VANCOUVER – Micron Waste Technologies Inc. has agreed to purchase all the shares of Covid Technologies Inc.
Covid is a privately held British Columbia corporation based in Vancouver, British Columbia dedicated to the manufacture of personal protective equipment (PPE) in response to the current coronavirus pandemic.
Micron, a technology company, is intending on utilizing its manufacturing and development capabilities at its existing Innovation Lab in Delta, BC to diversify its business by adding Covid as an additional business unit to its current operations.
Since announcing the interim agreement with Covid on April 20, 2020, Micron has been completing due diligence on Covid, the PPE industry and anticipated demand for PPE.
The anticipated demand for PPE is expected to surpass the current need arising from the pandemic and will become a requirement of the “new normal”. Covid has established manufacturing capacity through the acquisition of state-of-the-art mask making equipment, including the purchase of a FLK120 surgical mask making machine and over five tonnes of raw material for mask production. It operates from a 5,100 square-foot facility.
Since the interim agreement, Covid has entered into purchase agreements for approximately one million masks to private enterprise. The company is planning to acquire a meltblown machine line which will be capable of producing up to 3,200 kg of meltblown polypropylene fabric per day.
Following closing of the purchase and sale, Covid will relocate its manufacturing facilities to the Delta, BC facilities of Micron and be managed by the existing Micron team, together with Covid founder Harveer Sidhu.
Closing of the acquisition is anticipated to be completed by the end of May 2020.