- Victory Square Technologies (VST) has secured white label manufacturing, sales & distribution agreements for COVID-19 rapid antibody and antigen tests for Europe and the United States
- The COVID-19 tests will be circulated through the company’s global distribution network, as well as sold online through its ecommerce channels
- These agreements will increase production capacity, shorten delivery times and be available at a reduced cost
- The reduced costs will translate into a decrease of approximately 30 per cent
- Victory Square Technologies is currently down 7.35 per cent and is trading at C$0.63 per share
Victory Square Technologies (VST) has secured manufacturing, sales and distribution agreements for Europe and the United States for its COVID-19 rapid tests.
Headquartered in Vancouver, Victory Square Technologies builds, acquires and invests in promising startups, focusing on companies in industries like tele-medicine, artificial intelligence and cyber security.
The COVID-19 antibody and antigen tests will be circulated through the company’s global distribution network, as well as sold online through its ecommerce channels.
Chief Growth Officer at Victory Square Technologies, Vahid Shababi said it saw demand for its own tests. From there, he said the company identified a few large companies creating these tests and established a sales and distribution agreement.
“Not only would they [the companies] get the rights to sell their tests, but also, they’re going to help us with the OEM (original equipment manufacturer) – meaning we can white label their product as of today with our brand, and we can get approval under their product – but under our brand,” he added.
These COVID-19 rapid antibody tests have FDA Permission under Emergency Use Authorization for sale and distribution in the United States and CE designation for sale and distribution throughout the European Union.
According to Victory Square Technologies, these agreements will increase production capacity, shorten delivery times and be available at a reduced cost.
Victory Square Technologies CEO Shafin Diamond Tejani said the reduced costs will translate into a decrease of approximately 30 per cent.
“These new manufacturing agreements will eliminate the supply bottleneck and enable the company and its agents to continue selling the Covid-19 Rapid Tests,” he said.
Shababi went on to say that the tests will also be sold online through the company’s ecommerce and telehealth platforms. A soft launch of these platforms will occur this month, with the goal of finalizing the platforms expected in the first quarter.
Shababi also noted that the pandemic has affected the company by expediting the revolution it believes is going to happen in technology, for instance, the rise of tele-health and online education.
“Customer and consumer behaviour has changed because of the pandemic,” he added.
While Victory Square Technologies does not have approval from Health Canada for these tests, Shababi said conversations have been ongoing.
Victory Square Technologies is currently down 7.35 per cent and is trading at C$0.63 per share at 10:03am EST.
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