NEWS ON DOCT Mr. Kal Malhi reports
BEYOND MEDICAL PROVIDES CORPORATE UPDATE
Beyond Medical Technologies Inc. has provided a corporate update on its medical face mask manufacturing subsidiary Micron Technologies Inc.
The company is reviewing Micron Technologies' medical face mask manufacturing business as many jurisdictions have recently lifted mask mandates and as demand for face masks rapidly declines. The company is considering operating Micron Technologies' facility at reduced capacity or potentially terminating its mask manufacturing business via a sale of all inventory and equipment related to its mask manufacturing business, and to seek new business opportunities. As reported by the company in its interim financial statements for the nine months ended Sept. 30, 2021, the company had cash and cash equivalents of $1,646,174 and total liabilities of $420,541. The company expects to file its annual financial statements in the coming weeks. Readers are advised to carefully review the entirety of the company's current filings on SEDAR.
Kal Malhi, the company's chief executive officer, commented: "The company is interested in investigating business opportunities in sectors which can offer attractive shareholder returns and offer growth opportunities with the infusion of capital. We are currently reviewing several opportunities and will provide updates as our investigations progress. We cannot, however, provide any assurance the company will successfully identify, secure and fund an agreement to purchase either a business or asset on favourable terms or at all."
Mr. Malhi further commented, "The company welcomes submissions of any opportunities from entrepreneurs and institutional investors where the company's current capital and ability to raise additional capital can leverage growth for a business."
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