FluroTech announces that it has decided to exit the pandemic and emerging disease industry immediately and halt any further expenditures on development of its Pandemic and Emerging Disease Defense Platform. Due to declining rates of COVID-19 and the establishment of testing protocols by various governmental and commercial bodies, the demand for FluroTech’s PEDDP has significantly diminished making the further advancement of the PEDDP unprofitable for the Company. Over the next six months, FluroTech’s subsidiary will discontinue its business operations related to the PEDDP. Management of the Company is currently working on the strategic direction FluroTech will take and will announce any updates to Company’s business plan once established In connection with the exit of the Company from its PEDDP related business, Rick Hanson has decided to resign from the Board of Directors of the Company as he has determined that his services and expertise may not be applicable to the Company moving forward. The remaining directors will use their best efforts to secure a new path of opportunity for the Company’s stakeholders. This may take several months given current global issues, including the state of the financial markets, the pursuit of new business, capital reorganization and new financing.
Published first on TheFly
