Dear shareholders and customers of Co-Diagnostics,
We are pleased to announce that on December 31, 2014, the Management of Co-Diagnostics Inc signed an agreement with DNA Logix Inc. for the latter company to become a wholly-owned subsidiary. DNA Logix is ISO-certified for design, development, testing, and manufacturing of tuberculosis tests and their components. Founded by Dr. Brent Satterfield, it has also been the company through which all current technology and intellectual property has been developed. While Co-Diagnostics has had exclusive marketing rights to all technology developed by DNA Logix since 2012, management felt the time was finally right to bring DNA Logix under the Co-Diagnostics umbrella.
As stated in an earlier update, the next step is to support DNA Logix in its efforts to expand the scope of its ISO certification to extend beyond tests for tuberculosis. With our growing menu of infectious disease, oncology, and agriculture tests, it is important that the credibility achieved through ISO certification encompass all products currently existing and under development.
Per the terms of the agreement, Co-Diagnostics HBDC is now also a wholly-owned subsidiary of Co-Diagnostics Inc. Co-Diagnostics HBDC has created and incubated many strategic partnerships, including those involved in our upcoming India initiative to place PCR machines throughout the country in an effort to increase the availability of high-quality, low-cost PCR tests in areas previously overlooked by the public sector. Cost prohibitions have also prevented the private sector from gaining any traction in these areas.
We look forward to pressing on with this new, streamlined corporate structure, and will continue to update all shareholders and customers on our progress.