Beyond Medical Technologies Inc has told investors that it is eyeing “several opportunities” as it rethinks the work being done by its medical face mask manufacturing subsidiary Micron Technologies Inc.
Since August 2020, Micron Technologies has been operating at its facility in Delta, British Columbia, where it manufactures medical-grade face masks under its Medical Device Establishment license issued by Health Canada. Micron is also registered with the US Food and Drug Administration (FDA).
In a corporate update, Vancouver-based Beyond Medical said it is reviewing Micron’s medical face mask business as many jurisdictions have recently lifted mask mandates, and demand for face masks is “rapidly declining.”
READ: Beyond Medical Technologies offers medical grade face masks to push through Omicron wave
Beyond Medical said it is considering operating Micron Technologies’ facility at “reduced capacity or potentially terminating” its mask manufacturing business through a sale of all inventory and equipment related to its mask manufacturing business. Micron Technologies makes three-ply medical grade face masks, N95 Model 8800 face masks and face mask filters.
For the nine months ended September 30, 2021, Beyond Medical had cash and equivalents of $1.65 million and total liabilities of $420,541. The company said it expects to file its annual financial statements in the coming weeks.
In a statement, Beyond Medical CEO Kal Malhi said: “The company is interested in investigating business opportunities in sectors which can offer attractive shareholder returns and offer growth opportunities with the infusion of capital. We are currently reviewing several opportunities and will provide updates as our investigations progress.”
In addition, Malhi invited good business ideas and submissions from entrepreneurs and institutional investors where Beyond Medical’s could channel its current funds and ability to raise additional capital to “leverage growth for a business.”
Beyond Medical also has an investment in the digital telehealth platform Kayan Health, an artificial-intelligence-powered health communications platform that allows doctors to communicate with their patients and monitor them remotely.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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