Empower confirms it has commenced COVID-19 antibody testing in clinics under the phase one and phase two rollout plans, receives first Rapid COVID-19 test kits and places additional purchases of Rapid COVID-19 test kits.
VANCOUVER B.C. April 30th, 2020 – EMPOWER CLINICS INC. (CSE: CBDT) (OTC: EPWCF) (Frankfurt 8EC) (“Empower” or the “Company”), a vertically integrated life sciences company, is pleased to announce it is actively testing patients using COVID-19 antibody testing under its phase one and phase two rollout plans in its Sun Valley Health clinics in Phoenix, AZ. The Company has also received its first Rapid COVID-19 antibody test kits and has purchased additional Rapid test kits to start meeting testing demand. The Company also provides an update on the timing of the release of its financial results and associated filings for the fourth quarter and fiscal year ended December 31, 2019.
The Company is utilizing the temporary relief exemption provided by the Ontario Securities Commission under Ontario Instrument 51-502 – Temporary Exemption from Certain Corporate Finance Requirements (the “Instrument”), which provides a 45-day extension for periodic filings, including annual audited financial statements, as required by section 4.1(2) of National Instrument 51-102 – Continuous Disclosure Obligations, and related management’s discussion and analysis and CEO and CFO certifications (collectively, the “Annual Filings“), for the year ended December 31, 2019.
In accordance with the Instrument, the Company intends to file its Annual Filings no later than the extended deadline, as permitted under the Instrument, of June 15, 2020.
Until the Company has filed the Annual Filings, the Company confirms that its management and other insiders are subject to a trading blackout that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions. The Company further confirms that, other than as disclosed in this news release or other news releases or material change reports filed by the Company since November 14, 2019, being the date of filing of the Company’s unaudited interim financial statements and related filings for the period ended September 30, 2019, there have been no undisclosed material business developments with respect to the Company.
“The Company’s four-phase national COVID-19 testing program utilizing Rapid COVID-19 test kits is underway in the United States and our first patients are expecting test results starting today”, said Steven McAuley, Chairman & CEO of Empower. “The operational processes we have established to manage the patient experience are proving stable and effective, as is the technology workflow that registers a patient, books an appointment and collects payment on the Sun Valley Health website.”
Phase One Testing in clinics in Arizona, utilizing a patient blood draw by clinic phlebotomists, then samples are sent to our laboratory test partner for analysis, with test results expected within 48 hours. This program is now active and appointment rates are expanding rapidly.
Phase Two Offering a Rapid COVID-19 antibody test with results in 1-15 minutes. The service will be offered in-clinics using a drive-up service, conducted by Company clinic staff. In addition, an outbound door-step service, to support a variety of consumer, patient and community needs will be offered using certified mobile technicians. The online portal will be open to book appointments commencing May 1, 2020.
Phase Three Business Employee Testing (BET) programs, offering Rapid COVID-19 testing to businesses on a one-time basis, repeat basis and/or subscription basis, to assist businesses to get back to work safely, will be offered. The Company anticipates phase three services will commence in May 2020.
Phase Four U.S. nationwide roll-out, offering all phases of Company services, that can be accessed online at Company websites and call centers, to purchase Rapid COVID-19 test kits. The Company anticipates phase four services to commence in Q3 2020.
Empower is a vertically integrated health & wellness brand with a network of corporate and franchised health & wellness clinics in the U.S. The Company is building its first hemp-derived CBD extraction facility and produces its proprietary line of cannabidiol (CBD) based products. The Company is a leading multi-state operator of a network of physician-staffed wellness clinics, focused on helping patients improve and protect their health, through innovative physician recommended treatment options. The Company has commenced activity on how to connect its significant data, to the potential of the efficacy of alternative treatment options related to hemp-derived cannabidiol (CBD) therapies, psilocybin and other psychedelic plant-based treatment options. The Company now offers COVID-19 testing options in the United States and physician-based consultations, to address COVID-19 concerns.
ON BEHALF OF THE BOARD OF DIRECTORS:
Chief Executive Officer
SVP, Business Development
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DISCLAIMER FOR FORWARD-LOOKING STATEMENTS
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively “forward looking statements”) within the meaning of applicable Canadian securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Forward-looking statements can frequently be identified by words such as “plans”, “continues”, “expects”, “projects”, “intends”, “believes”, “anticipates”, “estimates”, “may”, “will”, “potential”, “proposed” and other similar words, or information that certain events or conditions “may” or “will” occur. Forward-looking statements in this news release include statements regarding: the Company’s expected timing of filing of its Annual Filings, the Company’s intention to create psilocybin and psychedelics divisions, that market research on advancements in psilocybin and psychedelics in North America and globally will create greater shareholder value, the Company’s intention to open a hemp-based CBD extraction facility, the expected benefits to the Company and its shareholders as a result of the proposed acquisitions and partnerships; the effectiveness of the extraction technology; the expected benefits for Empower’s patient base and customers; the benefits of CBD based products; the effect of the approval of the Farm Bill; the growth of the Company’s patient list and that the Company will be positioned to be a market-leading service provider for complex patient requirements in 2019 and beyond; the ability of the Company to complete or execute phases One, Two, Three or Four as noted above, and Psychedelic substances remain illegal in most countries, so please reference your local laws in relation to medical or recreational use. Such statements are only projections, are based on assumptions known to management at this time, and are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements, including; that the Company may not open a hemp-based CBD extraction facility; that legislative changes may have an adverse effect on the Company’s business and product development; that the Company may not be able to obtain adequate financing to pursue its business plan; general business, economic, competitive, political and social uncertainties; failure to obtain any necessary approvals in connection with the proposed acquisitions and partnerships; and other factors beyond the Company’s control. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are cautioned not to place undue reliance on the forward-looking statements in this release, which are qualified in their entirety by these cautionary statements. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements in this release, whether as a result of new information, future events or otherwise, except as expressly required by applicable laws.