Relay Medical Corp (CSE: RELA) has seen its joint venture, Fionet Rapid Response Group, sign an agreement with that of LifeLabs. The arrangement will see the deployment of the Fionet platform across Canada.
The terms of the agreement outline that the platform is to be rolled out across Canada for the purpose of COVID-19 rapid testing and real-time tracking. Testing is to occur at community-based settings at sites across Canada, with such locations including airports, installations for small businesses and pop-up labs.
LifeLabs is the leading provider of specialty laboratory testing services within Canada. The firm currently conducts 200 million patient visits annualy, along with over 100 million laboratory tests.
“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.”
Dr. Michael Greenberg, CEO of FRR
Under the current arrangement, an undisclosed fee is to be collected for each test processed on the Fionet platform. Each device is currently capable of processing 60 tests per hour, while providing real time automatic digital results for electronic reporting.
Relay Medical last traded at $0.59 on the CSE.
FULL DISCLOSURE: Relay Medical Corp is a client of Canacom Group, the parent company of The Deep Dive. The author has been compensated to cover Relay Medical Corp on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
