Relay Medical Corp. has entered a Share Exchange Agreement to acquire Cybeats Technologies for $7,180,000, with a combination of cash and shares. This acquisition aims to enhance Relay's cybersecurity capabilities for IoT devices, crucial given the projected $73 billion market for IoT security by 2026. Cybeats' platform secures connected devices against cyber threats, offering real-time protection and monitoring. The deal includes milestone shares contingent upon Cybeats meeting revenue goals within 18 to 42 months post-acquisition.
Relay Medical Corp. (RYMDF) and Fio Corporation have partnered to produce high-volume COVID-19 mobile testing devices with KeyTronic, a renowned FDA-approved contract manufacturer. The assembly line for these devices is expected to start in October, with an initial run of 165 units. Meanwhile, Fionet has been deployed in 10 clinics in Kenya, and FRR is pursuing regulatory approval from Health Canada, the US, and the EU. This initiative aims to facilitate community-based testing amid the anticipated second wave of COVID-19.