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CEOCFO Magazine, PO Box 340
Palm Harbor, FL 34682-
Lynn Fosse, Senior Editor
Steve Alexander, Associate Editor
Bud Wayne, Editorial Executive
Christy Rivers -
Interview conducted by:
Lynn Fosse, Senior Editor
President and Chairman
Published – March 9, 2020
CEOCFO: Mr. Grieco, what is the idea behind PCT LTD, today?
Mr. Grieco: Infection control systems. The primary thrust is healthcare. We are currently in seven hospitals; primarily in the New York City area as well as North Carolina and Nevada. We are working to grow our healthcare division as I say, that is our primary thrust; however, we also have interests in agriculture and oil and gas.
CEOCFO: Your site indicates PCT is introducing a new disruptive technology in the world of hospital disinfection. What have you developed? What is the technology?
Mr. Grieco: It is a new technological infection control system placed into a healthcare facility, where the fluids for cleaning and disinfecting the environment are generated on-
CEOCFO: Are there other systems that make the disinfectant on site or is this a new concept?
Mr. Grieco: There are some others. However, they do not have the automation that ours does. More than that, they do not have the protocols and tracking. When you fill a bottle from our infection control system, that bottle is time stamped with a date electronically noting when it was filled and when it expires. The tracking also gives key members of the facility a very good understanding of who is cleaning and disinfecting, what protocols are being followed and where in the facility. Furthermore, it can give information about which areas of the facility have not been cleaned and disinfected by the staff. The system also tracks the time taken to complete a protocol. Here’s an example: if the protocol used is “clean and disinfect the public restroom” and if someone scans-
Our protocols and our electrostatic systems allow a person to perform a room clean and to disinfect quicker and with better efficacy than current cleaning and disinfecting protocols that use “traditional” solutions. Our cleaning solution is catholyte, which is a surfactant / general cleaner that releases oils and soil on the high-
CEOCFO: Are hospitals actively looking for a better way or is it more that they are happy to find out PCT exists?
Mr. Grieco: Again, that is a difficult question, mainly because there has to be a shift in the hospital’s mindset; hence the name of the company Paradigm Convergence Technologies. The disinfectant fluid we produce and use, features hypochlorous acid as its active ingredient. The common things that hospitals are using now are bleach, peroxide, quaternary ammoniums, and in some instances, they may be using ultraviolet light. All of those things have an effect, but some are not as effective as ours and some are not as people friendly. Some traditional hospital disinfectants may be harmful to the people actually doing the work.
With our Annihilyzer® products and infection control system, if you happened to inhale the solution, if you got it on your skin, or in your eyes, it would not be harmful. Whereas it would not be safe to get some of the other chemicals i.e. bleach, peroxide, quaternary ammoniums inhaled, on your skin or in your eyes, so from that point of view it is far more user friendly and our disinfectant is very efficacious.
Another thing to take into consideration is that healthcare acquired infections generally are not covered by insurance anymore. That change occurred two years ago. For example, from my personal experience, at some point a couple years ago, I went in for an operation and I got MRSA. I spent two months in the hospital and the hospital bill was $218,000! Well, they [the hospital] got paid for whatever portion that Medicare and the insurance company agreed to pay them. Now, they do not!
CEOCFO: How many hospitals are you in so far and what has been the response?
Mr. Grieco: So far, we are in seven hospitals. We are batting one hundred percent for retention where the hospital agrees to our Phase I installation, which is putting the system in and demonstrating how it works. None of the hospitals have ever returned it and some have moved to multiple systems! We expect to grow at the rate of a minimum of two hospitals a month for the first part of this year and then to double that for the second half of the year.
CEOCFO: There are so many new ideas and services for hospitals to consider. What is the key to getting a foot in the door?
Mr. Grieco: I would love to have the answer to this question! I have told people that I think I would rather sell a jet plane to the US government than try to get a product into a hospital again! It is very difficult, especially for a small company! There have been some people, and this is just gratifying on a personal level, who have recognized what we have accomplished. I have had people say that they never would have believed that we would have ever gotten into hospitals. The mere fact that the next hospital we will be going into was one of the ones that approached us is a major accomplishment, and I think you are going to be seeing more and more of that.
CEOCFO: You mentioned oil and gas. Would you tell about your application for that industry?
Mr. Grieco: One of the obvious uses is the treatments of fluids or the waters used in the completion of wells and even on the recovery. However, in the completion part, you cannot have other bacteria there, because it inter-
The way to look at it is that if you sent your four-
CEOCFO: Are you funded now? Are you seeking partnership, investments or funding as you move forward?
Mr. Grieco: Yes. Obviously, for a small company, that has been our greatest, most stubborn obstacle! First of all, the length of time that it takes to get into hospitals, and second of all, the length of time; even once you make your first presentation, the average time is about six months before you get them to agree to a Phase I Installation! Those things are very costly for us to provide. We are sending in our own Infection Preventionist, former Hospital EVS Administrator and our Technical Engineer to discuss our system, the fluid side itself and on how all the machines operate; that’s expensive. Therefore, yes! We are certainly looking for funding now; I guess the correct term would be an angel funder, from this point. Someone who understands what we do, see its impact to the healthcare system of this country, see its impact to a company that can deliver a solution to that and is willing to commit three and one half to five million dollars to that process.
Part of that money would be to clean up some present debt. That would take about seven hundred and fifty thousand dollars. The rest of it would be used for inventory, and once we have adequate inventory, we are building a portfolio, for lack of a better word, in hospitals that we would expand our teams. We do not have salespeople to call on hospitals. As I said, our team is a hospital EVS administrator and an infection control specialist. These are people who know how to work with this market’s professionals. When they go into a hospital you have got our administrator talking to the administrative side, talking about costs and how it would save. You have got our infection control people dealing with their infection control people on how it will greatly reduce infections in their hospitals.
There are so many layers of different people! You get them excited and they say, “Okay.” Now, you have to have a meeting with the next tier up. Then you convince them and then you have to have a final meeting with someone who will okay the money. Getting all of those people together within a short period of time is next to impossible! That is why it takes so long to get into these hospitals! In other words, you can get two out of three, but someone is going to be off at some seminar or something. To try to get all three or four of those key people in the room at the same time can be very difficult. That meeting may be planned two months or three months out before everybody agrees, “Okay, we have got a date we can all be there for.”
CEOCFO: Why pay attention to PCT right now?
Mr. Grieco: We have been dubbed a disruptive technology for hospitals. However, it does not have to be limited to hospitals. There are certainly other markets, such as assisted living facilities, schools, even companies, factories that could use this product to reduce sickness. This would be especially true for things like colds and flu that are so easily transmitted, which I will say indirectly, but certainly directly has an impact on their workforce, on their absenteeism and just the overall well-
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“Our goal is to eliminate the healthcare environment as a source of transmission of infection!”-