Toronto, Ontario--(Newsfile Corp. - March 16, 2021) - ScreenPro Security Ltd. (CSE: SCRN) ("ScreenPro" or the "Company") is pleased to provide a corporate update to its shareholders.
ScreenPro Security, Ltd, (ScreenPro) Canada's leading COVID 19 Testing company has achieved significant milestones since the company began screening for the COVID-19 Virus within the private sector. In September 2020, ScreenPro started with its first lab in Vancouver, BC. As of October 2020, the lab began to test for the coronavirus at a run rate of 2,500 tests per month. In December 2020, the lab rapidly began scaling up with a run-rate of over 7,000 tests per month. Today, the lab has the capacity to process 70,000 tests per month in Vancouver.
In January 2021, ScreenPro partnered with its second lab in Greater Toronto Area (GTA) to perform what the company successfully accomplished in Vancouver. Today, ScreenPro is capable of performing over 40,000 tests per month in the GTA. Further improvements at ScreenPro's GTA Lab are underway to increase daily testing capacity. ScreenPro is looking to expand its footprint with labs in Alberta and Montreal to satisfy the demand of its clients
ScreenPro is proud to say that 10,500 successful tests have been performed from October to December, 2020. Due to demand the company has performed approximately 60,000 tests in the month of January and February 2021. ScreenPro currently generates revenues of $100 per test with an approximate gross margin of 20-30% (based on the size and duration of the production and location). ScreenPro is poised to deliver 40,000 tests in March as productions finish filming and newer productions come online. The Company anticipates further growth with the increased lab capacity and more demand from various film and production companies. This significant growth is attributed to ScreenPro's ability to execute and source certified labs allowing ScreenPro to increase its daily testing numbers. ScreenPro has become one of Canada's most trusted and reliable COVID-19 testing companies to the film and production industry in Canada.
We are proud to share that ScreenPro's PCR testing is also successful in testing the mutations and variants associated with the COVID-19 Virus. As Canada deals with the increase in variants, our clients can rest assured that our testing will keep their employees, contractors and actors safe and allow for filming to proceed without interruption.
ScreenPro announced acquisition of GoStop Inc., a medical passport technology. The Company anticipates to close the proposed transaction promptly.
About ScreenPro
ScreenPro provides turnkey coronavirus screening solutions to the private sector. ScreenPro's unique access to multiple manufacturers of high quality South Korean test kits and its strategic partnership with Canvas Labs in Vancouver and Integrated Explorations in Ontario. This platform allows ScreenPro to be a nationwide provider of a full-service testing solutions across Canada. rsr In addition to providing test kits, ScreenPro has its own pool of certified nursing professionals, and access to high quality PPE to ensure that its clients are protected in all aspects of their testing needs.
For additional information on ScreenPro and other corporate information, please visit the Company's website at www.screenprosecurity.com
Neither the Canadian Securities Exchange (the "CSE") nor it's Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD OF DIRECTORS
"John A. D. McMullen"
President and CEO
For further information please contact:
John McMullen
Email: john@screenprosecurity.com
Forward Looking Statements:
Certain statements contained in this news release may constitute forward‐looking information, including statements relating to expectations regarding the future development of ScreenPro's business. Forward‐looking information is often, but not always, identified by the use of words such as "anticipate", "plan", "estimate", "expect", "may", "will", "intend", "should", and similar expressions. Forward‐looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward‐looking information. The actual results of ScreenPro could differ materially from those anticipated in this forward‐looking information as a result of regulatory decisions, competitive factors in the industries in which ScreenPro operates, prevailing economic conditions, changes to ScreenPro's strategic growth plans, and other factors, many of which are beyond the control of ScreenPro. Management of ScreenPro believes that the expectations reflected in the forward‐looking information herein are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward‐looking information should not be unduly relied upon. Any forward‐looking information contained in this news release represents ScreenPro's expectations as of the date hereof and is subject to change after such date. ScreenPro disclaims any intention or obligation to update or revise any forward‐looking information whether as a result of new information, future events or otherwise, except as required by applicable securities legislation.
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