HALIFAX, Jan. 4, 2017 /CNW/ - kneat.com, inc. (TSXV: KSI) ("kneat.com", "Kneat", or the "Company") is pleased to announce that a large multi-national pharmaceutical company has deployed the Kneat Gx platform to replace many of its paper-based validation and GxP testing processes within their highly regulated manufacturing facilities world wide. The Kneat Gx platform provides a compliant e-validation solution that enables life science companies to become efficient and compliant with an automated process that has traditionally been manual, in-efficient and paper-based. Our customer is reporting significant productivity and cycle time improvements; all supporting a faster time to market goal. This initial contract is for a period of three years and is valued at a minimum of $1.1 million CAD.
Kneat Gx is a platform software product with robust inbuilt e-signature capability that meets the strict pharmaceutical industry requirements. It has been designed to allow the customer to configure, manage and modify their processes without coding knowledge. It is especially relevant to highly regulated processes, where the ability to standardise best practices and to have real-time global visibility is highly valued; thereby increasing compliance, driving efficiency and speed to market. Key features of Kneat Gx are its ease of deployment and usability.
"We are delighted that this customer has chosen our software and is experiencing compelling benefits across their global network. We look forward to deepening our relationship by extending Kneat to more processes, enabling further innovation throughout their supply chain. We are proud to be a partner of this customer," said Eddie Ryan, CEO of Kneat. "Our customer is a global leader in the pharmaceutical industry and it gives us great pleasure that our software is supporting their business in such an important role."
Kneat develops and markets the leading edge Kneat Gx software platform. Kneat Gx is an e-validation tool which enables the life sciences industry to become fully electronic with their many validation and testing processes. Our customers are reporting productivity increases in excess of 100%, cycle time reductions of up to 60% and a higher repeatable compliance standard. A key feature of the tool is that it does not restrict the user to a specific process, rather the user can quickly configure their process in the system.
Our customers are streamlining and automating all validations (process, equipment, computer, cleaning and laboratory), commissioning and qualification, product changeovers, automation lifecycle management, vendor and project turnover management and more. For more information, please visit www.kneat.com.
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Kneat and the customer, the use of Kneat within the customer's manufacturing process, the ability to scale the use of Kneat within the customer and the compliance of the Kneat Gx platform under regulatory audit and inspection. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors' own risk.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information: Sarah Oliver, CFO, kneat.com, inc., 2001-1969 Upper Water Street, Halifax, NS, B3J 3R7, T: +353 61 203826, E: [email protected]