Rapid Dose Therapeutics Announces Operational Changes
March 23, 2020
Burlington, Ontario – March 23, 2020 – Rapid Dose Therapeutics Corp. (CSE: DOSE) (“RDT” or the “Company”) announces that operations at its Burlington, Ontario facility have been curtailed due to a number of reasons including the recent dramatic drop in North American stock markets, the COVID-19 corona virus and cash flow difficulties. As a result, almost all of the Company’s employees have been issued temporary lay-off notices. The Company’s recently proposed financing has been delayed indefinitely due to the recent stock market turmoil.
“We have a great team at RDT and I am personally extremely pleased with the understanding of our situation exhibited by so many of our staff,” said Mark Upsdell, RDT’s President and Chief Executive Officer. “We have great people, innovative products and numerous opportunities for growth in our business. We believe that this situation is temporary and, as soon as some of our financing prospects, accounts receivable or other sources of funds materialize, we expect to be back in operations in all respects as soon as the COVID-19 quarantining requirements are lifted.”
About Rapid Dose Therapeutics
Rapid Dose Therapeutics Corp. is a publicly traded Canadian life sciences company that provides innovative, proprietary drug delivery technologies designed to improve outcomes and quality of lives. RDT offers Quick, Convenient, Precise and Discreet™ choices to consumers. RDT is focused and committed to clinical research and product development for the healthcare manufacturing industry, including nutraceutical, pharmaceutical and cannabis industries. Within the cannabis sector, RDT provides a turn-key business solution which enables RDT’s QuickStrip™ proprietary drug delivery technology to be licensed by select partners. RDT’s service-based annuity contracts drive recurring revenue which enables rapid expansion into emerging markets — generating value for consumers and shareholders. RDT is committed to continually create innovative solutions aimed at multiple consumer segments and future market needs — including humans, animals and plants.
For more information, visit: www.rapid-dose.com
For further inquiries please contact:
President and Chief Executive Officer email@example.com
Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend”, “will”, “could”, “are planned to”, “are expected to” or the negative of these terms and similar expressions. Statements containing forward-looking information, including, without limitation, in respect of the Company securing financing, collecting receivables, obtaining funding and returning to regular operations express, as at the date of this news release, the plans, estimates, forecasts, projections, expectations or beliefs of RDT management as to future events or results and are believed to be reasonable based on information currently available to RDT management. Forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; the ability to implement its business strategies; competition; and other risks. Readers are cautioned that the foregoing list is not exhaustive. There can be no assurance that statements of forward-looking information, although considered reasonable by RDT management at the time of preparation, will prove to be accurate as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. Actual results and future events could differ materially from those anticipated in such forward-looking statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
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