ARCPOINT TO HOST CONFERENCE CALL TO PROVIDE BUSINESS UPDATE AND DISCUSS 2023 Q3 FINANCIAL RESULTS

Greenville, South Carolina, Nov. 20, 2023 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV: ARC) (the “Company” or “ARCpoint”) a leading US-based franchise system providing drug testing, alcohol screening, DNA and direct to consumer (“DTC”) clinical lab testing services, announces that it will host a conference call on Wednesday, November 22, 2023 at 9:30 am Eastern time to review the Company’s financial results for the third quarter ended September 30, 2023, and provide an operational update.

The dial-in number for the conference call is as follows:

Canada / USA Toll Free         1-800-319-4610
International Toll 1-604-638-5340

Callers should dial in 5 – 10 min prior to the scheduled start time and ask to join the ARCpoint call:

ARCpoint’s President and CEO, John Constantine commented “We continue to cut costs as we roll out our MyARCpointLabs platform and reduced our net, operating cash, EBITDA and Adjusted EBITDA losses for this quarter by 37%, 47%, 41% and 74% respectively, versus the previous quarter. These improvements do not include the new cuts we implemented and announced last month”.

On October 17, 2023, the Company reported that it had undertaken new measures to reduce costs by US$1million on an annualized basis. These cuts included annualized reductions in staffing and compensation of approximately US$800,000 and US$200,000 in sales, general and administration costs. As a function of these cuts, the Company incurred severance costs of US$67,000 in October 2023 with the full impact of financial benefits beginning in November 2023.

Mr. Constantine added, “Since launching MyARCpointLabs in July 2023, in addition to reducing costs, we have focused on building out our distribution network of affiliates and other relationships to drive more business through our franchisee locations and overall system.”

On July 10, 2023, ARCpoint announced that it had launched its new consumer e-commerce platform, MyArcpointLabs, (“MAPL”) which was developed to make it easier for the Company's franchisees to attract and better serve individual health care consumers and for consumers to purchase the company’s products and services more easily, as well as expand the Company’s distribution network through affiliate locations. As the Company discussed in its August 10, August 17 and October 17, 2023, news releases, affiliate businesses are health-related businesses that are separate from ARCpoint, such as health or vitamin stores, fitness facilities, chiropractor offices, physician offices, clinical and genetic reference labs, and pharmacies. Given regulatory, licensing, technology, and other issues, many of these types of businesses have not been previously able to offer DTC healthcare testing services. Using the MyARCpointLabs platform, affiliates can offer some or all ARCpoint's products and services to their customers to both enhance their own product and service offerings and, in some cases, generate additional revenue, while at the same time meeting applicable regulatory and other compliance obligations. As also discussed in the October 17, 2023, news release on the launch of ARCpoint Employer Access, any business can now become a new type of affiliate by offering ARCpoint wellness and preventative diagnostic testing services to their employees.