Investing News Network – January 7th, 2021
Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTC Pink: DTMXF) (the “Company” or “Datametrex“) is pleased to announce today that it has entered into a binding Letter of Intent (the “LOI”) to acquire 100% of Concierge Medical Consultant Inc. (“Concierge”), an arm’s length private telehealth and medical concierge services company, incorporated under the laws of British Columbia (the “Transaction”).
Subject to the completion of satisfactory due diligence by both Datametrex and Concierge, under the terms and conditions of the LOI, Datametrex and Concierge will enter into a Definitive Agreement (the “Definitive Agreement“) on or about January 20, 2021.
The Company believes that in the current pandemic environment that there is a likely increase in mental health issues in society attributed to periods of extended isolation and related the disruption of social interaction. Accordingly, management of the Company feel that there is a significant need in the market place for provide personal health solutions and the Company recognizes telehealth and concierge medical service as a part of solution to this growing problem.
“We strongly believe that there is a growing need for remote health and wellness solutions as a result of the pandemic. The lockdowns and the isolation that Canadians have endured this past year have only increased the need for mental and physical health solutions. By providing Telehealth solutions we are able to keep people out of the already overwhelmed hospital infrastructure while at the same time providing Canadians with professional advice and care that they need and deserve.”, said Andrew Ryu, the Company’s Chairman.
Concierge is a fully developed telehealth and urgent medical care platform launched in January 2018 and is currently generating revenue through a direct-to-consumer subscription model serving both homes and workplaces.. Datametrex intends to leverage Concierge’s platform into other jurisdictions and integrate its proprietary Artificial Intelligence (AI) technology.
It is anticipated that the Transaction will be structured as share exchange acquisition. Datametrex will acquire all of the securities of Concierge.
The closing of the Transaction is subject to a number of conditions, including but not limited to the following:
- the execution of the Definitive Agreement
- approval of the Directors of Datametrex
- approval of the shareholders of Concierge (if required)
- the receipt of all necessary approvals, including, without limitation, the approval of the TSX Venture Exchange (the “TSXV“)
- Datametrex will enter into a Consulting Service Agreement with Dr Jibran Sharif, Founder of Concierge following closing of the transaction.
- Concierge shall be operated as a subsidiary of Datametrex. The Board will recruit and name new management for Concierge.
Pursuant to the terms of the Transaction, Datametrex shall issue to shareholders of Concierge $750,000 of common shares of Datametrex, at a share price deemed to be equal to the closing price of the common shares of Datametrex on the TSXV 72 hours prior to the closing of the Transaction, subject to the policies of the TSXV.
“The significance of the acquisition of this medical business cannot be understated. The demand for telehealth and concierge medical service is expected to continue to strengthen as the market for remote healthcare grows. We look forward to be working with Dr. Sharif and his medical team to grow this business under the Datametrex .” said Marshall Gunter, Datametrex‘s Chief Executive Officer.
The Company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time.
Concierge Medical Consultants is a small group of board certified practicing emergency physicians who think that urgent care does not just happen in an ER or your doctor’s office, it can happen anywhere at any time. Dr Jibran Sharif, MD, CCFP EM, RDMS, is the founder and CEO of Concierge Medical Consultants and grew up in Vancouver. He earned a degree in Economics at the University of British Columbia before graduating with a medical degree and residencies in Emergency Medicine and Ultrasound at the University of Sydney, University of Saskatchewan, and the University of Calgary, respectively. He is a full time Emergency physician in the GVRD and a Clinical lecturer with the faculty of Emergency Medicine at the University of British Columbia.
For additional information, please visit the Company’s website at www.conciergemedical.ca.
Datametrex AI Limited is a technology-focused with exposure to Artificial Intelligence and Machine Learning through its wholly-owned subsidiary, Nexalogy (www.nexalogy.com). Datametrex‘s mission is to provide tools that support companies in fulfilling their operational goals, including Health and Safety, with predictive and preventive technologies. By working with companies to set a new standard of protocols through Artificial Intelligence and health diagnostics, Company provides progressive solutions to support the supply chain.
For further information, please contact:
Marshall Gunter – CEO
Phone: (514) 295-2300
Neither the TSX Venture Exchange nor it’s Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements:
All statements included in this press release that address activities, events, or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections, and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. In particular, there is no guarantee that the parties will successfully negotiate and enter into a definitive agreement on mutually acceptable terms or complete the Transaction in the manner contemplated herein, if at all, that the due diligence of any of the parties will be satisfactory, or that the parties will obtain any required board, shareholder, third-party and/or regulatory or other governmental approvals, if any. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not undertake to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/71541
News Provided by Newsfile via QuoteMedia
Datametrex AI Limited (TSXV:DM,OTC:DTMXF,FWB:D4G) is a technology-focused company with exposure to health security, artificial intelligence and machine learning through its wholly owned subsidiary Nexalogy Environics.
Nexalogy utilizes artificial intelligence (AI) and machine learning (ML) technology to provide data analytics insights to businesses and government agencies. Nexaintelligence, Nexalogy’s core technology, is a powerful social discovery tool that analyzes millions of data points from social media platforms for our clients. This patented and scalable technology analyzes social media data to find new audiences, trends, risks and voters and removes spam for government agencies and businesses. In addition to social media discovery, Nexalogy has developed a “Fake News Filter” for social media. This technology was developed to help a client monitor the Canadian Federal Elections.
Datametrex is currently working on numerous government contracts. The company has completed several milestones for the Canadian Department of National Defence’ Innovation for Defence Excellence and Security (IDEaS) program and has recently secured another contract through the program. The company is also a vendor for the US federal government. Its social media threat detection technology is expected to be tested by several NATO partners.
Since launching NexaIntelligence, Datametrex has been focused on improving the platform. The company has added bot and agent detection functions and outfitted the platform with an algorithm that detects false narratives in social media discussions.
Through its subsidiaries, Datametrex has secured contracts with various divisions of LOTTE Group, the fifth-largest conglomerate in Korea, and was chosen by Two Lakes Group to be their technology solution provider for projects in Africa. Two Lakes is an international consulting firm that is focused on helping Africa become a global economic hub through a network of trade and diplomacy.
Since launching Health Security as a result of the world pandemic COVID-19 (2019-nCoV) in January 2020, Datametrex has been engaged is the selling of COVID-19 polymerase chain reaction (PCR) based testing kits along with complete testing services. One of the main aims was to strengthen diagnostics capacity for COVID-19 detection to help governments and companies improve surveillance and early detection and track and trace the spread of COVID-19.
Datametrex formed a network referral laboratories with demonstrated expertise in the molecular detection of COVID-19 and ensured the newly developed 2019-nCoV PCR assay test kit’s availability through supply chain from South Korea. Since December 31, 2019, and as of October 28, 2020, 44,052,388 cases of COVID-19 have been reported, including 1,168,076 deaths worldwide.
Datametrex’s Company Highlights
- Over three billion social media users worldwide.
- Global social media analytics market to reach US$16.37 billion by 2023.
- One patent granted and another pending approval in the US and Canada.
- Approximately C$4 million in AI contracts secured to date.
- Vendor to the US federal government, which spent approximately US$85 billion on technology in 2018.
- Led by an experienced team of operators and capital market professionals.
- Management notably holds 30 percent of company shares.
- The company has received $1.8 million from the exercise of share purchase warrants and options in Q2 2020
- Datametrex delivers secured COVID-19 reporting and testing solutions that are FDA, Health Canada and CE approved.
- Datametrex can adapt and serve the ever-changing COVID-19 landscape.
- Approximate top-line revenue estimates C$20 million in COVID-19 contracts secured to date.
- Datametrex is supplying COVID-19 Tests for 13 film productions launched in Vancouver, with additions in Montreal and Toronto.
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