Toronto, Ontario--(Newsfile Corp. - April 22, 2021) - Therma Bright Inc. (TSXV: THRM) ("Therma" or the "Company"), developer of the AcuVid COVID-19 Rapid Antigen Saliva Test and other progressive diagnostic and medical device technologies, is pleased to announce successful preliminary results with its AcuVid COVID-19 Rapid Antigen Saliva Test to detect the SARS-CoV-2 Variants of Concern ("VOC") that are rapidly spreading across Canada and many other countries; specifically the Brazilian P.1 and P.2 and the UK B.1.1.7 variants. The results were obtained in the performance study currently being conducted in Brazil at the Federal University of Minas Gerais (UFMG).
The P.1 SARS-CoV-2 variant was first seen in Manaus, the capital of the state of Amazonas in Brazil. Initial research suggested the virus arose late last year and began spreading in November. It quickly became the dominant strain, leading many in the country to believe it could infect people who had already been infected with the initial strain earlier in the year.
After initially containing COVID-19, many European, Asian and other countries, including Canada, are experiencing a resurgence of COVID-19 in large part because of the evolving SARS-CoV-2 Variants of Concern which are either easier to transmit, cause more severe disease, or both.
To help support global health agencies' efforts to manage the third wave of this pandemic, Therma Bright initiated and successfully completed a preliminary study on AcuVid COVID-19 Rapid Antigen Saliva Test's ability to detect the Brazilian P.1 and P.2 variants and the UK B1.1.7 variant. Although a relatively small number of samples were used in the initial study, the results showed 100% sensitivity when tested on previously sequenced variant samples.
In the coming weeks, additional studies will be conducted on a larger number of subjects in Brazil under the leadership of Dr. Ricardo Fujiwara in real-life hospital settings to confirm the initial results.
Mr. Rob Fia, CEO of Therma Bright commented, "we are pleased that our AcuVid test detects the most important circulating Variants of Concern that are responsible for increased infections and death rates. We feel our test will be able to detect any new variants as they arise. Being able to detect these is crucial, as the number of people being infected with VOCs is rapidly rising worldwide."
Therma Bright also announces that it has received TSX Venture Exchange ("TSXV") approval for debt settlements previously announced January 15, 2021. Consequently, the Company has now issued an aggregate of 866,664 common shares which are subject to a hold period expiring August 14, 2021, in accordance with applicable securities laws and the policies of the TSXV.
Therma Bright has negotiated a debt settlement with an arm's length creditor. Subject to acceptance by the TSXV, the Company has agreed to settle outstanding debt of $100,000 in consideration for which it will issue 200,000 units a deemed price of $0.50 per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant. Each whole warrant will entitle the creditor to purchase one common share for two years from the date of issue at a price of $0.60. All securities issued in relation to this debt settlement are subject to a hold period expiring four months + one day after the date the securities are issued, in accordance with applicable securities laws and the policies of the TSXV.
The Company also announces that it has engaged a consultant to set up a network of manufacturing facilities for US, Canada and European distribution for its anticipated COVID-19 solutions products. Subject to TSXV approval, Therma Bright intends to issue up to 500,000 share purchase warrants to the consultant for the services provided, to be paid in tranches upon certain milestones being met. In addition, The Company has engaged a consultant to provide corporate communications and branding services. Subject to TSXV approval, Therma Bright intends to issue up to 750,000 share purchase warrants to the consultant for the services provided, to be paid in tranches upon certain milestones being met. The warrants listed above will be exercisable for two years and the exercise price will be determined at the time of each issue based on the volume-weighted average closing price of the Company's common shares on the TSXV for the 5 trading days immediately preceding the date of issue of the warrants.
Therma Bright is not making any express or implied claims that its test product has the ability to eliminate or cure COVID-19 or the SARS-CoV-2 virus.
About Therma Bright Inc.
Therma Bright is a progressive medical device technology company focused on providing consumers and medical professionals with quality medical devices that address their medical and healthcare needs. The Company's initial breakthrough proprietary technology delivers effective, non-invasive and pain-free skincare. Therma Bright received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation of a variety of insect bites or stings. The Company received clearance for the above claims from the US FDA in 1997.
Therma Bright Inc. trades on the TSXV: THRM, OTCMARKETS:THRBF, FRA:JNX. For more information visit: www.thermabright.com and www.coldsores.com
For further information, please contact:
Therma Bright Inc.
Rob Fia, CEO
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FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as development and commercialization of a rapid COVID-19 viral assay and related instrumentation, regulatory applications and manufacturing scale up as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
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