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FDA application will be in the next week.
Taken from the MD&A.
Meeting with MD Anderson pg. 17
"The Company announced on June 4, 2018, only a few weeks after obtaining FDA clearance, thatMD Anderson Hospital had ordered a 4C-VMS+ to use for routine clinical assessment of oncology patients to determine cardiac changes during and after treatments. The machine is operational, and the staff trained. It has been used on a number of patients and the Company is meeting with the principal cardiologist in May, 2019 to assess their experience to date. MD Anderson has been one of the top two cancer centers in the USA for decades."
Maz in May - Page 18, end of first paragraph.
The reduction in the number of contrast-enhanced 2D echo studies would represent a significant savings in time and costs for echocardiology departments. It would also reduce the need to inject the patient with contrast media. The use of contrast-enhanced ultrasound is increasing in the western world with the burgeoning population of heavier peoplemaking it more difficult to obtain clear images using ultrasound.On July 17, 2018, the Company announced the study had begun and the research team reports a publication will be coming out in May.
VMS 3.0 Technical Glitch/Delayed Q2/Q3 - Top of page 29.
During 2018 the Company beganramping up sales and marketing efforts, however, with the announcement of the next generation VMS+3.0 System in development(see NR August 8, 2018), which eliminates the need for patients to remain motionless during image acquisition,improves the workflow of the VMS+ through a more intuitive user interface, and has a much smaller footprintwith an innovative new tracking sensor technology, many potential purchasers opted to wait for the launch of the new system once regulatory approval is received. Aside from two sales of the current VMS+2.0 systems in early 2019, expected sales ramp up has been delayed until after regulatory approval has been received.
Given the average 12-18 month sales cycle to hospitals, we do not expect to see revenues from the VMS+ 3.0 to be recognized for accounting purposes until Q4 2019 (i.e. after delivery and clinical acceptance).
The Company had expected to be able to submit the 3.0 for approval in Q4 of 2018, however, a technical issue with the new technology, now resolved, held up the submissions to Health Canada, European CE Mark and the FDA. Applications for approval are expected to be submitted in early May, 2019.
Most of your numbers are wrong, and you are mixed up about what RTO entails so let's leave it at that.
I am sure that everyone here knows that sales are necessary so I am not sure why you post this.
"Er,...
All that matters is sales "
You are bogged down in some irrelevant history issue.
All that matters is they have $5M at Dec 31. Their financials are always on sedar so this $5M is not news.
From the MD&A out yesterday
Pg 2
During the recent beta testing, management noted a packaging issue which was resulting in the leaching of contaminants into the test kits; thus, delaying sales of the CompleTest TM units to Q2 2019.
In 2019, FluroTech has several strategic objectives for use of the CompleTestTM as a cannabis and hemp analytical testing device: 1. Commence sales in Canada in Q2 utilizing the internal sales team, and build out a referral program with cannabis experts, and 2. Finalize a low THCa testing protocol for hemp and launch sales to hemp producers in Canada and the U.S.
IPg3
n 2019, FluroTech has several strategic objectives for the development of the CompleTestTM system for biomarking: 1. Submit the biomarker patent application, and 2. Form a strategic alliance with either growers and/or seed to sale tracking companies, to scale the testing of the application of biomarker and integrate with the existing tracking systems
...numerous police forces are hesitant to pursue drug impairment charges and that constitutional challenges are in progress with respect to the new laws on drug impairment which is slowing the demand for roadside screening equipment. As the Company has a number of other development initiatives in progress and because there is much controversy in the roadside testing market it has conscientiously reassigned its development team to other high value projects until a later date.
There was $5M in cash at Dec 31.
Reverse IPO implies nothing. Not sure what you meant.
Burn is necessary for any science company. Your numbers don't match the presentation on their site.
New presentation is out and it lists PIGCO, so is it time to connect the dots?
The FDA application seems to be delayed.
No matter what happens, not one penny will go into your pocket.
MZEI competitors didn't consider it had a hope so they didn't bid on it.
No competition so far.
YE results are on sedar.
The poster of 16 straight months of wrong charts.
It is denial to be grasping at straws. ".. Belleville situation was a mere fabrication..."
Class action? Against who and for what? New management came in a few years ago and thought it was viable. Competitors today say it is dead tech, which is a sad but typical tech case.
The more hindsight, the better when you call the bag holders not very bright - and any generalization like would apply apply to anyone who holds any shares.
Holding onto something that you own is effectively investing in it, so if your claim below is valid, then it applies to all bag holders. "People who invested in the company after the blood purification fiasco just weren't very bright."
No competitor bid, so it likely has no value. Could be due to other competitors new tech forcing out the weak.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=147765571
Dear friend
1. This is the sixth sale of the VMS+ heart analysis system since we obtained FDA approval in late May last year. While selling 6 system in 10 months does not sound very fantastic, it is! The normal sell-cycle for a capital purchase by a hospital is 12 -18 months. Thus, these early sales to renown cardiologists are ahead of the curve.
2. We obviously are targeting the KOLs (Key Opinion Leaders) as these are the people who give the keynote talks at major conferences and influence thousands of other cardiologists. The recent ACC conference allowed us to meet up with more KOLs and so we are pushing ahead with the process both in USA, Canada and Europe. Our Chinese partners are also putting together a KOL conference in China to drive awareness and sales.
3. You will read Ottawa Heart will be focused on valvular disease, which is becoming more and more common as the population ages, . The timing of when to intervene is critical as the replacement valve has a limited lifespan and so you do not want to put one in too early. On the other hand, the right heart does not “recover” easily like the left heart and so waiting too long means permanent heart damage and dysfunction even after a new valve is implanted. Monitoring the valves performance in the first year is also critical to determine if the valve was implanted correctly. If not it can malfunction and cause permanent heart problems.
4. I know you will join me and wishing the Ottawa Heart group, directed by Dr, Chan, the best in their efforts to better define when to replace a valve and how to be sure it is working properly.
The stock tanked because people were selling shares to raise money to exercise warrants which drove it down. The charts were sadly wrong as usual for 14 straight months.
9.5M warrants at $.50 expired on March 20, so warrant holders who drove it down to $.60 still got a $.10 profit.
Next known event is a plant update, sometime between April 30 and June 30 per the nr. Maybe there will be other news too but you won't get it from the wrong charts.
Yes it was so predictable when you use hindsight. Otherwise there is no explanation for why people invested in a loser if everything was predictable.
Link please. "The new management was just about to raise $1 million (from 2 VC investors) to complete the testing and review by the FDA and had a signed agreement and a good faith $100,000."
14 straight months of 100% wrong charts. Maybe this guess chart is the right one?
You can get news direct in an email from the news provider as soon as it is issued.
tmxmoney.com picks up.
Just set up a free account then go to alerts and set the alert for news ETI.
Guessing without facts provides useless claims. Today's news proves that.
You don't know what dilution means which is why you just keep repeating the same words instead of answering the question.
Still no updated presentation. They must be waiting for PIGCO bankers to complete dd.
Add 2 more months to the 100% wrong chart reading value. https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146303296
About Flurotech which also trades in Canada symbol TEST.
I’ll just shamelessly copy paste the about section on the flurotech website (www.flurotech.com) to give a basic answer of what is Flurotech doing/selling, where they’re coming from and also dd that they began trading on the Venture on June 12 2018 through a reverse merger with a company named “Snow Eagle Resource”. IPO was at 0.45$ CAD
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Translation for non-scientific people like myself: They sell a device named Completest that can measure many things with great precision like THC/CBD % and the presence of heavy metals in marijuana within 30 minutes which is unheard of in the industry.
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The model shown here (because there will be other versions for different needs) is the one the Licensed Producers will use to measure and optimize their crop production. Although it is a scientific piece of equipment, it doesn’t take highly skilled people to operate.
Why the LPs should take notice
• It’s fast, like real fast (less than 30 minutes) which is very important because the only only options to get information about their crop is either own some very expensive (1M$+) lab equipment (HLPC, Mass Spectometry) and pay highly skilled employees to run the tests or collect some samples and send it to a remote 3rd party lab and wait anywhere between a couple days to a couple weeks depending on the current workload of the lab. You can see the huge size of the HLPC lab equipment vs the Completest in the following slide from the Flurotech presentation deck.
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It’s cheaper. Flurotech aims to cut the price for testing by about 50% ( ~70$CAD/test instead of ~150 on avg for 3rd party lab).
• It’s early detection. It’s notifying the producers to remove contaminated crop ASAP. If I’m a producer, I sure do not want to wait 50-60 days to know that I need to start over my batch. Health Canada has a low tolerance for contaminants that will be smoked, because it is not possible to rid the human body of them, whereas vegetables are allowed much higher contamination levels because they are eaten which causes far less absorption issues. Completest will prevent them from losing more time and expense growing a product that can`t be sold.
• More testing means optimization of their crop. Why would the growers care? According to Flurotech, each 1% increase in THC potency give the producer an additional 8.3% additional extract revenue so if we look at the slide down there, if you grow “Cold Creek Krush” and you know that max THC potency is 17%, you can lose 8-16% of revenues if you harvest it 2-3 days sooner or too late. With Completest you can start measuring near peak time to see the potency and harvest at the exact right moment where THC % is the highest.
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It’s accurate. Cross Lab variability is a thing. Problem is due to human errors, not the equipment itself. There can be a variation up to 10-20% between independent labs which is a problem because if you expect X% of THC and the lab gives you a (X-20)% THC measure of your sample then you just know that you’re selling it on the cheap. No one wants to do that. Because of that, growers usually sends multiple samples from the same batch to many labs and picks whichever lab returns the highest % value. Health Canada only cares that you have a valid independent lab result before MJ goes into sales. With Complete you don’t have that variability. In fact, variability is under 1%. Another benefit from this accuracy is that you can also modify some parameters like lights intensity and measure the effect on the plant potency. I can’t find the reference but it seems one of the beta tester of the Completest greatly increased plant potency by varying how lighting was setup.
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Why investors should take notice
1. Many revenues streams:
• Flurotech has a lot of potential revenue streams and I think it’s one of the things that can make new investors lose the big picture so I’ll try to broadly categorize their slide of “Future Revenue Streams”
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Growers market (See LP section earlier in this article)
o Enterprise and Law Enforcement are both interested in having a precise drug detection device. Impaired driving should be punished but testing isn’t as clear and easy as an alcohol test right now. Canada has allocated $161 million over the next five years (New roadside test to detect marijuana coming to Canada to the acquisition of devices and training of roadside tests to measure MJ. Draeger 5000 has been already approved but they intend to have multiple device providers. Not only will Flurotech`s device detect and measure MJ but also cocaine and meth!
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Flurotech also has 3 (!) lobbyists registered and already at work helping the Canadian government to get a better grasp of the Flurotech products. There isn’t any communications showing on the website but I’ve followed the lobbyist’s registry for a couple months now and they are far from up to date regarding communications between companies and gov.
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o Government and Law Enforcement market. Beside drug testing the authorities needs to be able to track MJ from “seed to sale”. This is something that isn’t available as we speak. Flurotech is currently developing biomarking which allow the producers to add a biomarker in the water which is then absorbed by the plant to give it a unique signature that can be decoded back by the Completest device to identify the product origin. In my opinion that feature is disruptive because it solves a problem that couldn’t be addressed before. MJ testing can be done by labs (at a higher price and slower pace), drug testing can still be found and police officers do have other techniques to identify intoxicated people but identifying which grower have produced a specific MJ sample? It’s unheard of and it’s the kryptonite the government need to fight black market and counterfeit products. Once a police car has the biomarket testing equipment, it is only $6k more to get a breathalyzer tester t o attach to it, so there are economies of scale for police forces to buy it all from Flurotech.
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2. According to Flurotech, the market scope is large and growing exponentially
o In Canada alone, there are about ~135 LP
o USA (thanks to the US Farm Bill) supposedly 100 000 growers
o Worldwide is even crazier.
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3. Their pricing model is similar to the razor-razor blades model as they’ll get recurring yearly (~20K$/year/unit estimated) but they also get a good profit on the device itself which they sell for around 31k$. The great thing about that, is it’s still a good deal for producers and also most growers don’t already own any existing piece of equipment for that need (well beside the majors who already owns 1M$+ lab equipment). Lastly since it’s a new industry, most growers have cash on hand.
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4. Things are heating up in Q1 and Q2
• 2018 has been kind of a dull year and the hype has pretty much died down when we reached the end of the year. News releases were sparse and nothing was feeling like a major breakthrough but it was a crucial period as they were beta testing the Completest device with 15-20 producers, integrating feedback and making improvements to the device while developing roadside testing and biomarker in background. CSA told them they had to wait until MJ was legal before they would start to look at their application to get the certification. They finally got it on February 5th and announced start of the sales at the same time. The table below retraces the public news/events/articles/videos that happened since their beginning classified into broad categories of lesser and great. Take this lightly:
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Most of the news in 2018 has been uneventful science and hires updates but there are 3 things I want to highlight:
• There was a trading Halt on the stock because of some clerical error caused by the reverse-merger regarding the end of the financial year. It happens sometimes but it did look bad at the time. Everything was filed again correctly in the following days so it I don’t see any reason to discuss more about that.
• Hiring of Trevor Macmillan, Aurora’s former Chief Scientist the 10B$ cannabis company on the Toronto Stock Exchange. This move might have been seen as another lateral career move by a scientific in the industry but Flurotech in my opinion gained a lot of credibility by hiring this guy. He might not be the greatest gifted speaker as we can see in the latest Midas video and the 1 hour webinar on youtube but it doesn’t matter because the scientific and cannabis communities listens when he speaks. I’m very pleased to see him on the Flurotech payroll as he leads the biomarking project right now.
• One tidbit I noted in the Nov 28th MD&A was that Flurotech was building more Completests for their first batch (seems now like they will keep 10 for testing) which is a sign that demand is there for the product.
2019 mindset is completely different.
• CSA and UL certifications are now officially over and they started the sales. I expect them to have an easy 15-20 devices to beta testers from 2018 and after that who knows?
• Flurotech is now in full PR mode. Because of the official start of the sales, they seem to be ready to tell their story to the world which wasn’t necessarily the case when they were beta-testing it and waiting for CSA approval. When you regroup news and updates by month it’s becoming even clearer that things are heating up and they want the investors to notice and they actually do because volume has been steadily increasing since January and at march 8 the volume is already at 72% of what it was for the complete month of February according to Yahoo Finance volume stats
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• A private placement will happen down the road. They don’t hide that they’ll eventually get back to the market to fund an expansion in other juridictions (US). It won’t be cheap because if the market potential is really 100k growers requiring the device as much as they say, then they’ll need to have a decent inventory before starting to sell. I’ve made a small table, just to have a feel on what to expect considering what I know and what I think should happen. It’s a guesstimate, overly optimistic and only there to make the point of why they need to go back to the market someday so don’t take it too seriously - I don’t have any inside info.
o Notes
They have around 5M$ in the bank at the start of Feb
They have 3 salespeople so at 30 unit sold it’s about 1 unit/2business day/salesman. It’s optimistic, I know.
The headcount is 35 employees at the end of Feb. I didn’t include any new hiring which is also not realistic.
They have a 500k$ monthly burn rate. It’ll raise over time but for the exercice, I’ve put it as a constant capex
All units are sold with the 2 scopes for 31k$ (will probably not be the case in real life)
Recurring revenues are at their expected maximum usage which is 20K$/unit/year so 1.6K$/unit/month
As I remember, putting a unit together is about 10K$
I included a Private Placement (PP) of 20M$ to finance growth (10M$ to build a 1000 Completests inventory and the other 10M$ is for staff and general expense). These numbers are purely guesses from me.
July is the month where they would enter US (and keep selling in Canada) in this fictive scenario
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I guess what I see is that they’ll need a decent inventory when hitting the US and build a thousand Completest means around 10M$ cash up-front. 20M$ might be a bit high for a PP and 1000 Completest might be high when considering they do have for ~10M$ in warrants at an avg 0.57$ if all converted but there will be a point in time this spring where a placement will occur. I doubt that anyone will complain if they can raise money over 1.50$ because after that the float would be around 100M shares fully diluted so it isn’t that bad but I think they are aiming for higher and they have the cash right now to be patient about it and see where the share price is heading.
What about competitors?
Frankly there’s not much competition. I had to dig into an old pre-Flurotech (Cannatest) presentation to get some companies that might be called competitors. FYI before it was called Completest, the name was OptiQ.
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• Cannalyzer (http://www.cannalyzer.ca/)
o Website doesn’t give us much details but they state that potency results can be obtained in less than 48 hours so it’s still slow
• TRIQoptiq (http://www.triqsystems.com)
o Only reference I could find is a facebook post dating from 2013 and their website looks down
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• Lightlab (https://www.orangephotonics.com/)
o This one might be the most direct competitor to Flurotech. At first sight their device looks somewhat similar (and cost less) although they can’t test for heavy metals, pesticides and others contaminants. That means that a grower would still send samples to a lab to know about heavy metals. Consumables and services (calibration, warranty) seems more expensives than Flurotech so long term I’m not sure it’s a better deal because you’ll still need to test contaminants (and rely to a slow and costly alternative) and if your goal is to test as much as you can then Completest is a cheaper long term option and you won’t be able to add new scopes Flurotech will develop to check other things like mould or Aflatoxin.
• Cannalytics (https://www.cannalyticssupply.com/)
o 99USD/test and sensitivity look very low as the slide says
• Steep Hill Lab and Analytical 360 are labs so I won’t even bother.
Other interesting notes (at least for me) and speculation
• Insiders have not sold a single share yet. In fact CEO converted 250k warrants in February
• Once GMP certification is obtained, independent 3rd party could basically buy and use a Completest device to the testing instead of using HLPC equipment. Health Canada only requires that tests are made by an independent lab with GMP equipment.
• Right now shorts have left the building (www.shortdata.ca)so I do feel that selling pressure is less oppressive
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• CEO Dan Dalla Long is an ex politician. He was elected to the Legislative Assembly of Alberta. I think it’ll serve the company well because they’ll need to interact a lot with the government on different level. The fact that they have 3 registered lobbyists for a 30M$ market cap company is telling me they are doing it the right way.
• There is around ~17M warrants (avg ~0.57$) which isn’t that bad plus there is the following acceleration clause(from Sedar Interim Audited Financial report):
“If the volume weighted average closing price of the Common Shares is $1.00 or more for 10 consecutive trading days at any time after six months from the date of issuance of the Warrants the Corporation will earn the right, by providing notice (the "Acceleration Notice") to the Warrant holders, to accelerate the expiry date of the Warrants to that date which is 30 days from the date of the Acceleration Notice “
• DEA put out a request to find manufacturer of a Hemp Testing kit and a week later Flurotech issue a News release about the US and finishing their Hemp testing kit. I don’t believe much in coincidence so I’m going to speculate that they must be well aware of this opportunity.
Why I feel this company is undervalued
• I’ll concede that they were very low key during last half of 2018. They were in beta mode, anything could have happened and sometimes it’s just better to fine tune and improve your product instead of going on an empty promise PR campaign.
• I also think they came late to the MJ sector. Once legalization was made on October 17th most MJ stock tanked until late January of this year so they didn’t enjoyed the free ride many other MJ stocks had in the market.
• Most investors are overestimating the Roadside testing revenues potential and underestimating the LPs need for testing. To me it’s pretty obvious that LPs will be the bulk of the revenues for years to come.
LPs testing > Biomarking > Enterprise Testing > Roadside testing.
It just blow my mind away that a company like Cannabix technology can have and sustain a 130M$+ market cap with zero product commercially ready while Flurotech is sitting at 30M$ market cap with an actual product when they are expecting to sell hundreds and even thousands (with the US and Rest of the World). I don’t get it and it’s not a shot a people who believe in Cannabix, it might be justified but if that’s the case then I don’t see how Flurotech can trade for less than a 100M$ market cap at the moment. Either Cannabix is grossly overvalued or Flurotech is extremely undervalued (which I believe it is).
• It’s a new company: they have money, 0 debt, filled with credible management and scientists in one of the hottest sector on the market.
In conclusion
I hope I helped some investors to get a better understanding of the company and hopefully you’ll find this company interesting enough to follow it. I think they have set the stage and media outlet to get their story and message to the investors in 2019.
Why don't you ask the person that traded them, or do you think it is Tane?
Why don't you answer this? https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146860560
Dear Friend;
Children and adults in China can now receive an accurate heart exam.
1. We ventured into China in 2013 with a false start with a large corporation as a distributor and they immediately underwent a restructuring and refused to move forward.
2. In 2014, we got involved with Yutian and then assigned them the rights to establish a JV to manufacture, market, distribute and sell the existing VMS in China, which at the time was for right ventricle only.
3. Fast forward 5 years and Yutian has finally gotten through the Chinese FDA for this first device. It is actually a bit of a hybrid as it uses the RV software and the newer VMS+ hardware. It does not do 4 chambers and still uses the old tracking system.
4. Obviously, they will go forward to get the full VMS+ (4 chambers and new hardware) approved but first they will establish the market with the RV-only system.
5. Yutian has built a 40,000 sq. ft manufacturing facility Ma’amshan and produced 10 VMS+ machines. The facility has GMP certification so the VMS+ are built to western standards. The machines have also been verified to meet ISO60601 specifications (Chinese version of the international standard) for use in hospitals. The factory is ready to produce hundreds of VMS+ machines per year.
6. The market in China is huge and the group is well connected to distribution channels that will rapidly roll out the VMS in the 2,500 tier 1 hospitals in China and then the other 30,000+ hospitals. They have sales targets to maintain their rights and I know they will be working hard to meet them as they have spent so much time and money getting this far. I am glad Ventripoint did not try to do this alone as we would have never had the patience and money to do it.
7. Heart disease is a much bigger problem in China then in North America and the Chinese government is trying to get a handle on it as 23% of hospital admissions are for cardiac dysfunction and this is the major reason they keep building more hospitals and expanding the healthcare service. Like the rest of the world, their population is aging and so the number of elderly people with heart problems is increasing quickly.
8. They actually use cardiac ultrasound as a screening tool to find people with heart problems early. I saw this first hand when I visited a major provincial hospital. People were lined up out the door and down the street to have an echocardiogram done.
9. This was a major milestone in our original agreement to assign the rights for China to Yutian in exchange for investments in Ventripoint, service fees and equity in Yutian. There are still some steps left to make this all happen and we will get them done as soon as possible. The Chinese do not like to tell much about financial arrangements due to competitive concerns, so we will give out what we can. I can say that if only a fraction of what can happen in China happens we will do very well from it and it might even outshine the business in the western world given the overwhelming need.
Thanks for your continued support,
Regards,
George Adams, PhD, ICD.D
I just talked to George and it’s game changing news and they are just finishing up the news release and it will be released at close today.
Np, it is only $70 per test for the chemicals which is a ball park rate that other devices charge and less than labs charge. The $5k is for the attachment to the main device so it is a one time charge.
Same with the growers, they buy the main equipment and then get an attachment for $5k for each kind of test they want to run. Every test costs 470 for the chemicals.
Flurotech trades in Canada under the symbol TEST. So far trading is mainly in Canada and not much of that, however this tech company will be bringing on new products for years, so investor interest in the US will increase.
The bio marker will make it harder for police to avoid buying the Flurotech breathalyzer option. You need the base $20k device plus a cartridge(only $5k each) for each testing procedure. So to expand to breathalyzer, is only another $5k.
Talked with George today. The bureaucratic problem was a hospital signing off on the purchase order. Now fixed and will be announced with other news beginning of next week. He’s also expecting Chinese fda any day so hopefully next week will be a big week for us finally.
As always, treat China FDA as gravy, because it may never come.
Here is a good one for you to answer too. https://investorshub.advfn.com/boards/read_msg.aspx?message_id=146860560
FDA application will be done as soon as the 2 trials are completed. Approval is guaranteed since the device just has to be equivalent to MRI and that was already proven with the last submission a few years ago.
The market for cellular concrete is immeasurable.
Guesses from thin air are make believe and stupid to read.
Of course not. Guesses from thin air are make believe and stupid to read. I am starting to understand why people consult Zoltar from reading your posts.