GBS Inc. Enters into Exclusivity Agreement for an Acquisition of Unique Point of Care Diagnostic Screening Technology Focused on Opioids and Drugs of Abuse
“By potentially combining Intelligent Fingerprinting’s leadership position as a revolutionary point of care fingerprint sweat-based drug screening technology with our saliva-based glucose biosensor platform and manufacturing expertise, GBS would be able to serve a wider spectrum of patients at point of care across global diagnostic markets,” stated Dr. Steven Boyages, Interim Chief Executive Officer. “We believe that this acquisition, if consummated, could provide us with a clear opportunity to build long-term shareholder value, accelerate revenue growth for both parties through an expanded portfolio of tests, and allow GBS to further solidify its leadership as a developer of rapid non-invasive diagnostic solutions outside of saliva while accelerating revenue growth.”
Intelligent Fingerprinting’s unique and proprietary drug screening system is an on-the-spot, 10-minute test that works by analyzing fingerprint sweat to screen for recent drug use. The non-invasive system consists of a portable reader and single-use disposable cartridges that are used by a range of public sector and commercial customers across applications, including workplaces, drug rehabilitation, criminal justice, and medical examiners. To date IFP has mainly concentrated market development efforts in the
The transaction, if consummated, would allow GBS to further solidify its leadership as a developer of rapid non-invasive diagnostic solutions outside of saliva, while also accelerating revenue growth through an expanded portfolio of tests. Through the proposed transaction with IFP, GBS would gain access to the full IFP product portfolio, IFP’s current customer base and the ISO 13485 manufacturing facility in the
The business would, in the event a transaction was consummated, expect to use this experience to approach exporting the products internationally. Export opportunities have already been developed by IFP in several territories. The model used to capture international sales has been via specialist distributors or agents, supported from a technical aspect via a dedicated centralized
The Exclusivity Agreement provides GBS with the exclusive right until
Completion of the proposed transaction is subject to the negotiation of a definitive agreement providing for the transaction and satisfaction of any conditions negotiated therein. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated, or if a transaction is consummated, as to its terms, structure, or timing.
Some of the statements in this release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995, which involve risks and uncertainties. Forward-looking statements in this press release include, without limitation, GBS Inc.’s ability to consummate the proposed transaction described in this press release, develop and commercialize its diagnostic tests, realize commercial benefit from its partnerships and collaborations, and secure regulatory approvals, among others. Although GBS Inc. believes that the expectations reflected in such forward-looking statements are reasonable as of the date made, expectations may prove to have been materially different from the results expressed or implied by such forward-looking statements. GBS Inc. has attempted to identify forward-looking statements by terminology, including ''believes,'' ''estimates,'' ''anticipates,'' ''expects,'' ''plans,'' ''projects,'' ''intends,'' ''potential,'' ''may,'' ''could,'' ''might,'' ''will,'' ''should,'' ''approximately'' or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. These statements are only predictions and involve known and unknown risks, uncertainties, and other factors, included in GBS’s public filings filed with the Securities and Exchange Commission. Any forward-looking statements contained in this release speak only as of its date. GBS undertakes no obligation to update any forward-looking statements contained in this release to reflect events or circumstances occurring after its date or to reflect the occurrence of unanticipated events.
About Intelligent Fingerprinting
Intelligent Fingerprinting’s portable Drug Screening System works by analyzing fingerprint sweat. It is non-invasive, fast and cost-effective, with sample collection taking seconds and simultaneous screening for multiple drug groups in ten minutes. A laboratory confirmation service is also available. The system has applications within many sectors and customers include employers in safety-critical industries such as construction, transport and logistics firms, and drug treatment organizations, as well as
Intelligent Fingerprinting has distributors across the globe, including the
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Source: GBS, Inc.