Vancouver, British Columbia, March 11, 2022 – Beyond Medical Technologies Inc. (“Beyond Medical” or the “Company”) (CSE: DOCT, Frankfurt: 7FM3, OTC: DOCKF) is pleased to provide a corporate update on its medical face mask manufacturing subsidiary Micron Technologies Inc. (“Micron Technologies”).
The Company is reviewing Micron Technologies’ medical face mask manufacturing business as many jurisdictions have recently lifted mask mandates and as demand for face masks rapidly declines. The Company is considering operating Micron Technologies’ facility at reduced capacity or potentially terminating its mask manufacturing business via a sale of all inventory and equipment related to its mask manufacturing business and to seek new business opportunities.
As reported by the Company in its interim financial statements for the nine months ended September 30, 2021, the Company had cash and cash equivalents of $1,646,174 and total liabilities of $420,541. The Company expects to file its annual financial statements in the coming weeks. Readers are advised to carefully review the entirety of the Company’s current filings at www.SEDAR.com.
Kal Malhi, the Company's C.E.O., commented: “The Company is interested in investigating business opportunities in sectors which can offer attractive shareholder returns and offer growth opportunities with the infusion of capital. We are currently reviewing several opportunities and will provide updates as our investigations progress. We cannot, however, provide any assurance the Company will successfully identify, secure and fund an agreement to purchase either a business or asset on favorable terms or at all.”
Kal Malhi further commented: “The Company welcomes submissions of any opportunities from entrepreneurs and institutional investors where the Company’s current capital and ability to raise additional capital can leverage growth for a business.”
On behalf of the Board of Directors
President, CEO and Director
FORWARD LOOKING STATEMENTS:
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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