- Victory Square Technologies (VST) subsidiary, Victory Square Health, has entered into a manufacturing contract with Gold Analisa Diagnostica
- The Brazilian manufacturer will produce five million of VS Health’s IgG and IgM rapid COVID-19 test kits a month
- This agreement will allow VS Health to increase its global distribution, and enter additional sales agreements in various industries
- The company is continuing to experience high demand for its COVID-19 test kits, prompting the need for more manufacturing capacity
- Victory Square Technologies (VST) is up 12.24 per cent and is currently trading at C$0.55 per share
Victory Square Technologies (VST) subsidiary, Victory Square Health, has entered into a manufacturing contract with Gold Analisa Diagnostica.
Gold Analisa is a government-recognised manufacturer of bio-products in Brazil, that has operated for over 30 years. Under the agreement, the manufacturer will produce VS Health’s IgG and IgM rapid COVID-19 test kits, for global sales and distribution.
In early June this year, VS Health acquired a Brazilian company, Safetest Comércio de Diagnósticos in a C$4 million all-stock transaction. Through the transaction, the company acquired Safetest’s rapid COVID-19 antibody test.
The acquisition saw Victory Square Technologies’ share price spike by 42.86 per cent on the day it was announced.
Gold Analisa will produce up to five million of VS Health’s COVID-19 test kits every month, substantially increasing the company’s manufacturing capacity. In addition to increasing its global distribution, the agreement will also allow VS Health to enter more sales agreements in various industries.
Industries which have shown interest for the company’s test kits include retail, hospitality, pharmaceutical, border services, education, the military, and government. Specific properties like correctional facilities, casinos, and airports have also indicated interest.
VS Health has reported that demand for its COVID-19 test kits remains high, prompting the need for more manufacturing capacity.
Victory Square’s CEO, Shafin Diamond Tejani, commented on the company’s agreement with Gold Analisa Diagnostica.
“We’re completely energised by this critical new manufacturing contract, which will allow Victory Square Health to fulfill the tremendous demand for its exclusive Rapid Test kits on a global scale.
“We are actively working together on other production partnership agreements to further increase our production capacity,” he said.
Victory Square Technologies (VST) is up 12.24 per cent and is trading at 55 cents per share at 12:45pm EDT.