Reflect Scientific Inc. Adds Another Low Temperature Refrigeration Patent Solution to its Growing Intellectual Property Portfolio, and Business Update
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OREM, Utah, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Reflect Scientific, Inc. (Symbol: RSCF), a provider of diverse products and services for the biotechnology, pharmaceutical, and transportation industries, announced that an additional patent has been granted by United States Patent Office for an ultra-low temperature (-160C) chest freezer based on the proven Cryometrix liquid nitrogen cooling technology.
Ultra-low temperature mechanical freezers face unique issues. Lack of temperature uniformity throughout the storage volume can be a problem for both upright and chest freezers. Opening and closing the door creates a large influx of warm air causing an extended temperature recovery time. Reflect Scientific has already addressed this concern for upright freezers with its unique liquid nitrogen based Cryometrix system. A recently issued Reflect Scientific patent now addresses these concerns with a superior chest freezer design. The Cryometrix chest freezer temperature stability and resistance to warm air infiltration during opening provides a very consistent, controlled low temperature environment that can be relied upon for safely storing high value products such as CAR-T therapeutics. This patented technology provides the next level of temperature uniformity and control.
The cold chain management of COVID vaccines continues to present challenges in storage and distribution; and we believe our patented freezer technology could have a favorable and positive impact on the current pandemic and would be a valuable asset for the distribution and storage of the current COVID-19 vaccines that require storage at extremely cold temperatures.
On our sales front, we have several freezer systems scheduled for shipment this year, with a number of other orders anticipated in the first quarter of 2021 from multiple worldwide pharmaceutical companies; we are pleased with the level of activity we are seeing, and remain optimistic that the Company may realize positive earnings per share for 2020. The Company is presently debt free.
In the area of cold chain management, we are continuing discussions with a major supplier of air transport containers regarding the integration of our liquid nitrogen systems to enable cooling and temperature control of sensitive payloads.
We are still awaiting response from Operation Warp Speed, a FEMA contractor, and other organizations, from who we have received inquiries for our Cryometrix S-90 cryogenic shipping and storage system. These systems can also serve as a cold (e.g. -80C) storage unit once at destination. We do have a large-scale manufacturing capability should these inquires firm up. In terms of the competitive advantages of our products, we believe the Cryometrix liquid nitrogen freezers offer the following principal benefits versus mechanically driven ULT's or the utilization of dry ice. They can: (i) accommodate a wide range of temperature storage conditions (i.e. anywhere from room temperature to as low as -90C); (ii) have a very rapid temperature recovery from door openings, making it safer, for example, in maintaining COVID vaccines at the desired critical temperature; and (iii) the Cryometrix liquid nitrogen system has a very high operational reliability, keeping potential waste of valuable payloads to essentially zero compared to mechanically driven freezers that can be susceptible to failure.
We do not require dry ice, which has temperature limitations. Dry ice is limited to -78.5C (the current Pfizer vaccine has been reported to require -80C); and dry ice can also present challenges with respect to handling. On the other hand, liquid nitrogen in the Cryometrix system is in a contained environment.
Cryometrix freezers typically show higher storage capacity per footprint compared to mechanical freezers, and they have excellent temperature uniformity throughout the payload space with essentially no build-up of ice on payload. The newly granted patent for a “chest” freezer will be a welcome and important addition to our Cryometrix freezers.
Forward-Looking Statements:This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on information available at the time the statements are made and involve known and unknown risks, uncertainties and other factors that may cause our results, levels of activity, performance or achievements to be materially different from the information expressed or implied by the forward-looking statements in this press release. This press release should be considered in light of the disclosures contained in the filings of the Company that are contained in the OTC Markets Group, LLC under the trading symbol “RSCF” and related prior filings by the Company that are referenced therein and contained in the EDGAR Archives of the Securities and Exchange Commission under the heading “Disclosure,” including those identified in such filings as “forward-looking statements.”
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