TPT Global Tech Gains Momentum On COVID 19 Buzz
Companies that have made moves with a view to tackling the coronavirus pandemic have generally seen their stocks perform well in recent times, and on Thursday, it was the turn of the TPT Global Tech Inc (OTCMKTS:TPTW) stock to have such a day.
Medical Division Completes Manufactuing of the First of its Kind “Quiklab”
Yesterday, the stock rallied by as much as 25%. In mid-June TPT Global announced that its medical arm has managed to complete the manufacturing of ‘Quicklab.’ It is a mobile turnkey COVID 19 testing and monitoring lab and hence, marks a major milestone for the company as a whole. It was no surprise that the news was welcomed with optimism by the market.
The development came about owing to the recent acquisition of the company Aire Fitness by TPT Global, and the resultant subsidiary TMT MedTech came up with the product. The product in question is a two-step solution and is connected to a PPE distribution model. The aforementioned distribution model is linked to Federal models and also to the top 20 National Hospital Group Purchasing Organizations.
It is a point of care product, and it places TPT MedTech right at the center of an industry that is expected to grow at an exponential rate. According to estimates, the marketplace in question is expected to hit $46.7 billion by 2024, and if Quicklab does take off, then it could propel TPT Global to new heights.
Moreover, laboratories that use Quicklab save around 8% to 20% of their costs due to quick turnaround times and timely decision making. The lower costs with regards to the testing results can apparently save the lab as much as $260 per patient, and the waiting time for the point of care testing can go down by 46 minutes.
Agreement with Rennova Health to Create a New Public Company
However, there have been other positive developments around the company in recent times as well. Back on June 11, TPT Global announced a merger with Rennova Health Inc, and the two Rennova companies are going to be merged with the TPT subsidiary known as InnovoQor. The two Rennova companies in question are Health Technology Solutions, Inc. and Advanced Molecular Services Group, Inc.
The new entity is going to help TPT in manufacturing its Mobile Telemedicine products and services. It is another important development for TPT Global as it tries to become a major player in the healthcare technology market. Prior to this particular acquisition, TPT Global had actually acquired Aire Fitness back on June 5, and at the time, the company had been clear-eyed with regards to the reasons behind the acquisition.
The acquisition was completed with 500,000 shares of the common stock, a promissory note worth $500,000, which will be paid through future capital raise and a gross profit royalty worth as much as 10%.
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