-scale implementations, and evaluating new designs to meet demand and deliver on those predictions.
Despite the increase in vaccinations around the world, COVID-19 screening is fundamental to managing international travel and reducing asymptomatic transmissions. This is particularly important as the positive cases of some countries are reaching record heights, with new variants becoming more widespread. https://covid19.who.int
The Fionet platform supports a large number of tests (antibodies, antigen, etc.) from various manufacturers and is also prepared for the presence of antibodies in vaccinated people. With over hundreds of international airports in North America alone, Fionet is positioned for international rollout because just a few dollars per test can enable people to travel safely and often again.
Glow LifeTech, supported by Relay Medical, began independent trading on the CSE under the name GLOW and on the Frankfurt Stock Exchange under the code 9D0 https://www.relaymedical.com/blog/2021/3/15/relay-medical- congratulates-glow-lifetech-corp-for-its-listing-on-the-cse-under-ticker-glow
and recently announced the filing of a Natural Health Product Number (NPN) for its ArtemiC product with Health Canada. Glow owns exclusive North American rights to ArtemiC, which was successfully tested in a Phase II COVID-19 study. https://www.relaymedical.com/blog/2021/4/27/relay-medicals-glow-lifetech-investment-files-natural-health-product-with-health-canada-following-successful-covid-19- phase-ii-clinical-trial-and-north-american-exclusive-rights
The company participated in Glow’s initial stock issue and currently holds around 14% of the leading developer of natural health products.
Please direct media inquiries to: Destine Lee: email@example.com | 647-872-9982
Register: For more information about Relay or to register on the company’s mailing list, please visit: https://www.relaymedical.com/news
about Relay Medical Corp.
Relay Medical is a technology innovation company based in Toronto, Ontario, Canada with a team of Canadian experts focused on developing new technologies in the areas of diagnostics, AI data analysis and IoT security.
W. Clark Kent
Relay Medical Corp. Bro: 647-872-9982 ext. 2
TF. 1-844-247-6633 ext. 2
EU Investor Relations
Office: +49 (0) 177 774 2314
Toll-free number / fax: 1-844-247-6633
65 International Blvd. Suite 202
Etobicoke, Ontario M9W 6L9
Cautionary note regarding forward-looking information
Except for statements of historical fact, this press release contains certain forward-looking information within the meaning of applicable securities laws. Forward-looking information is often identified by terms such as plan, expect, forecast, 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 opinions and estimates at the time such statements are made and are subject to a number of risks and uncertainties and other factors that could cause actual events or results to differ materially from those in the forward-looking information. These include, among other things, delays or uncertainties in the official approvals, e.g. by the CSE. Forward-looking information typically contains uncertainties, including factors over which the company has no control. There is no guarantee that the plans to market the technology described in this press release will actually come into effect on the terms and timeframe set forth herein. The company undertakes no obligation to update any forward-looking information if circumstances or management’s estimates or opinions change, unless required by applicable law. Readers are cautioned not to place undue reliance on forward-looking statements. For more information about risks and uncertainties that could affect financial results, see the company’s filings with Canadian securities authorities and which are available on www.sedar.com.
The source language (usually English) in which the original text is published is the official, authorized and legally valid version. This translation is included for better understanding. The German version can be abbreviated or summarized. No responsibility or liability is assumed for the content, correctness, appropriateness or accuracy of this translation. From the translator’s point of view, the message does not constitute a buy or sell recommendation! Please note the original English report on www.sedar.com, www.sec.gov, www.asx.com.au/ or on the company website!
The original English report can be found under the following link:
The translated message can be found under the following link:
Current press releases of this company directly in your mailbox:
Message transmitted by IRW-Press.com. The broadcaster is responsible for the content.
Free reprinting permitted provided the source is acknowledged.