FluroTech Formalizes Ownership Structure in FluroTest Joint Venture and Launches a Financing

CALGARY, Alberta, Nov. 05, 2020 (GLOBE NEWSWIRE) — FluroTech Ltd. (TSXV: TEST) (OTCQB: FLURF), (“FluroTech” or “the Company”) is pleased to announce that FluroTest, LLC (the “LLC”), a company in which the Company has an equity interest and which is developing a proprietary Pandemic Defense Platform (the “Platform”) as recently discussed in the Company’s press release dated October 22, 2020, has completed an internal reorganization whereby each holder of a members interest in the LLC has transferred such interest to FluroTest Systems Ltd. (“FluroTest”), a newly formed Alberta company, in exchange for Class A common shares of FluroTest (“FluroTest Shares”), on a one for one basis.

Following completion of such internal reorganization, LLC is now a wholly owned subsidiary of FluroTest, and the Company holds 25% of the issued and outstanding FluroTest Shares. The other shareholders of FluroTest are Turnberry Partners, L.P, who holds (together with its designees) 47.5%, Alberta BioPhotonics Inc. who holds 22.5% and Albany Medical College who holds the remaining 5% of the FluroTest Shares.