05:21 PM EDT, 08/20/2024 (MT Newswires) -- ARCpoint ( ARCPF ) , after trade Tuesday said it is finalizing a joint venture for its and Any Lab Test Now's (ALTN) franchise operations to create CRESSO Brands, which the company said will create the " largest franchise network of its kind in the United States".

ALTN will own 70.5% of the new entity, with ARCpoint ( ARCPF ) owning the other 29.5%. Both ALTN and the ARCpoint Franchise Group (AFG) brands will remain and be managed on a separate basis.

Any Lab Test Now chief executive Clarissa Bradstock will continue to lead ALTN and Bob Mann will continue to lead AFG. In addition to continuing his role as ARCpoint ( ARCPF ) CEO, John Constantine will also act as Implementation Strategist for CRESSO and split his time with ARCpoint ( ARCPF ).

"By combining our two franchise operations, we will not only create the largest franchise network of its kind in the United States, but we expect to capitalize on the respective strengths of both franchise groups to improve both individual unit and overall economic performance," said Bradstock.

Any Lab Test Now has more than 235 U.S. franchise locations providing direct access to clinical, DNA, and drug and alcohol lab testing services, as well as phlebotomy and other specimen collection services.

ARCpoint ( ARCPF ) closed up $0.005 to $0.08 on the TSX Venture Exchange.