Kneat announces customer expansion at flagship US site and provides financing update
HALIFAX, February 13, 2019/CNW/ – kneat.com, inc. (TSX-V: KSI) (“Kneat”) is pleased to announce that a leading laboratory services customer is expanding its user base on the Kneat platform within its flagship site in the United States. This expansion will double the customer’s license numbers. This customer first implemented the Kneat platform in December 2018 with the ultimate goal of creating a standardized, compliant and automated equipment and instrument validation process globally. The new licenses will be rolled out immediately.
“We are pleased to see our customer increase the number of users within its flagship site”, said Eddie Ryan, Chief Executive Officer of Kneat “Kneat is designed for ease of use and scalability and I’m delighted our customers are experiencing these benefits” Kneat continues to expand its customer pipeline and will report on further developments as they occur.
Kneat has increased the size of its previously announced non-brokered private placement from $2,000,000 to $2,200,000 and intends to issue 2,095,238 common shares at a price of $1.05 per share. Please see Kneat’s press release dated February 7, 2019 for further details on the non-brokered private placement and the concurrent prospectus offering.
Kneat, develops and markets the next generation Kneat Gx software platform. Multiple business processes can be configured on the platform from equipment to computer system validation, through to production record execution and quality document management. Kneat Gx allows users to author, review, approve, execute testing online, manage any exceptions and post approve final deliverables in a controlled FDA 21 CFR Part 11/ Eudralex Annex 11 compliant platform. Macro and micro report dashboards enable powerful oversight into all systems, projects and processes world wide. Customer case studies are reporting productivity improvements in excess of 100% and a higher compliance standard. For more information visit www.kneat.com.
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Kneat and the customer, the Company’s business development activities, the use of Kneat within the customer’s manufacturing process, the ability to scale the use of Kneat within the customer and the compliance of the Kneat Gx platform under regulatory audit and inspection. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors’ own risk.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.