Auckland, New Zealand – June 18, 2024 – Sharps Technology, Inc. (Nasdaq: STSS and STSSW), a leading provider of advanced sharps management solutions, is making significant strides to meet growing demand. The company has announced the advancement of technology shipments under a $50 million SoloGard supply agreement and is simultaneously undertaking substantial upgrades to its manufacturing facility, signalling a period of robust growth and investment.

This strategic move is designed to significantly enhance Sharps Technology's scalability, efficiency, and overall production capacity. The SoloGard agreement, a testament to the company's reputation for quality and innovation, will see Sharps delivering cutting-edge sharps management solutions to a key partner. The increased shipment volume necessitates a corresponding increase in manufacturing capabilities, prompting the facility upgrades.

Boosting Production & Efficiency: The Upgrade Details

The manufacturing facility upgrades are comprehensive and focused on streamlining operations and boosting output. Key improvements include:

• Advanced Automation: Integration of new automated systems to reduce manual labour and increase production speed. This will minimize errors and ensure consistent product quality.
• Enhanced Equipment: Investment in state-of-the-art machinery to handle increased production volumes and support the manufacturing of more complex products.
• Optimised Workflow: Redesigning the factory layout to improve workflow and reduce bottlenecks. This includes a focus on lean manufacturing principles to eliminate waste and maximise efficiency.
• Increased Capacity: The upgrades are projected to increase overall production capacity by a significant margin, allowing Sharps to meet current and future demand effectively.

“These investments are crucial to supporting our growth trajectory and solidifying our position as a leader in the sharps management industry,” said a spokesperson for Sharps Technology. “The SoloGard agreement is a significant win for us, and these facility upgrades will ensure we can fulfill our commitment to providing high-quality solutions to our customers while maintaining our competitive edge.”

Looking Ahead: Growth & Innovation in the New Zealand Market

Sharps Technology’s commitment to innovation and operational excellence positions it well for continued success in the New Zealand market and beyond. The company’s focus on providing safe and effective sharps management solutions is vital in healthcare settings, contributing to improved patient safety and reduced risk of needlestick injuries. The upgraded facility will allow Sharps to not only meet existing demand but also explore new product development and expansion into new markets.

The company anticipates the upgrades will be completed within the next [Specify timeframe – e.g., six months], with the benefits of increased production capacity being realised shortly thereafter. Investors and stakeholders can expect to see a positive impact on the company’s financial performance as a result of these strategic investments.

About Sharps Technology, Inc.

Sharps Technology, Inc. is a leading provider of innovative sharps management solutions designed to enhance safety and efficiency in healthcare settings. Their products and services are trusted by healthcare professionals worldwide.