Impact of the COVID-19 Pandemic on Innovotech Inc.

About this update from Innovotech Inc.

[{"type":"text","content":"Impact of the COVID-19 Pandemic on Innovotech Inc.(via TheNewswire)\n \n \nEdmonton - TheNewswire - March 31, 2020. Innovotech Inc. (TSXV:IOT) and its employees are not immune to the exceptional circumstances in which the COVID-19 Pandemic has placed our communities, country and the world.\n\n \n \nWe are taking all necessary precautions to protect our employees, suppliers, customers and community.\n\n \n \nFor the most part our business relies on sales of products and services to distant clients. Our product sales are lower as research laboratories around the world focus on other priorities or are forced to suspend operations. For our contract research services, work that we expected to perform and invoice for in March has been postponed, primarily because our clients have had difficulty supplying us with the materials we need to do their projects.\n\n \n \nIn the coming quarter we expect that we will be doing work originally scheduled earlier. After then we face the same uncertainties as everyone else. We will take necessary steps to financially protect and keep our highly trained and skilled staff, using all help available to us, including that available or proposed by various levels of government in Canada. We will negotiate with suppliers as needed to smooth out cash requirements. \n\n \n \nWe have assurances that we can rely on our major shareholder for short term cash requirements, if needed. We expect that if procedures implemented in Canada and throughout the world are successful in stemming the tide of the pandemic within the next six months, we will emerge ready to resume the growth trajectory established in the 2019 year.\n\n \n \nDr. James Timourian \n\n\n \nPresident \n\n\n \n\n\n\n \nThis document may contain forward-looking statements that are predictive in nature and subject to risks and uncertainties that cannot be predicted or quantified; consequently, actual results may differ materially from past results and those expressed or implied by any forward-looking statements. Factors that could cause or contribute to such risks or uncertainties include, but are not limited to: the regulatory environment including the difficulty of predicting regulatory outcomes; changes in the value of the Canadian dollar; the Company's reliance on a small number of customers including government organizations; fluctuations in oper...

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