Sona Nanotech Comments on Trading Activity at Request of IIROC
Halifax, Nova Scotia--(Newsfile Corp. - June 1, 2020) - Sona Nanotech Inc. (CSE: SONA), (OTCQB: SNANF) (the "Company") has been requested by the Investment Industry Regulatory Organization of Canada (IIROC) to comment on the recent increase in the trading volume and price of the Company's common shares. The Company is not aware of any material change in its business or affairs that has not been publicly disclosed that would account for the recent increase in market activity.
As previously disclosed, the Company recently engaged MRIGlobal to provide analytical and clinical validation studies for Sona's COVID-19 rapid detection, point-of-care, antigen test prototype and this evaluation work continues.
The Company cautions that its COVID-19 rapid antigen test is still an unvalidated prototype and will update the market as appropriate.
Sona Nanotech Inc.
About Sona Nanotech Inc.
Sona Nanotech Inc. is a nanotechnology life sciences firm that has developed multiple proprietary methods for the manufacture of various types of gold nanoparticles. The principal business carried out and intended to be continued by Sona is the development and application of its proprietary technologies for use in multiplex diagnostic testing platforms that will improve performance over existing tests in the market.
Sona's gold nanorod particles are CTAB (cetyltrimethylammonium) free, eliminating the toxicity risks associated with the use of other gold nanorod technologies in medical applications. It is expected that Sona's gold nanotechnologies may be adapted for use in applications, as a safe and effective delivery system for multiple medical treatments, pending the approval of various regulatory boards including Health Canada and the FDA.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This press release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Sona 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 by law.
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