Preferred Dental Technologies Inc. ("Company") (CSE:PDTI), (CNSX:PDTI.CN), (OTC:PDTTF): Provides Corporate Update
July 31, 2020 - TheNewswire - Winnipeg, MB - The impact of COVID-19 on the world at large, and within the dental industry has created numerous challenges for the company in 2020. Large scale closures and shutdowns, restrictions on travel, and a halt to non-emergency dental procedures have occurred in North America and around the globe. With these obstacles in place, PDTI was halted in its progress in the areas of marketing, training and product development until recently. Even with some economies slowly opening up, the risk of further waves and further shutdowns remain, and these concerns continue to slow progress in the dental sector. Key strategic regions such as Brazil, remain in a state of high uncertainty and regulatory bodies are slow to respond to inquiries not related to COVID-19.
Despite these unexpected obstacles, we are pleased to announce that PDTI has made progress in several areas. Efforts have been channeled to distance training of sales representatives as we anticipate a return to relative normalcy, and several new contacts have been made. PDTI has reached out to a number of industry leaders in the areas of prosthetic dentistry, oral surgery and industrial 3D printing, including faculty at New York University Dentistry. The response to The EAS System is very positive, with our solutions to common implant issues being reiterated by these dental educators and experts. We are currently in discussion to find ways to leverage these centers of influence to expand awareness of The EAS System and develop sales of the system when restrictions to dental procedures are eased and return to normal. We have also been speaking to prominent companies in the digital manufacturing sector regarding ways to co-develop our digital dental concepts.
The EAS technology continues to be embraced as the only platform which truly bridges the gap from traditional implants to 3D design of customized dental abutments, while using the same platform with extended features when compared to traditional abutments. The benefit of delivering a superior product at a competitive price is an additional compelling feature which is recognized with praise during presentations.
While Brazil has been struggling with the COVID-19 pandemic and key members had to return from Sao Paulo prematurely at the outset, we have been able to continue communication with dental representatives in the region. Dental distributors continue to look at opportunities in the region and have initiated inquiries with local regulatory bodies.
PDTI continues to receive additional patent approvals. During the past number of months, we received notification of additional patent grants for Canada, the European Union under PCT application and Brazil for our digital design patents. This continues to strengthen the position and value of our intellectual property.
As a part of our response to COVID-19, the company resolved to shift to a remote office model. With our 5-year office lease ending in September 2020, and with the success of the remote work structure we have been operating under the last 4 months, we have decided to continue with the remote office model moving forward. We expect this shift to save the company approximately $25,000 CDN per year.
In spite of the challenges we have had to overcome throughout 2020, the strength of The EAS System continues to draw expert interest. We are preparing ourselves with strategic partnerships in anticipation of the dental industry's resumption of regular business in North America and around the world.
At this point in time, the Company has not been successful in identifying an adequate source of financing. Until the Company can raise sufficient capital to pay for audits and bring financial filings up to date, The Companies shares will continue to be halted.
Preferred Dental Technologies Inc. (PDTI) has been established to advance development and commercialization of various evolutionary and disruptive technologies in the dental implant industry.
MISSION - INNOVATIVE & PRACTICAL SOLUTIONS FOR THE DENTAL INDUSTRY
On behalf of Preferred Dental Technologies Inc.
Chief Executive Officer
All product names referenced herein are trademarks of their respective companies.
This news release may contain forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law. Neither The Canadian Securities Exchange nor its Regulations Services Provider (as that term is defined in the policies of The Canadian Securities Exchange accepts any responsibility for the adequacy or accuracy of this release.