TORONTO, Sept. 13, 2021 /CNW/ - SQI Diagnostics, Inc.
("SQI" or the "Company") (TSXV: SQD) (OTCQB: SQIDF),
a life sciences and diagnostics company that develops and
commercializes proprietary technologies and products for advanced
microarray diagnostics, today announced that the Company's board of
directors has appointed Andrew
Morris as Chief Executive Officer of the Company effective
September 11, 2021. Mr. Morris is
currently a director of the Company.
![SQI Diagnostics Inc. Logo (CNW Group/SQI Diagnostics Inc.) SQI Diagnostics Inc. Logo (CNW Group/SQI Diagnostics Inc.)](https://mma.prnewswire.com/media/1623725/SQI_Diagnostics_Inc__SQI_Diagnostics_Appoints_Andrew_Morris_as_C.jpg)
"Andrew is a trusted CEO with extensive experience in the
Diagnostics and Life Sciences sector and has a proven track record
in financing, regulatory approvals, scale-up and commercialization"
stated Mr. Clive Beddoe, Chair of
the Board at SQI. "Andrew's deep knowledge of the SQI business and
his compelling leadership skills give us great confidence that SQI
will successfully obtain FDA approval for the Company's HOME
Antibody Test and direct the AZOVA marketing and distribution
partnership announced July 15, 2021.
His experience in driving company growth will also allow us to
achieve SQI's strategic vision of bringing precision medicine to
the area of organ health."
Andrew Morris was most recently
Managing Partner of ATTWILL Medical Solutions, a privately held
medical device and life sciences manufacturer. Prior to this he was
CEO of SQI Diagnostics following seven years as CFO, taking SQI
public in 2007. Andrew has 30 years in the technology, finance and
life sciences industries as CFO, CEO and co-founder of public and
private companies. He has raised and managed significant investor
capital, helped grow the operations of, and exits of multiple
businesses, and created mutually successful partnerships across a
broad spectrum of businesses. Andrew holds a BSc Hons
(Western University); MSc (University of Toronto) and an MBA (University of Toronto Rotman School of
Management).
https://www.linkedin.com/in/andrew-morris-5b16a9/
Mr. Morris stated "I am excited to bring experience gained in
the recent commercial success from my last role where the company
received an FDA clearance for its medical device and delivered on
large and growing product orders and revenues following its
launch. SQI is poised for this same exciting challenge
to scale-up and to sell into large and growing markets in COVID
antibody monitoring and in our partnerships in organ health."
In connection with the appointment of Mr. Morris as CEO, Mr.
Clive Beddoe has stepped down as
Interim CEO. Mr. Beddoe will continue to serve as the Executive
Chair and a director of SQI.
SQI has granted to Mr. Morris an aggregate of 12,000,000 stock
options ("Options") to purchase common shares in the capital
of the Company ("Shares") for a period of five years, at an
exercise price of $0.20 per Share
(the "CEO Option Grant"), subject to earlier termination in
certain circumstances, under the Company's amended and restated
stock option plan (the "Plan"). 7,000,000 of the Options
vest and become exercisable based on the Company achieving certain
prescribed milestones and 5,000,000 of the Options vest over two
years in 23 equal installments of 208,333 Options and one
installment of 208,341 Options every month from the date of the
grant, subject to certain conditions and subject to accelerated
vesting in certain circumstances.
An additional maximum of 3,000,000 Options have been reserved
for issuance to Mr. Morris in the future (the "Replacement
Options") pending fulfilment of certain conditions including the
exercise of existing Options held by Mr. Morris. Such Replacement
Options will be priced as of the market price at the time of
grant.
The Plan was approved by shareholders at the Company's annual
and special meeting held on March 31,
2021. Following the CEO Option Grant, 27,268,319 Shares will
be issuable on exercise of outstanding Options under the Plan
(representing approximately 7.5% of the issued and outstanding
Shares) and 23,545,934 Shares remain available for issuance
(representing approximately 6.5% of the issued and outstanding
Shares).
About SQI Diagnostics
SQI Diagnostics is a life sciences and diagnostics company that
is leading the way in healthcare utilizing state-of-the-art
technology to rapidly diagnose, triage and provide medical insights
to patients. We strive to improve people's lives and assist their
healthcare providers by providing quality clinical health
information backed by years of research and clinical data. For more
information, please visit www.sqidiagnostics.com.
FORWARD-LOOKING INFORMATION
This press release contains certain words and statements,
which may constitute "forward-looking statements" within the
meaning of applicable securities laws relating to future events or
future performance and reflect the current expectations and
assumptions of the Company regarding its growth, results of
operations, performance, business prospects and opportunities.
These statements generally can be identified by use of
forward-looking words such as "may", "would", "could", "will",
"should", "expect", "plan", "estimate", "anticipate", "intends",
"believe", "potential", or "continue" or the negative thereof or
similar variations. The Company's actual results and performance
discussed herein could differ materially from those expressed or
implied by such statements. Such statements are qualified in their
entirety by the inherent risks and uncertainties surrounding future
expectations. Important factors that could cause actual results to
differ materially from expectations include, among other things,
general economic and market factors, competition, the effect of the
global pandemic and consequent economic disruption, and the factors
detailed in the Company's ongoing filings with the securities
regulatory authorities, available at www.sedar.com. Although the
forward-looking statements contained herein are based on what we
consider to be reasonable assumptions based on information
currently available to us, there can be no assurance that actual
events, performance or results will be consistent with these
forward looking statements, and our assumptions may prove to be
incorrect. Readers are cautioned not to place undue reliance on
these forward-looking statements. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements either as a result of new information, future events or
otherwise, except as required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
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SOURCE SQI Diagnostics Inc.