FluroTech Retains Market-Making Services

CALGARY, Alberta, Jan. 27, 2021 (GLOBE NEWSWIRE) -- FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF) (“FluroTech” or the “Company”), is pleased to announce that is has engaged Venture Liquidity Providers Inc. (“VLP”), subject to regulatory approval, to provide market-making services for the purpose of maintaining an orderly trading market and improving the liquidity of the Company’s shares.

The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay VLP $5,000 per month for a period of three months, continuing on a month-to-month basis thereafter.

The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.

Warrants Exercised To Date

FluroTech is also pleased to announce that in the past week, investors have proactively, and under no obligation, exercised a total of 354,244 warrants at a price of $0.50 per share to add $177,122 to the Company's treasury. These funds will be used to support investment into FluroTest Systems Ltd. (“FluroTest”) and the commercialization of its rapid antigen testing and pandemic defense system, purpose-built for high traffic environments and engineered to deliver thousands of tests per hour.

"The voluntary exercise of these warrants strengthens our treasury and will help us move quickly towards clinical trials," said Danny Dalla-Longa, CEO at FluroTech. "Unanswered questions about vaccine supply availability and some speculation that Covid-19 will be present for years is not good news for any of us. We're mindful that people and businesses are hurting, and our planned FDA submission will reflect areas where we believe FluroTest can help."

Readers are cautioned that, although FluroTest has achieved proof of concept prototype, the testing method and device is still in the early stages of research and development and accordingly FluroTest is not currently making any express or implied claims that the technology can, or will be able to, accurately detect the COVID-19 virus. The Company is in the process of preparing its Platform for submission to the FDA for EUA approval.