ViraxClear Opens New Market for Distribution of Test Kits with Moroccan LOI
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, British Columbia, May 15, 2020 (GLOBE NEWSWIRE) — Global Care Capital Corp. (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 May 13th, 2020, signed a letter of intent (“LOI”) for the distribution of its COVID-19 Rapid Antibody Test Kits (the “Test Kits”) for Morocco.LOI for Test Kits Distribution in MoroccoViraxClear has signed an LOI to distribute up to 1,000,000 test kits, wherein Morocco based medical distribution company Phyto Pharma Limited (“Phyto”) will become ViraxClear’s exclusive distribution partner for the region of Morocco. An initial Purchase Order for US $100,000 or approximately 11,100 test kits, is to be issued with the intention of entering the Moroccan market. ViraxClear and Phyto are awaiting approval from The Moroccan Medical Device Advisory Committee to allow the sale of the test kits into Morocco. Phyto will be responsible for funding the shipping costs of the test kits. ViraxClear will fulfil future orders through its previously disclosed supplier, Shanghai Liangrun Biomedicine (“SLB”) based out of Shanghai, China. The Company has reviewed clinical trial data and ViraxClear has conducted physical inspections of the test kits manufactured by SLB. The test kits manufactured by SLB are also CE marked. Phyto representative Mohammed Khoulali noted “We reached out to ViraxClear as we saw a wonderful opportunity to help them access North Africa alongside us as partners. Given ViraxClear’s strength in supplying high quality and robust test kits at prices we know our customers can afford, there is a distribution opportunity for the Moroccan market.”Agreement between SBD and SLBSBD currently contracts with SLB pursuant to the terms of a sales agreement, in which SBD purchases antibody COVID-19 test kits manufactured by SLB for the purposes of global distribution. Under the terms of this arrangement, SBD provides production orders to SLB from time to time as it identifies sales opportunities and SLB prioritizes production from its facilities to support these orders.About ViraxClearViraxClear 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.http://www.viraxclear.cominfo@viraxclear.comAbout Global CareGlobal 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 & CEOasomjen@globalcarecapital.comNeither the CSE nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.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
