LITTLE ROCK, Ark.--(BUSINESS WIRE)--Vivione Biosciences Inc. (the “Corporation”) (TSXV:VBI), through its wholly owned subsidiary, Vivione Biosciences, LLC, announced today that it has signed a strategic alliance agreement with Institute for Environmental Health, Inc (“IEH”), a Washington-based lab service provider, to handle all laboratory testing for the Corporation’s new oil and gas service offerings.
IEH is an internationally renowned microbiological laboratory network of 119 locations with experience in the food, agriculture and analytical chemistry industries. The strategic alliance with IEH will provide Vivione with access to IEH’s 119 locations, technology, personnel and infrastructure. When coupled with Vivione’s RAPID-B system, the new strategic alliance provides the companies with a new service opportunity in the oil and gas sector that is unrivaled.
The new product offerings are especially significant in the oil and gas sector, where the economic and environmental impact of microbial contamination is an ever-present concern. The new diagnostic tests co-developed by IEH and Vivione can reduce producers’ costs by accurately and rapidly diagnosing the bacteria issues that could potentially cost producers hundreds of thousands to millions of dollars.
“The strategic alliance with IEH agreement is a big win for us,” said Vivione’s Chief Executive Officer Kevin Kuykendall. “IEH has over 13 years of experience operating 119 labs around the world, which gives us access to facilities and necessary personnel to support our new product offerings. As part of the strategic alliance, we will market the new oil and gas products under the name of Petro Chemical Bio-Diagnostics.”
Mansour Samadpour, Chief Executive Officer of IEH, said, “We are excited to be working with Vivione on these new product offerings. Both companies have had success in the microbiology field and have worked in food service. We believe our new suite of product offerings will provide customers with the necessary diagnostic information to reduce their exposure to microbial contaminations that are costing the industry millions annually. Petro Chemical Bio-Diagnostics is the first suite of offerings we’ve seen that provides valuable information, specifically identifying the type of bacteria that are in wells and which biocides will have the greatest efficacy. We believe this solution will meet the growing needs of microbial detection within the oil and gas industry.”
Vivione’s RAPID-B system provides a universal platform that allows companies to rapidly detect and evaluate solutions for microbial contamination within the food, bio-therapeutics, clinical and, now, oil and gas industries. This system provides companies with real-time diagnostics which quickly and accurately identify and enumerate pathogens in different products and environments. Through the launch of the Corporation’s three new products, the Well Characterization Test (WCT), Bio-Treatment Efficacy Test (BET) and Total Bacteria Count (TBC), producers will be able to make more informed decisions regarding types and quantities of biocides to use in their specific oil and gas wells.
Vivione is a TSX Venture Exchange listed biosciences company focused on the commercialization of its proprietary RAPID-B system, an integrated system of hardware, software and chemical reagents that quickly and accurately identify, quantify and qualify bacteria and other pathogens in key food & water safety, clinical, industrial and oil & gas environments. For more information, visit www.VivioneBiosciences.com.
Founded in 2001, IEH Laboratories & Consulting Group based in Seattle, Washington combines consulting with accredited testing laboratories to provide services in food, pharmaceutical and environmental safety. Routine testing and project study services are offered through the IEH network of laboratories with more than 119 national and international locations, backed by the expertise of more than 65 Ph.D. level IEH staff covering a wide range of disciplines. For more information, visit www.iehinc.com.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. Although Vivione believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to Vivione. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. This news release contains forward-looking information relating to the commercialization and the development of the RAPID-B system, Vivione’s business and growth strategy, the anticipated benefits of the Agreement with IEH, the success of Vivione’s product offerings in the oil and gas sector and the ability of the RAPID-B system to generate revenue. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this news release are made as of the date of this news release and, except as required by applicable law, Vivione does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. Vivione undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of Vivione, or its financial or operating results or (as applicable), their securities.
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