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TORONTO, Feb. 14, 2022 /CNW/ - SQI Diagnostics Inc. ("SQI" or the "Company") (TSXV: SQD) (OTCQB: SQIDF), a leader in the science of lung health that develops and manufactures respiratory health and precision medicine tests, is pleased to announce that it has completed its previously announced asset acquisition (the "Transaction") of Precision Biomonitoring Inc.'s ("PBI") human diagnostic COVID-19 PCR testing business and its TripleLock™ molecular diagnostic testing technology (together, the "Business").
"Based on recent data from Health Canada, current hospitalizations and ICU bed numbers in Canada are more than double the highest point since April 2020, so it remains vitally important to bring innovative, mobile and accessible COVID-19 PCR testing capabilities to market," said Andrew Morris, CEO of SQI. "From our acquisition date on January 10 to January 31, 2022, PBI recorded net revenue in its human testing Business of approximately $3.5 million (unaudited) — which is more than double the entire month of December 2021 at approximately $1.3 million (unaudited), and with an effective operating margin over the period of over 40% (unaudited). This — combined with high COVID positivity numbers — tells us that demand for testing remains high, because the need remains great."