16th Oct 2020 10:27
(Alliance News) - Catenae Innovation PLC on Friday inked a 50-50 joint venture agreement with BHA-Medical Ltd and BHA-Medical Pty Ltd through Onside Now Ltd to deliver an integrated Covid-19 test, monitor and manage programme.
BHA-Medical Ltd and BHA-Medical Pty Ltd are the UK and South African entities of the medical equipment supply company, Durban-based Blackhive Africa Medical.
The Newcastleupon-Tyne, England-based provider of digital media and technology said its platform and ledger technology will contribute data management capabilities for the Covid-19 tests to be supplied by BHA-Medical.
BHA-Medical will provide the JV with oral and nasal swab tests, which have been approved by the UK government.
The programme has the potential for use and deployment by governments, businesses and organisations, the company said.
Any profits generated through the JV will be distributed evenly to BHA-Medical and Catenae. There is no guarantee that the JV will generate profits, the company said.
To date BHA-Medical has supplied approximately 350,000 certifide Covid-19 tests to businesses within the UK.
Catenae Chief Executive Guy Meyer said: "We are pleased to have entered into a Joint Venture agreement with BHA-Medical both here in the UK and in South Africa. BHA-Medical and ourselves are strategically aligned given that we complement each other's offering.
"Our revenue models are both volume based and both have the capacity to scale. BHA-Medical's presence in South Africa also dovetails into the current market activity that Afrik-ID are undertaking across the SADC region from neighbouring Botswana."
Catenae shares were up 10% at 2.70 pence each in London on Friday morning.
By Greg Roxburgh; [email protected]
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