TORONTO, April 14, 2021 (GLOBE NEWSWIRE) -- Relay Medical Corp. ("Relay" or the "Company") (CSE: RELA, OTC: RYMDF, Frankfurt: EIY2) and Fio Corporation ("Fio") together through their joint venture company, Fionet Rapid Response Group ("FRR"), announce the execution of an agreement with LifeLabs LP ("LifeLabs") to deploy the Fionet Platform for COVID-19 rapid testing and real-time tracking across Canada.
LifeLabs is Canada's largest provider of specialty laboratory testing services, laboratory diagnostic information and digital health connectivity systems, enabling patients and healthcare practitioners to diagnose, treat, monitor, and prevent disease. The company supports 20 million patient visits annually and conducts over 100 million laboratory tests through leading edge technologies and its 6,000 employees.
"COVID-19's threat to personal and economic well-being across the country created a need for innovation in technology and service. Through this alliance, LifeLabs and FRR are bringing into any community setting the caliber of automated, quality-controlled testing and tracking that previously was available only in centralized lab facilities. FRR expects the Fionet Platform to deliver hundreds of thousands of tests per month through this agreement," said Dr. Michael Greenberg, CEO of FRR and of Fio Corporation.
"We look forward to partnering with Fionet Rapid Response Group during this critical time in the pandemic. While we see the ongoing deployment of vaccines, the demand for COVID-19 testing remains high. This partnership serves as another big step in our combined efforts to provide safe, accessible, and quality testing for Canadians as we look to re-start our economy as part of our WorkClear program," said Charles Brown, President and CEO of LifeLabs.
The Fionet Platform enables fast, scalable, quality-controlled testing and real-time automatic digital results for electronic reporting. Each Fionet device processes approximately 60 tests per hour at the point of need. FRR's business model is a fee for each test processed through its platform.
Under the terms of the agreement, LifeLabs will provide the Fionet Platform in community-based settings at multiple sites across Canada, including airports, pop-up labs, and installations for small businesses. The Fionet Platform is integrated into LifeLabs' laboratory information system, ensuring seamless interoperation, as well as into LifeLabs' turnkey, end-to-end COVID-19 rapid diagnostic testing (RDT) program to support Canadians as they return to work.
Yoav Raiter, the CEO of Relay Medical shares, "With this engagement, we are privileged to make available the Fionet Platform nationwide to bring Canadians a testing solution to give the country the confidence and support to begin a safe return to daily life. We've made rapid testing accessible for travelers, consumers, and employees across Canada and we look forward to doing the same for other countries and communities around the world as the Fionet Platform is ready to be widely deployed. This is a proud moment for Relay as we provide the new standard for rapid COVID screening."
About LifeLabs
LifeLabs is Canada's leading provider of laboratory diagnostic information and digital health connectivity systems, enabling customers and health care practitioners to diagnose, treat, monitor, and prevent disease. We support 20 million visits annually and conduct over 100 million laboratory tests through leading-edge technologies and our 6,000 talented and dedicated employees. We are a committed innovator in supporting Canadians to live healthier lives, operating Canada's first commercial genetics lab and the country's largest online portal, with more than 5 million Canadians receiving their results online. LifeLabs is 100% Canadian owned by OMERS Infrastructure, the infrastructure investment manager of one of Canada's largest defined benefit pension plans.
Website: www.lifelabs.com
About Fionet
The Fionet Platform is an end-to-end, rapid testing and tracking solution for community-based or decentralized settings. Combining a fast, handheld point-of-need device connected in real time to cloud data services, the Fionet Platform handles scheduling and registration via phone app at home, on-site check-in, rapid, on-the-spot antigen testing, data integration with other testing devices, result notification, public health notification as appropriate, and anonymized data and stats for dashboards for authorized stakeholders.
Website: www.fionetrapidresponse.com
About Relay Medical Corp.
Relay Medical is a technology innovation company headquartered in Toronto, Ontario, with a team of Canadian experts focused on the development of novel technologies in the diagnostics, AI data science sectors, and IoT cybersecurity sectors.
Website: www.relaymedical.com
About Fio Corporation
Fio Corporation, privately held and headquartered in Toronto, developed and markets the world's first integrated guidance & tracking IT platform for decentralized healthcare settings, a new category of solution that raises healthcare quality and lowers healthcare costs. The platform enables average healthcare workers in clinics to deliver a new level of quality-controlled diagnostic testing and case management.
Website: www.fionetrapidresponse.com
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Relay Medical Corp.
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Forward-looking Information Cautionary Statement
Except for statements of historic fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements including, but not limited to delays or uncertainties with regulatory approvals, including that of the CSE. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the commercialization plans for the technology described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial results is contained in the Company's filings with Canadian securities regulators, for which filings are available at www.sedar.com.
