XpresSpa XSPA Stock News

XpresSpa Group Inc (NASDAQ: XSPA) is heating up in the premarket hours this morning, after a tremendous 70% run in value on Friday. The gains come as the company is continuing to make progress on its plans to temporarilly convert it’s airport real estate, previously used for spa treatments, into COVID-19 testing centers. Here’s what’s going on:

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XSPA Stock Continues Higher On COVID-19 Related Operational Update

Many have been watching XpresSpa after the company announced several weeks ago that it would be converting its spa real estate within airports into COVID-19 testing centers. There are obvious reasons that this could be an overwhelmingly profitable idea.

One big issue investors were sceptical that the company would get past is agreements with airports in which XSPA has this real estate. However, due to the press release issued Friday, these fears have subsided in a big way.

According to the release, the comapny has signed a contract with JFK International Air Terminal LLC to pilot test its concept of providing diagnostic COVID-19 testing in Terminal 4. Under the agreement, the company will set up a new modular constructed testing facility within the terminal.

In this facility, there will be nine separate testing rooms with the capacity to administer more than 500 tests per day. It is expected that tests within this facility will be provided to the airport’s employees, contractors and workers, concessionaires and their employees, TSA officers, and U.S. Customs and Border Protection agents.

Moreover, XSPA said that it is currently in discussions with other airports in the United States surrounding temporary conversions of real estate into XpresCheck testing sites. In a statement, Doug Satzman, CEO at XSPA, had the following to offer:

We are thrilled to be in a position to launch our first pilot test at JFK Terminal 4 and are hopeful that this will serve as a model in other U.S. airports. The vision and close collaboration with JFKIAT senior leaders have enabled this initiative to move quickly so that we can together support the safety and health of front line airport workers and travelers as New York’s recovery plan takes form.

This News Is Huge

XpresSpa could be embarking on a very profitable venture here. Think of the implications of having a testing center available in airports. As COVID-19 continues to spread around the world, one of the best ways to keep it at bay is to ensure that those who are travelling are not carrying the virus with them.

Of course, this first pilot facility will have little to do with travelers as airport workers will be the audience, but that’s just the pilot. As this idea rolls out, it could be met with incredible demand as travelers, just like the rest of us, want to make sure that they are staying safe and not contributing to the spread of this deadly virus.

Considering this, if you’re not paying attention to XSPA stock yet, you might be missing out on something big!

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