TraceSafe Provides Update on Business and Recent Pipeline Progress Since Capital Raise
August 26, 2020 - Tortola, British Virgin Islands – TraceSafe Inc. (“Tracesafe”) (CSE: TSF) a global leader in wearable safety tech including contact tracing and self-quarantine management, is pleased to provide an update on recent business and pipeline progress since the $4 million capital raise closed earlier this month.
TraceSafe’s wearable safety technology business, commonly referred to as "Safety Tech," has increased its production capacity to 300,000 wristbands and other wearable devices per month, up from approximately 30,000 in 1Q20 (a 10X increase).
For a single government customer, we have sold and shipped a company record of 180,000 wristbands within the last two quarters and average order size quantity from government customers has increased 4X from 1Q20. We continue to actively pursue new government orders. We have recently participated in two government tenders, one for over 120,000 bands the other for over 30,000 wristbands and gateways.
TraceSafe is moving forward with the following business initiatives:
1. Deploy numerous pilot projects for large organizations for the purpose of converting successful pilots into material contracts;
2. Growing world-class sales channels, including partnerships and integrations with leading SaaS companies;
3. Implement new technology in our wearable devices and gateways that take us beyond wristbands;
4. Diversify and scale our supply chain globally.
Our typical closing cycle with a sales prospect is to begin with a small pilot to prove the concept in a workplace or facility and then make industry specific customizations based on feedback. If successful, we take and fulfill an initial order and implement it across the company or organization. We then support the company with ongoing training gear up for future orders and expanded revenue offerings.
We are currently running over 20 active pilot projects for our contact tracing product in the following segments:
● Enterprise and offices
● Construction sites
● Hospitality TraceSafe has designed and manufactured five new products including gateways and wearables:
● Generation 2 wristband in partnership with Atmosic
● Clip-on tags for office and industrial use
● Contact tracing gateway to facilitate seamless cloud uploads during mass gathering events
● Quarantine gateway which acts as a privacy-enhancing mobile phone substitute for government quarantine deployments
● New suite of innovative connected hospital products.
TraceSafe has built a foundation and active supply chain in Singapore, particularly with construction firm Boustead Projects E&C Pte Ltd (Singapore) and Hong Kong, with two additional countries at the pilot stage.
"From increasing production capacity to fulfilling and deploying orders worldwide, we're excited about the tremendous growth we've witnessed within the company," said Dennis Kwan, CEO of TraceSafe Technologies Inc. "Our goal is to scale responsibly and provide the best products possible for health quarantine, contact tracing and other technological solutions for public health management."
Tracesafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low power bluetooth beacons and enterprise cloud management. Tracesafe’s leading cloud management solution ensures both user privacy and comprehensive administrative control. Tracesafe’s patented contact tracing bracelet has already been deployed in mission critical quarantine applications around the world in partnership with leading governments. In addition to their government work, Tracesafe is developing leading edge solutions for Enterprise, Healthcare, Education Government and large-scale venue management.
Wayne Lloyd, CEO
+1 604 629-9975
Alan Tam, CFO
+1 604 377‐7575
Statements in this news release may contain forward-looking statements that are based on TraceSafe’sexpectations, estimates and projections regarding its business and the economic environment in which itoperates, including with respect to expectations regarding the TraceSafe assets and their application,future business plans and relationships, future developments in respect of COVID-19 and solutions adoptedin response to the virus, and the deployment and acceptance of the TraceSafe technology. AlthoughTraceSafe believes the expectations expressed in such forward-looking statements are based onreasonable assumptions, such statements are not guarantees of future performance and involve risks anduncertainties that are difficult to control or predict, including the suitability of our products to helpbusinesses and governments reopen, competition, the spread or containment of COVID-19 andgovernment responses thereto and general economic and market conditions. Therefore, outcomes andresults may differ materially from those expressed in these forward-looking statements and readers shouldnot place undue reliance on such statements. These forward-looking statements speak only as of the dateon which they are made, and TraceSafe undertakes no obligation to update them publicly to reflect newinformation or the occurrence of future events or circumstances unless otherwise required to do so by law.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES