viewTraceSafe Inc.

Tracesafe boosts production capacity nearly tenfold as demand for contact tracing technology ramps up

The company recently participated in two government tenders, one for over 120,000 bands and another for over 30,000 wristbands and gateways

TraceSafe Inc. -
Tracesafe is a full suite of real-time location management services and contact tracing solutions

TraceSafe Inc (CSE:TSF), the wearable safety technology company, said it has boosted its wristband production capacity nearly tenfold as the coronavirus (COVID-19) pandemic boosts demand for tracing services.

The technology firm said it now has the ability to produce 300,000 wristbands and other wearable devices per month, a sharp increase from the 30,000 it produced in the first quarter of 2020.

The news came as the Tortola-based company gave an update on its business activities and pipeline progress since closing a C$4 million financing last month.

READ: TraceSafe closes previously announced private placement raising gross proceeds of $4,005,000

TraceSafe continues to see demand for its contact tracing and self-quarantine management technology from government customers. For a single government customer, the firm has sold and shipped a company record of 180,000 wristbands within the last two quarters, the group said, with average order size quantity from government customers increasing nearly four times since 1Q 2020.

The company recently participated in two government tenders, one for over 120,000 bands and the other for over 30,000 wristbands and gateways.

As for its pipeline of opportunities, the firm said it is currently running more than 20 pilot projects for its contact tracing product within areas like hospitals, construction sites, factories and stadiums.

"From increasing production capacity to fulfilling and deploying orders worldwide, we're excited about the tremendous growth we've witnessed within the company," Dennis Kwan, CEO of TraceSafe Technologies said in a statement. Our goal is to scale responsibly and provide the best products possible for health quarantine, contact tracing and other technological solutions for public health management."

The company plans to further deploy pilot projects for large organizations and grow its sales channels while implementing new technology outside of wristbands and diversifying its supply chain.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: TraceSafe Inc.

Price: 0.5 CAD

Market: CSE
Market Cap: $17.72 m

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on 29/9/20

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