(MENAFN- GlobeNewsWire - Nasdaq)
Greenville, South Carolina, March 17, 2023 (GLOBE NEWSWIRE) -- ARCpoint Inc. (TSXV:ARC) (the“ Company ” or“ ARCpoint ”), announces accelerated release of 1,923,000 Class A Subordinate Voting Shares of the Company (the“ Released Shares ”) registered in the name of GICMB Venture Corp. I (“ GVC ”) from the transfer restrictions set out in the lock-up agreement (the“ Lock-up Agreement ”) voluntarily entered into by GVC on October 21, 2022. GVC is an arm's length party to the Company. The Released Shares was initially scheduled for release on April 21, 2023 pursuant to the Lock-up Agreement. The board of directors of the Company has approved the amendment of the Lock-up Agreement to authorize the accelerated release of the Released Shares effective March 17 2023 for the purpose of creating liquidity for the trading of the Class A Subordinate Shares of the Company listed on the TSX Venture Exchange.
About ARCpoint Inc.
ARCpoint is a leading US-based franchise system providing drug testing, alcohol screening, DNA and clinical lab testing, corporate wellness programs, and employment and background screening, among other services. The Company is based in Greenville, South Carolina, USA. ARCpoint Franchise Group LLC, formed under the laws of the state of South Carolina in February 2005, is the franchisor of ARCpoint Labs and supports over 120 independently owned locations. ARCpoint sells franchises to individuals throughout the United States and provides support in the form of marketing, technology and training to new franchisees. ARCpoint Corporate Labs LLC develops corporate-owned labs committed to providing accurate, cost-effective solutions for customers, businesses and physicians. AFG Services LLC serves as the innovation center of the ARCpoint group of companies as it builds a proprietary technology platform and a physician network to equip all ARCpoint labs with best-in-class tools and solutions to better serve their customers. The platform also digitalizes and streamlines administrative functions such as materials purchasing, compliance, billing and physician services for ARCpoint franchise labs and other clients.
For more information, please contact:
Jason Tong, Chief Financial Officer
Phone: (604) 889-7827
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain“forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to the Company's plan to create trading liquidity of its Class A Subordinate Voting Shares listed on the TSX Venture Exchange through the accelerated release of the Released Shares. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to whether the accelerated release of the Released Shares could improve the trading liquidity of the Class A Subordinate Voting Shares of the Company. There can be no assurance that such statements 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 statements. The Company 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 required by law.
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