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Victory Square Technologies (CSE:VST) increases COVID-19 test manufacturing

Technology
02 September 2020 15:54 (EDT)
Victory Square Technologies - CEO, Shafin Diamond Tejani

Source: Thrive Global

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.

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