ARCPOINT TO HOST CONFERENCE CALL TO DISCUSS 2024 Q1 FINANCIAL RESULTS

Greenville, South Carolina, May 23, 2024 (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 at 11am Eastern time, Friday, May 24, 2024 to review the Company’s Q1 financial results for the period ending March 31, 2024.

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

Canada / USA Toll Free 1-844-763-8274
International Toll [phone]

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

ARCpoint President and CEO, John Constantine commented “In addition to the progress we’ve made in reducing costs, we are encouraged by the improvement in revenues for our AFG Services Group, which is largely dominated by our technology platforms MyARCPointLabs and Total Reporting”.

As reported April 29, 2024, throughout April 2024, the Company enacted reductions in headcount as well as to operational and administrative costs that are expected to result in annualized savings of approximately USD$530 thousand in staffing costs and USD$440 thousand in operational and administrative costs. These reductions are in addition to the staffing and operational cuts totalling USD$2.0 million as previously reported by the Company in its news releases dated March 8 and October 17, 2023.

AFG Services, which primarily provides clinical testing and software services that support the Company’s franchise systems as well as other direct business to business customers with it’s Total Reporting platform, increased revenues by 19% to USD$582 thousand in Q1 2024, versus USD$490 thousand in Q4 2024.

Mr. Constantine concluded, “With most of the development expense and heavy lifting of the launch of our technology platforms behind us, we are now positioned to expand the use of these platforms to new users. In particular, we are working hard to leverage MyARCPointLabs to create a healthcare ecosystem that will drive more business to our franchisees and expand our distribution network through new partnerships”.

On July 10, 2023 the Company reported that it had launched its new consumer e-commerce platform, MyARCpointLabs. (“MAPL”) MAPL was developed to make it easier for the Company’s franchisees to attract and better serve individual healthcare consumers and for a greater number of consumers to purchase the Company’s products and services more easily. By year end of 2023, every ARCpoint franchised location had MAPL integrated into their location and interfaced with their local website. The combination of all ARCpoint locations having MAPL deployed and an increase in monthly reoccurring fees for users to access MAPL, helped MAPL revenue increase by 23% to USD$223 thousand in Q1 2024, versus USD$181 thousand in Q4 2023.