Transition will Minimize Downtime, Deliver Faster, More Cost-Effective Results, and Improve Overall Safety and Productivity

NEW YORK, Oct. 14, 2024 (GLOBE NEWSWIRE) -- Intelligent Bio Solutions Inc. (Nasdaq: INBS) ("INBS" or the "Company"), a medical technology company offering non-invasive, rapid testing solutions, today announced the addition of Pyrotek Pty Ltd (“Pyrotek”), to its customer base. Pyrotek is a global leader in engineering solutions. By adopting INBS’ Intelligent Fingerprinting Drug Testing Solution across its Australian branches, Pyrotek will enhance its workplace safety protocols, shifting from traditional saliva testing to INBS’ faster, more efficient fingerprint sweat-based drug screening method.

Pyrotek is a team of skilled global engineers and technical manufacturing experts working to serve industry partners, with operations in more than 35 countries and over 3,000 people strong. In Australia, Pyrotek's primary focus is Acoustic and Thermal, while globally providing specialized solutions for aluminum, glass, steel, zinc, and advanced materials.

Pyrotek previously conducted drug testing every three to six months, relying on an external provider to screen a limited number of employees. With INBS’ Intelligent Fingerprinting Drug Screening System, Pyrotek can now conduct drug screening tests in-house, enabling on-site testing for the entire workforce. The transition to INBS’ more efficient system minimizes operational downtime, reduces reliance on third-party scheduling, and delivers faster, more cost-effective results, improving overall productivity.

"At Pyrotek, the safety of our employees is paramount,” said Pyrotek Sydney Site Manager. “Integrating Intelligent Bio Solutions’ drug screening system allows us to strengthen our current safety protocols in a highly efficient and non-invasive manner."

Pyrotek plans to expand INBS’ innovative drug testing solution across its Australian locations after initial implementation at its main branch in Sydney, reinforcing its commitment to a safety-focused workplace culture.

With FDA 510(k) submission planned in the fourth quarter of this year and entry into the US market planned for the first half of 2025, INBS is capitalizing on the growing drug screening products market, estimated to have a Total Addressable Market of ~$15 billion by 2030.

About Intelligent Bio Solutions Inc.

Intelligent Bio Solutions Inc. (NASDAQ: INBS) is a medical technology company delivering innovative, rapid, non-invasive testing solutions to more than 400 customers in 19 countries. The Company believes that its Intelligent Fingerprinting Drug Screening System will revolutionize portable testing through fingerprint sweat analysis, which has the potential for broader applications in additional fields. Designed as a hygienic and cost-effective system, the test screens for the recent use of drugs commonly found in the workplace, including opiates, cocaine, methamphetamine, and cannabis. With sample collection in seconds and results in under ten minutes, this technology would be a valuable tool for employers in safety-critical industries. The Company’s current customer segments include construction, manufacturing and engineering, transport and logistics firms, drug treatment organizations, and coroners.