Nanalysis Business Update and COVID-19 Impact
CALGARY, April 6, 2020 /CNW/ - Nanalysis Scientific Corp.("Nanalysis", TSXV: NSCI, OTCQX: NSCIF, FRA: 1N1) would like to provide an update on our business to our investors, given the global coronavirus pandemic.
Nanalysis CEO, Sean Krakiwsky states: "We are addressing the recent outbreak of the novel coronavirus ("COVID-19") and the related economic and social disruption, volatility in financial markets, and potential future disruption to global supply chains. Nanalysis continues to keep a full staff complement, and for the most part continues to produce and ship product on schedule. Our supply chain has been impacted to some extent, but initial delays seem to be clearing up, allowing us to continue our sales process and deliver goods based on customer demand. Some countries, such as India, have restrictions on incoming foreign goods, but global product distribution has remained largely unaffected. Orders continue to be processed, and collaborative work with partners continues, albeit at a slightly slower rate.
"We are pleased to report that thus far, no members of the Nanalysis family in Canada, France, Germany, or USA have reported any positive COVID-19 tests, and we are all healthy, which is the most important thing for our business right now.
"The vast majority of our people are working from home, but some workers in manufacturing and product development are going in to our R&D centres and manufacturing facilities in Canada and France: While doing so, they are observing strict social distancing and density rules, as well as all recommendations of the Governments of Canada and France. Our leadership team, especially our HSE Officer, Dr. Heather Phillips, has been planning for this for over two months, and has done an incredible job of minimizing operational disruptions to the extent practically possible. As an example, on the R&D front, we remain excited about our new 100 MHz product, which we expect to be shipping commercially in mid-year to a growing orderbook of excited customers."
On the financial front, Nanalysis CFO, Luke Caplette, states: "Our company remains in solid financial condition, with a strong cash position of over $5 million, $2 million untouched line of credit from our commercial bank, an untapped $1.4 million interest free credit facility from Western Economic Diversification. The governments of Canada and France have significant COVID-19 related payroll support programs available, and we are investigating our eligibility for these programs in a detailed fashion.
"On the capital markets front, we began the process of registering to trade over-the-counter in the USA several months ago, and I am pleased to announce that as of today, Nanalysis has qualified to trade OTCQX® Best Market, under the ticker symbol NSCIF, investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com. We remain committed to sharing our story with the massive U.S. small cap investor community. Our investor relations strategy includes attending virtual roadshows in the U.S. at which we will continue to expand our growing investor base. Examples of these U.S. IR initiatives are (1) we will be participating in an Planet MicroCap 2020 virtual investor showcase panel discussion on week April 23, and (2) here is recent feature article by the popular U.S. site SECfilings.com at this link:
"I would also like to announced that we have changed to Ernst and Young for our 2019 audit and beyond: At this stage in our business we required the resources and global support that a quality tier I firm like EY can provide".
Nanalysis is an award-winning company, and we are proud to announce that Nanalysis has been recognized by global research firm Frost & Sullivan, as the 2020 company of the year for portable NMR. The award is in recognition of our miniaturized of NMR/MRI technology platform, best-in-class manufacturing, global partnerships, and market leading position. Nanalysis is indeed a category creator in the field of miniature NMR.
With the uncertainty and loss that COVID-19 is inflicting on us all, Nanalysis thanks all investors, customers, partners, and governments of Canada and France for their support. Management would like to ensure all stakeholders that Nanalysis is on solid footing and management strongly believes the company will weather this crisis successfully, and we continue moving forward towards its promising future.
Nanalysis trades on the TSX Venture Exchange (TSXV) in Canada with ticker symbol 'NSCI' and over the counter in the United States under the ticker symbol 'NSCIF'. The company's business is what we term "MRI for industry": It develops and manufactures portable Nuclear Magnetic Resonance (NMR) spectrometers or analyzers for laboratory and industrial markets. The NMReady-60™ was the first fully featured portable NMR spectrometer in a single compact enclosure requiring no liquid helium or any other cryogens, and the company has followed-up that initial offering with new products and continues to have a strong innovation pipeline. Nanalysis recently announced that it will begin selling a 100MHz device in mid-2020. The Company's new device will be the most powerful non-cryogen, permanent magnet NMR device ever brought to market.
Nanalysis devices are used by chemical professionals in many industries (oil and gas, chemical, mining, pharma, biotech, flavor and fragrances, agrochemicals, and more) as well as numerous government and university research labs around the world. The company continues to exploit new global market opportunities independently and with partners.
Notice regarding Forward Looking Statements and Legal Disclaimer
This news release contains certain "forward-looking statements" within the meaning of such statements under applicable securities law. Forward-looking statements are frequently characterized by words such as "anticipate", "continue", "estimate", "expect", "may", "would" occur. These statements are only predictions of what we believe might happen. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. The Corporation is under no obligation, and expressly 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 expressly required by applicable law. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Nanalysis Scientific Corp.