(NewsDirect)
G Medical Tests andServices, Inc., a wholly-owned subsidiary of G Medical Innovations HoldingsLtd . (NASDAQ: GMVD), announce today that it has expanded itsCOVID-19 testing services to more than 150+ additional locationsacross California. The new testing sites include theme parks, schools,commercial properties, office complexes, public buildings, and mobilefacilities. G Medical acquired the business conducting testing at thelocations for a total of $5.2 million in cash, to be paid out inmilestones.
Thenew sites will enable processing of more than 200,000 COVID-19 PCR andrapid antigen/flu tests, with anticipated revenues of $20 million overthe next several months - with longer-term growth expected viadirect-to-consumer health solutions.
The company also reports it has repaid $2.5 millionin cash on a $5 million convertible loan issued by LindPartners.
GMedical expects to process more than 200,000 COVID-19 PCR and rapidantigen/flu tests from the new sites, which will generate anticipatedrevenues of more than $20 million for G Medical Tests and Services inthe next several months.
The need for convenient COVID-19 PCR, Rapid Antigen/Flutesting, personal healthcare monitoring continues along with thecompany’s Prizma Care remote patient monitoring directly toconsumers.
“Oursites create synergies between the ongoing need for testing and remotepatient monitoring. The new locations will support our continuedinvestment in direct-to-consumer infrastructure,” said Dr. YacovGeva, President, and CEO of G Medical Innovations. “COVID-19 is nowpart of the fabric of our daily lives, and taking control of one’sown health, including daily monitoring of vital signs with our Prizmais more important than ever.”
About G Medical Innovations
G Medical Innovations Holdings Ltd. is anearly commercial-stage healthcare company engaged in the developmentof next-generation mHealth and telemedicine solutions and monitoringservice platforms. The Company’s solutions and services can empowerconsumers, patients, and providers to better monitor, manage andimprove clinical and personal health outcomes, especially for thosewho suffer from cardiovascular disease (or CVD), pulmonary disease,and diabetes. The Company’s current product lines consist of itsPrizma medical device (or Prizma), a clinical-grade device that cantransform almost any smartphone into a medical monitoring device,enabling both healthcare providers and individuals to monitor, manageand share a wide range of vital signs and biometric indicators; itsExtended Holter Patch System, a multi-channel patient-worn biosensorthat captures electrocardiography (or ECG) data continuously,including its QT Syndrome Prolongation Detection Capabilities Patch.In addition, the Company is developing its Wireless Vital SignsMonitoring System (or VSMS), which is expected to provide full,continuous, and real-time monitoring of a wide range of vital signsand biometrics. Its monitoring services include provision ofIndependent Diagnostic Testing Facility (or IDTF) monitoring servicesand private monitoring services. Visit https://gmedinnovations.com/ .
Forward-LookingStatements
This press releasecontains forward-looking statements within the meaning of the “safeharbor” provisions of the Private Securities Litigation Reform Actof 1995 and other Federal securities laws. Words such as“expects,” “anticipates,” “intends,” “plans,”“believes,” “seeks,” “estimates,” and similar expressionsor variations of such words are intended to identify forward-lookingstatements. For example, G Medical is using forward-looking statementswhen it discusses milestone payments, that it expects to process morethan 200,000 COVID-19 PCR and rapid antigen/flu tests from the newsites and anticipated revenue. Because such statements deal withfuture events and are based on G Medical’s and McDade Products’current expectations, they are subject to various risks anduncertainties, and actual results, performance, or achievements of GMedical and McDade Products could differ materially from thosedescribed in or implied by the statements in this press release. Theforward-looking statements contained or implied in this press releaseare subject to other risks and uncertainties, including thosediscussed under the heading “Risk Factors” in G Medical’sprospectus filed pursuant to Rule 424(b)(4), filed with the Securitiesand Exchange Commission (“SEC”) on June 28, 2021, the registrationstatement on Form F-1 filed on February 14, 2022 (registration no.333-262724) and in any subsequent filings with the SEC. Except asotherwise required by law, the companies undertakes no obligation topublicly release any revisions to these forward-looking statements toreflect events or circumstances after the date hereof or to reflectthe occurrence of unanticipated events. References and links towebsites have been provided as a convenience, and the informationcontained on such websites is not incorporated by reference into thispress release. G Medical and McDade Products are not responsible forthe contents of third-party websites.
ContactDetails
G-Medical Innovations
Kobi Ben-Efraim,CFO
+972 8-958-4777
CompanyWebsite
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