ARCpoint Inc. (TSXV: ARC) (the “
Company” or
“
ARCpoint”) a leading US-based franchise system
providing drug testing, alcohol screening, DNA and direct to
consumer (“DTC”) clinical lab testing services, is pleased to
report that it has launched two new subscription plans that offer
businesses and individual consumers discounts on ARCpoint
healthcare diagnostic testing services when subscribed for on an
annual basis.
ARCpoint CEO John Constantine commented, “The
launch of the ARCpoint Access programs is a win-win-win scenario
for our individual and business customers, and our franchisees.
Under either an Individual or an Employer Access plan, annual
subscribers will get bundled pricing on certain services and access
to discounted pricing on all our other services. With the Access
Employer program, business customers will be able to offer their
employees certain healthcare benefits at a significant discount to
the cost of traditional insurance plans”.
ARCpoint Access is not insurance, but it works
where insurance doesn’t. It helps fill an important gap for those
people who are left behind by the insurance system. ARCpoint Access
provides access to valuable preventive and urgent care services
that many people with no insurance or high deducible healthcare
plans don’t have access to in an affordable way. As with most
ARCpoint services, the Access programs are offered on a “cash”
basis and vary in scope, degree of coverage and may include access
to bundled wellness and preventative diagnostic testing service
packages. All the Access plans offer varying discounts on ARCpoint
services which are not included in a purchased bundle.
Mr. Constantine added “Our franchisees will also
have a new opportunity to engage individual and business customers
at a time when overall healthcare and employer funded healthcare
costs are rising. Given that our franchisees have commercial
relationships with over 4,000 businesses, this is an excellent
opportunity to expand our affiliate network by turning those
businesses into affiliates, which would expand our distribution
reach and generate monthly subscription revenue”.
As the Company discussed in its August 10, 2023,
news release, affiliate businesses are health-related businesses
that are separate from Arcpoint, such as health or vitamin stores,
fitness facilities, chiropractor offices, physician offices,
clinical and genetic reference labs, and pharmacies. Given
regulatory, licensing, technology and other issues, many of these
types of businesses have not been previously able to offer DTC
healthcare testing services. Using the MyARCpointLabs platform,
affiliates can offer some or all ARCpoint's products and services
to their customers to both enhance their own product and service
offerings and, in some cases, generate additional revenue, while at
the same time meeting applicable regulatory and other compliance
obligations. With the launch of ARCpoint Employer Access, any
business can now become a new type of affiliate by offering
ARCpoint wellness and preventative diagnostic testing services to
their employees, including discounts on all ARCpoint testing
services not explicitly included in the particular
employer-purchased subscription package. According to an October
16, 2023, Wall Street Journal article on employee healthcare
benefits entitled “Surge in Health-Insurance Costs Pose Next
Challenge for Finance Chiefs”, “Healthcare costs are rising at the
steepest rate in years, leaving CFOs to manage the price tags”.
The Company also reports that it has undertaken
new measures to reduce costs by USD$1,000,000 on an annualized
basis. These cuts include annualized reductions in staffing and
compensation of approximately USD$800,000 and USD$200,000 in sales,
general and administration costs. As a function of these cuts, the
Company will incur severance costs of USD$67,000 in the current
month and start to see the full impact of financial benefits
beginning in November of this year.
About ARCpoint Inc.ARCpoint is
a leading US-based franchise system that leverages technology along
with brick-and-mortar locations to give businesses and individual
consumers access to convenient, cost-effective healthcare
information and solutions with transparent, up-front pricing, so
that they can be proactive and preventative with their health and
well-being. ARCpoint is based in Greenville, South Carolina, USA.
ARCpoint Franchise Group LLC, formed under the laws of the state of
South Carolina in February 2005, is the franchisor of ARCpoint Labs
and supports over 130 independently owned locations. ARCpoint sells
franchises to individuals throughout the United States and provides
support in the form of marketing, technology and training to new
franchisees. ARCpoint Corporate Labs LLC develops corporate-owned
labs committed to providing accurate, cost-effective solutions for
customers, businesses and physicians. AFG Services LLC serves as
the innovation center of the ARCpoint group of companies as it
builds a proprietary technology platform and a physician network to
equip all ARCpoint labs with best-in-class tools and solutions to
better serve their customers. The platform also digitalizes and
streamlines administrative functions such as materials purchasing,
compliance, billing and physician services for ARCpoint franchise
labs and other clients.
For more information, please contact:
ARCpoint Inc.Jason Tong, Chief Financial
OfficerPhone : (604) 889-7827E-mail : invest@arcpointlabs.com
CAUTIONARY STATEMENT REGARDING
FORWARD-LOOKING INFORMATION: This press release contains
“forward-looking statements” or “forward-looking information”
(collectively referred to hereafter as “forward-looking
statements”) within the meaning of applicable Canadian securities
legislation.
All statements that address activities, events
or developments that ARCpoint expects or anticipates will, or may,
occur in the future, including statements about ARCpoint’s future
growth, business prospects, future trends, plans and strategies,
expected benefits from business activities and the Company’s
prospects for new business are forward-looking statements. In some
cases, forward-looking statements are preceded by, followed by or
include words such as “may”, “will”, “would”, “could”, “should”,
“believes”, “estimates”, “projects”, “potential”, “expects”,
“plans”, “intends”, “proposes”, “anticipates”, “targeted”,
“continues”, “forecasts”, “designed”, “goal”, or the negative of
those words or other similar or comparable words. Although the
management of ARCpoint believes that the assumptions made and the
expectations represented by such statements are reasonable.
Forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance, or achievements of ARCpoint to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Risks and uncertainties applicable to the Company, as
well as trends identified by the Company affecting it and the
healthcare services industry can be found in the Company’s 2022
Annual MD&A and its continuous disclosure record available on
SEDAR. Although ARCpoint has attempted to identify important
factors that could cause actual results to differ materially, there
may be other factors that cause results not to be as anticipated,
estimated, or intended. Forward-looking information included in
this press release includes, but is not limited to, statements in
respect of the expected timeline for deploying ARCpoint’s online
portals and the expected benefits of such online portals.
Such cautionary statements qualify all
forward-looking statements made in this press release. ARCpoint
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable law.
Any forward-looking information speaks only as
of the date on which it is made, and except as required by law, the
Company does not undertake any obligation to update or revise any
forward-looking information, whether as a result of new
information, future events or otherwise. New factors emerge from
time to time, and it is not possible for the Company to predict all
such factors. When considering the forward-looking information
contained herein, readers should keep in mind the risk factors and
other cautionary statements in the Company’s disclosure documents
filed with the applicable Canadian securities regulatory
authorities on SEDAR at www.sedar.com. The risk factors and other
factors noted in the disclosure documents could cause actual events
or results to differ materially from those described in any
forward-looking information.
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 Press release.
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