ARCpoint and Any Lab Test Now Form Major Joint Venture
ARCpoint Inc. (TSXV: ARC) is thrilled to announce a significant partnership with Any Lab Test Now (ALTN), merging their franchise operations into a new joint venture named CRESSO Brands, LLC.
Combining Strengths for Enhanced Economic Performance
Clarissa Bradstock, CEO of Any Lab Test Now, emphasized the benefits of this collaboration. She stated that the merger aims to utilize the distinct strengths of both franchises to improve the performance of individual units and boost overall economic efficiency. This partnership is anticipated to provide considerable advantages to ARCpoint’s franchisees and customers through enhanced service offerings.
Overview of Any Lab Test Now
Founded in 1992, Any Lab Test Now has grown to encompass over 235 franchises across the United States, offering convenient clinical, DNA, drug, and alcohol testing services. The company has consistently ranked among the top franchises in the Entrepreneur Franchise 500, reflecting its strong reputation and operational success.
Strategic Advantages for Shareholders
John Constantine, CEO of ARCpoint, noted that this merger is set to introduce cost efficiencies and advantages for ARCpoint shareholders. The joint venture will not only lower costs but also expand the distribution network by utilizing ARCpoint’s proprietary technology platform, MyARCpointLabs.
Leadership of the New Joint Venture
According to the merger agreement, CRESSO Brands will be owned 70.5% by ALTN and 29.5% by ARCpoint. Both brands will keep their independent management structures, with Bradstock and Constantine continuing to oversee their respective franchises while reporting to a five-member board of directors.
Integrating Technology for Franchisees
The agreement also includes plans for ALTN and ARCpoint to implement MyARCpointLabs as the technological backbone for all CRESSO brand franchisees, thereby improving operational efficiency.
About Any Lab Test Now
Any Lab Test Now specializes in direct access lab testing, offering a broad range of standard lab tests while prioritizing professional and transparent service. With a network of over 235 franchise locations, they provide various affordable testing options, including blood work, drug screenings, and STD testing.
About ARCpoint Inc.
ARCpoint Inc. is a leading franchise system dedicated to drug testing, alcohol screening, DNA and clinical lab testing, as well as corporate wellness programs. Established in Greenville, South Carolina, ARCpoint supports more than 130 franchises and is committed to providing innovative solutions to its partners and clients.
For more information, please reach out to:
ARCpoint Inc.
Jason Tong, Chief Financial Officer
Phone: (604) 889-7827
E-mail: invest@arcpointlabs.com
Frequently Asked Questions
What is the significance of the joint venture between ARCpoint and Any Lab Test Now?
The joint venture aims to establish the largest franchise direct access lab testing group in the U.S., enhancing service offerings and operational efficiencies.
How will franchisees benefit from this merger?
Franchisees will gain access to enhanced technology platforms and operational synergies, ultimately improving their service delivery and economic performance.
Who will lead the new joint venture company, CRESSO?
The venture will be co-led by Clarissa Bradstock from Any Lab Test Now and John Constantine from ARCpoint, ensuring that both brands retain their experienced leadership.
What services does Any Lab Test Now provide?
They offer a comprehensive range of lab testing services, including clinical tests, DNA testing, drug screenings, and STD testing across their franchises.
What does ARCpoint focus on?
ARCpoint specializes in drug and alcohol testing, corporate wellness, DNA testing, and employment screening, among other services, while promoting innovative solutions to its clients.
