Unique COVID-19 testing model verified with strong demand from initial 20 sites: 7-Day average of 73 tests/day per site and $95 per test. Investor webinar scheduled December 10th (1 pm ET).
Collection Site Rendering
Figure 1 – New Collection Site with WillScot Trailer
TORONTO, Dec. 01, 2020 (GLOBE NEWSWIRE) -- QuestCap Inc. (“QuestCap”) (NEO:QSC; OTC:COPRF; FRA:34C1) is pleased to announce strong initial test sales at its wholly owned subsidiary, Collection Sites, LLC.
Surging test sales amid recent Collection Sites media coverage and increasing COVID-19 cases across the United States. Demand for Collection Sites unique value-proposition of convenient and effective COVID-19 testing verifies operational model;
Initial 20 sites showing strong tests sales with 7-day rolling average of 73 tests per day per site and average test price exceeding $95 per test;
Rapid antigen tests’ point-of-care capabilities allows for increased testing capacity, with one Collection Site recording sales of 186 tests in a single day;
The launch of 25 additional collection sites in hand-picked, high traffic locations across the United States, with installation beginning this week;
The leasing of new portable trailers from WillScot, drastically reducing upfront capital requirements and providing refuge for customers in the coming winter season;
QuestCap is hosting a Corporate Update webinar on Thursday, December 10th at 1 pm ET for investors (register here).
“As COVID-19 cases continue to rise across the United States, Collection Sites testing centres are seeing increased demand from both consumers as well as businesses eager to offer COVID-19 testing to employees and customers,” says Mr. Doug Sommerville, CEO of QuestCap, Inc. “Having now refined our operational model with the launch of the first 20 cubes, we are now ready to expand our network and get convenient and effective COVID-19 test results to everyday Americans so we can flatten the curve.”
Collection Sites Expands Test Offerings and Footprint
Starting on November 16th, COVID-19 rapid antigen tests were distributed to the operating Collections Sites. These tests retail for US$99 per test, and are the most sought after by customers, with strong initial demand in the initial days. These tests also provide Collection Sites with the highest profit margin per test, strengthening profitability of each testing cube. The collection sites have an estimated capacity of up to 150 tests per day when fully staffed, where they operate 7 days a week. However, due to the point-of-Care capabilities of the rapid antigen tests, to date one Collection Site recorded sales of 186 tests in a single day, with multiple other sites exceeding 150 tests in a single day.
As noted by Collection Sites President Tim Shelburn during the QuestCap investor webinar with The NEO Exchange (recording), the company continues to engage with retailers and similar businesses looking to host collection sites at their locations and will make further announcements as they are signed.
To summarize, to date the following agreements have been signed, for a total of up to 743 contracted collection sites:
Brixmor – 340 Retail Locations
Brookfield Properties – 73 Shopping Mall Locations
H&S Energy, LLC – Up to 100 Gas and Convenience Locations
Sandor - 65 Big Boxstore Locations
Simons Property Group - 165 Shopping Mall Locations
“Our initial strategy has been that of a land grab, securing convenient, high-traffic locations that will perform exceptionally during the upcoming holiday season and beyond,” commented Tim Shelburn, Collection Site President. “With over 700 sites secured and counting, we believe we have the best footprint in the country for offering convenient and effective COVID-19 testing. With the operational model now proven, our team is laser-focused on the execution fo the rollout of these sites.”
25 New Collection Sites Launched With WillScot Trailers
Starting this week, Collection Sites will rollout 25 portable trailers from WillScot in hand-picked high-traffic locations across the U.S., including states like Texas, Indiana, Pennsylvania, and Florida, among others. WillScot is a international company that sells or leases portable trailers to customers across the United States. After this initial site rollout with WillScot, Collection Sites will look to fulfill its previously announced network of collection sites.
WillScot has a fleet in excess of 360,000 trailers globally and over 140,000 trailers across the United States. These trailers are spread out across the country and can be deployed to a desired site in 2-3 days. The use of WillScot trailers allows Collection Sites to drastically reduce the upfront capital requirements and delivery cost.
These new trailers measure 20’ x 8’ and offer customers and staff reprieve from the outdoor conditions during the winter season, including built-in heating units.
QuestCap Corporate Update Webinar
QuestCap is hosting a Corporate Update webinar on Thursday December 10th at 1 pm ET that will provide investors with an update on the Company's business developments since the last update, with a primary focus on the Collection Sites subsidiary.
Registration Link: https://us02web.zoom.us/webinar/register/WN_mvNt8yKqTyqCOCQ-7vyqMg
About Collection Sites
Collection Sites COVID-19 testing centers offer convenient access to rapid antibody and antigen tests - which take 8-10 minutes to administer and provide results in less than 24 hours. The sites also offer regular RT-PCR, with results within 24 hours of testing. The testing centres are powered by Alcala Testing and Analysis Services, a CLIA-licensed laboratory based in San Diego, California. All tests can be administrered with insurance coverage options. The tests results can be communicated via text or email and can be accompanied with a certificate of good health via a HIPAA-compliant smartphone application.
For more information about the pop-up lab, the available sites and services visit www.testbeforeyougo.com.
About QuestCap Inc.
QuestCap Inc. (NEO:QSC; OTC:COPRF; FRA:34C1) seeks out disruptive technologies, ground-breaking innovations, and exclusive partnerships to help combat COVID-19 and generate remarkable risk-adjusted returns for investors. Specifically, QuestCap offers investors a diversified investment in the COVID-19 medical space across three areas; prevention, detection, and treatment.
QuestCap has a team of renowned global medical and business advisors that have developed a proprietary business strategy to capitalize on high-margin opportunities in the COVID-19 space. This panel includes prominent immunologist Dr. Lawrence Steinman and Dr. Glenn Copeland, who has 45 years of experience in orthopaedic treatment, foot and ankle care, and sports medicine.
QuestCap’s primary focus is the sale of COVID-19 IgG/IgM antibody tests authorized by FDA under an EUA for use by authorized laboratories. This is achieved largely through two acquisitions: 100% of Collection Sites, LLC and 28% of Colombian Sanaty IPS. Collection Sites is setting up a series of COVID-19 testing sites across the United States with appointments and payments will be handled through the online portal www.testbeforeyougo.com. Sanaty is setting up a series of full-service medical clinics offering a complete COVID-19 testing solution.
For additional information, please contact:
Doug Sommerville, CEO
For investing inquiries please contact:
For US media enquires please contact:
Cautionary Note Regarding Forward-looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the results of the Collection Site testing cubes; the proposed roll-out of testing sites; projected timelines for testing results; projected revenues from the testing; the pursuit by QuestCap of investment opportunities; and the merits or potential returns of any such investments. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, as the case may be, to be materially different from those expressed or implied by such forward-looking information. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER THE NEO EXCHANGE NOR ITS REGULATION SERVICES PROVIDER HAS REVIEWED OR ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/27d1d1c7-6292-4580-ab59-789e14d5e9e7