Intelligent Bio Solutions Inc. (Nasdaq: INBS) is gaining attention following a significant announcement. The renowned provider of rapid, smart, and non-intrusive testing solutions has shared insights into the substantial operational advantages observed by customers upon implementing its Intelligent Fingerprinting Drug Screening System. These customers have incorporated the system to facilitate drug testing in a workplace setting.
The clientele in question spans various industries such as logistics, construction, and manufacturing among others, as their Intelligent Fingerprinting Drug Screening System, is applicable to any company across all global industries. This universal applicability arises from the fact that every company shares the ongoing necessity to conduct regular drug tests on their employees.
It has been disclosed that these clients realized significant cost savings, enhanced control over the entire process by internalizing it, improved project compliance, and increased workplace productivity. Notably, Intelligent Bio Solutions announced a shift towards fingerprint-sweat-based drug testing, driven by the growing demand for alternatives to conventional testing methods. Harry Simeonidis, the Chief Executive Officer of the company, addressed the issue, emphasizing the heightened need for alcohol and drug testing in major manufacturing and construction projects. However, he pointed out that traditional testing methods were inadequate in meeting these r demands.
Intelligent Bio Solutions Inc. (Nasdaq: INBS) revealed on January 29, 2024, that James Jones & Sons Ltd., a prominent timber processor and packaging manufacturer based in the United Kingdom, had adopted its innovative Intelligent Fingerprinting Drug Screening System. The company plans to deploy 11 portable readers from Intelligent Bio Solutions, strategically placing them in 25 locations throughout the United Kingdom.
Furthermore, on January 22, 2024, DGP Plc, a prominent United Kingdom-based company specializing in construction support, logistics, and security, opted for the Intelligent Fingerprinting Drug Screening System from Intelligent Bio Solutions to meet its internal drug testing requirements. Renowned for its involvement in major construction projects across the country, DGP Plc continues to play a significant role in the industry. In another milestone on January 18, 2024, the company achieved further success in the UK market by announcing that Robinson Brothers had selected its Intelligent Fingerprinting Drug Screening System for its alcohol and drug testing policy.
Ultimately, signalling the market's positive reception of the updated share structure, the stock concluded Monday, January 29, 2024, with a 19.6% increase, reaching $3.31, accompanied by a trading volume 3.7 times the average at 1,133,768 shares. In after-hours trading, the stock continued to rise, displaying several bullish indicators beneath its 10, 20, and 50 DMA's. This situation positions the stock as one to watch in the short term.
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