Greenville, South Carolina, Aug. 20, 2024 (GLOBE NEWSWIRE) — ARCpoint Inc. (TSXV: ARC) (the “Pursue” or “ARCpoint”) is pleased to announce that it has entered into a transaction dated August 20, 2024 with Any Lab Test Now (“ALTN”), completing the process to combine the franchise operations of both companies into a new joint venture, CRESSO Brands, LLC. (“CRESSO”).
Clarissa Bradstock, CEO of Any Lab Test Now, commented, “By combining our two franchises, we will not only create the largest franchise network of its kind in the United States, but we also expect to leverage the respective strengths of both franchise groups to improve both individual unit and overall economic performance. As a collaborative group, we believe ARCpoint franchisees will benefit from Any Lab Test Now’s experience in successfully building our predominantly individual consumer business. At the same time, we believe Any Lab Test Now franchisees will benefit from the implementation of ARCpoint’s proprietary MyARCpointLabs technology platform, as well as ARCpoint’s experience in the B2B and employer solutions markets.”
Any Lab Test Now (“ALTN”), based in Atlanta, Georgia, was founded in 1992. The company currently has over 235 franchise locations across the United States that provide direct access to clinical lab testing, DNA testing, drug and alcohol testing, and blood draw and other specimen collection services through its retail store business model. ALTN has been recognized as one of the top 500 franchises in Entrepreneur’s Franchise 500® for nine consecutive years. Entrepreneur magazine’s Franchise 500 is the world’s first, best and most comprehensive franchise ranking. It is not intended as an endorsement, promotion or recommendation of any particular franchise and is intended solely as a tool for comparing franchises.
John Constantine, CEO of ARCpoint, added: “In addition to the cost benefits and efficiencies that will result from combining our respective franchise operations under CRESSO, we believe this partnership is very positive for ARCpoint shareholders in the short term as it allows us to reduce ARCpoint’s costs while adding a new customer to our MyARCPointLabs technology platform and expanding our distribution footprint.”
Under the terms of the agreement, both ARCpoint and ALTN have contributed their franchise operations to CRESSO Brands, LLC, a Delaware limited liability company. ALTN will own 70.5% of the new company, with ARCpoint owning the remaining 29.5%. Both ALTN and the ARCpoint Franchise Group (“AFG”) brands will remain in existence and be managed separately. Clarissa Bradstock will continue to lead ALTN as she has for the past 11 years, and Bob Mann will continue to lead AFG as he has since April 2023. In addition to his role as ARCpoint CEO, John Constantine will also serve as implementation strategist for CRESSO and will split his time with ARCpoint. Both ALTN and AFG management teams will report to a CRESSO Board of Directors that will consist of a total of five members. Of the five directors, three will be appointed by ALTN and two by ARCpoint. The ARCpoint nominees are John Constantine and Bob Mann.
In addition, ALTN and ARCpoint have agreed to make ARCpoint’s MyARCPointLabs technology platform the preferred system choice for CRESSO brand franchisees.
Any Lab Test Now is an independent party to ARCpoint and no finder’s fees are payable in connection with this transaction.
About ANY LAB TEST NOW®
Founded in 1992, ANY LAB TEST NOW® is a direct access laboratory testing franchise that provides thousands of standard laboratory tests to consumers and businesses in a professional, convenient, cost-effective and transparent manner with more than 235 franchises across the United States. ANY LAB TEST NOW® offers a variety of affordable and confidential laboratory tests to consumers and businesses, including blood, drug, DNA and STD testing. For more information on laboratory testing in your area, visit https://www.anylabtestnow.com/locations.
About ARCpoint Inc.
ARCpoint is a leading U.S.-based franchise system that offers drug testing, alcohol screening, DNA and clinical laboratory testing, corporate health programs, and employment and background screening, among other services. The company is headquartered in Greenville, South Carolina. ARCpoint Franchise Group LLC, incorporated under the laws of the State of South Carolina in February 2005, is the franchisor of ARCpoint Labs and oversees over 130 independently owned locations. ARCpoint sells franchises to individuals throughout the United States and provides marketing, technology and training support to new franchisees. ARCpoint Corporate Labs LLC develops corporate labs dedicated to providing accurate, cost-effective solutions to customers, businesses and physicians. AFG Services LLC serves as the innovation center for the ARCpoint family of companies, building a proprietary technology platform and physician network to equip all ARCpoint labs with best-in-class tools and solutions to better serve their customers. In addition, the platform digitizes and streamlines administrative functions such as material purchasing, compliance, billing and physician services for ARCpoint franchise laboratories and other customers.
For further information please contact:
ARCpoint Inc.
Jason Tong, Chief Financial Officer
Phone: (604) 889-7827
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-looking information
This release contains certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities legislation. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of the Company’s management with respect to future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. Such information and statements, referred to herein as “forward-looking statements”, are not historical facts, are made as of the date of this press release and include, without limitation, statements regarding discussions of future plans, estimates and projections and statements regarding management’s expectations and intentions with respect to, among other things: CRESSO’s future plans as a joint venture company.
These forward-looking statements involve numerous risks and uncertainties and actual results may differ materially from those suggested by the forward-looking statements.
In making the forward-looking statements in this press release, the Company has made several material assumptions, including the following: CRESSO, once formed, will be able to operate as a successful joint venture.
Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statements, forward-looking information or financial outlook referenced herein, except in accordance with applicable securities laws. We strive to obtain the Safe Harbor Certificate.
