Mr.
Jason Tong reports
ARCPOINT ANNOUNCES C$1.5 MILLION NON-BROKERED PRIVATE PLACEMENT
Arcpoint Inc. intends to complete a non-brokered private placement to raise gross proceeds of up to $1.5-million through the sale of up to 20 million subordinate voting shares of the company at 7.5 cents per share.
The net proceeds from the offering will be used for operational expenses and other general corporate purposes, including increasing investor awareness and for investor relations and marketing expenses.
The offering is subject to all necessary regulatory approvals, including acceptance from the TSX Venture Exchange. All securities issued in connection with the offering will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
About Arcpoint Inc.
Arcpoint is a leading U.S.-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, S.C., United States. Arcpoint Franchise Group LLC, formed under the laws of the State of South Carolina in February, 2005, is the franchiser of Arcpoint Labs and supports over 130 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 centre 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.
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