Therma Bright Initiates Due Diligence to Manufacture Personal Protective Equipment, Hand Sanitizers and Applies for Government Grants
Toronto, Ontario--(Newsfile Corp. - May 11, 2020) - Therma Bright Inc. (TSXV: THRM), ("Therma Bright" or the "Company"), a progressive medical device technology company, has initiated due diligence and has applied for government grants to manufacture personal protective equipment ("PPE") and hand sanitizers to combat the Covid-19 crisis. Several potential partners have approached Therma Bright to produce PPE and hand sanitizers for the Canadian and export markets. Therma Bright is ideally positioned to manufacture PPE leveraging the Company's quality management system ISO 13485 and recently approved MDSAP through SGS International. The Company also holds Health Canada & FDA approvals for its existing products and intends to utilize this regulatory expertise to apply to Health Canada for licenses related to PPE & hand sanitizers. Certain regulatory approvals are required to produce masks with specific claims such as filtering to N95 standards and hand sanitizers that claim to kill bacteria and viruses.
Therma Bright has applied for government grants from the Government of Ontario and the Federal Canadian Government for the start-up of this business line. These grants may be complemented with an equity offering to fast track our capability to enter this business line quickly. The Government of Ontario grant is available to companies in Ontario that intend to set up production of PPE for local use and to support Ontario healthcare organizations and businesses to protect its citizens from Covid-19. In addition, Therma Bright has applied for two Federal grants related to innovative mask material or designs. Therma Bright applied for the Federal grants to investigate the use of its existing expertise and technology that may potentially be used to create a new innovative mask.
Therma Bright has begun due diligence and has sourced surgical mask and N95 equipment and sourced the raw material related to manufacturing both types of masks from the U.S. Manufacturing would occur in Ontario. The inputs to manufacture hand sanitizers may initially be imported from the U.S. as the Company identifies local suppliers for bottles, labeling and hand sanitizer raw material sources in Ontario. Several locations have been identified that meet Health Canada requirements to manufacture PPE and hand sanitizers.
Therma Bright will report back to investors as information materializes.
Rob Fia, CEO, commented:
"Therma Bright is pleased to assist the Provincial and Canadian governments in this endeavour to combat the Covid-19 pandemic. Therma Bright has key components to enter this line of business such as quality management systems, regulatory licenses, innovative technology along with an expert advisory and consulting team. If successful at securing these grants the Company will donate a portion of the PPE and hand sanitizers to assist with the crisis to those that need it most. We feel this is a great way to give back to our country and its citizens. We also look forward to designing a new innovative mask to protect people around the world from this deadly virus."
About Therma Bright Inc.
Therma Bright is a progressive medical device technology company focused on providing consumers with quality medical devices that address their dermatological and healthcare needs. Clear and healthy skin for all is at the core of the Company's philosophy as is the belief that such outcomes should not be a privilege for only those who can afford costly procedures and treatments. The Company's breakthrough proprietary technology delivers effective, non-invasive and pain free skin care.
Therma Bright received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation from over 20,000 different insect stings and bites, (including bees, wasps, hornets, mosquitoes, black flies and jellyfish). The Company received approval for the above claims from FDA (United States) in 1997.
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Therma Bright Inc.
FORWARD LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as manufacturing PPE and hand sanitizers and applying for government grants to support the Company's future performance. as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
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This press release is not an offer of the securities for sale in the United States. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an exemption from registration. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
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