KUALA LUMPUR, June 2 (Bernama) -- Medical device company, ALR Technologies Inc (ALRT) has announced taking steps to redomicile to Singapore.
“While we remain committed to our US initiatives, redomiciling to Singapore will put ALRT in the heartbeat of the global diabetes market,” said ALRT Chief Executive Officer, Sidney Chan.
“We will be better positioned to bring improved patient care at an affordable price in the 10 ASEAN (Association of Southeast Asian Nations) countries and China, and also India.”
As part of the process, ALRT intends to affect a share exchange plan of merger under the laws of Nevada and Singapore in which shareholders will exchange their shares of the Company for shares in a Singapore entity, on a one-for-one basis, with the Singapore entity becoming the parent company.
The transaction will be subject to shareholder approval and approval of the relevant corporate and securities regulatory authorities in both jurisdictions where required, according to a statement.
The new parent company will be filing a registration statement with the United States Securities and Exchange Commission with respect to new shares to be issued, and application will be made with the OTC Markets Group to trade its shares on the OTC:QB.
Listing on exchanges in the southeast Asian region are being evaluated and considered. The Company expects the redomiciling to be completed in Q3 this year.
Since October 2020, ALRT has intensified efforts in ASEAN markets, including partnering with Diabetes Singapore for outreach to both patients and healthcare professionals; and, collaborate with Association of Muslim Professionals to better manage diabetes in the Singapore Muslim community.
The company also marketed to retirees in the Singapore Armed Forces and other senior citizen groups to promote awareness of, and facilitate diabetes management; and, conducting a clinical trial with a leading Singapore hospital to build credential for ALRT’s Diabetes Solution.
With the fight against diabetes being a national priority in Singapore, ALRT believes that opportunities exist to generate increased value for its shareholders with fresh perspectives in telehealth management and accelerate its planned international expansion for diabetes care.
More details at www.alrt.com.
-- BERNAMA
No comments:
Post a Comment