viewEmpower Clinics Inc.

Empower Clinic's Kai Medical Laboratory achieves record coronavirus test processing in October

It acquired KAI on October 6 and delivered a nearly nine-fold month-over-month increase in tests processed

Swab held next to a bottle labeled 'COVID-19'
Empower is currently working through integration at the facility and implementing aggressive growth strategies

Empower Clinics Inc (CSE:CBDT) (OTCQB:EPWCF) (FRA:8EC) announced Friday that its Kai Medical Laboratory (KAI) in Dallas has processed 1,375 coronavirus test units in October, a record for the facility. 

That number is nearly a nine-fold increase over the 180 units tested in September, despite the fact that Empower only acquired KAI on October 6. Given the very recent closing of the acquisition, the company said, the record October results were achieved without the benefit of Empower's planned sales, marketing and rollout plans.

"The magnitude of KAI's growth and success in October cannot be overstated as an example of what is to come,” CEO Steven McAuley said in a statement. “Though we are very pleased with the results achieved in October, the testing volume of 1,375 units represents a fraction of the lab's capacity, which is capable of achieving 4,000 COVID-19 RT-PCR tests per day. It is our intention to continue ramping up growth significantly through 2020 and well into 2021."

READ: Empower Clinics closes upsized $1.2M private placement to help support clinic growth and lab-testing services

Empower is currently working through integration at the facility and implementing aggressive growth strategies, including servicing new COVID-19 testing contracts for the film and television industry, banks, restaurants, tourism. The company is also supporting the Sun Valley Health COVID-19 RT-PCR and rapid antibody testing programs in the state of Arizona.

The company said it has signed numerous new commercial testing contracts, the details of which it plans to announce soon. The nationwide rollout represents phase four of Empower’s COVID-19 strategy, which began back in the spring with in-clinic testing.

To further assist with COVID-19 testing, KAI has developed a pair of programs in Texas and Arizona. The first program is a direct-to-consumer program that leverages the ability of healthcare providers to order and administer both the RT-PCR test and the antibody test, which increases the ability of the general population to be tested. The second is an Employer COVID-19 Compliance Program (ECCP) for business owners and employer groups, enabling them to test and monitor their employees.

Empower also announced that it has granted more than 1 million stock options priced at C$0.05 to certain employees, in accordance with its stock option plan and 1.5 million options priced at C$0.08 to an investor relations services provider.

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com

Follow him on Twitter @andrew_kessel

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Price: 0.475 CAD

Market Cap: $158.37 m

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