AI / ML Innovations Closes Transaction to Acquire Significant Stake in Digital Mental Health Services Provider Tech2Heal
History / Proof of Business Model – The founders of Tech2Heal used an earlier version of their digital wellness platform model to generate historic revenues totaling US $ 4.2 million, providing services to major health insurers such as Malakoff Humanis, Groupe Mutuel, Mapa, Apicil and others.
TORONTO, ON / ACCESSWIRE / September 23, 2021 / AI / ML Innovations Inc. (CSE: AIML) (OTCQB: AIMLF) (FWB: 42FB), a company committed to acquiring and advancing artificial intelligence / machine learning technologies that meet the pressing needs of society, is pleased to announce that it has entered into a definitive agreement with the company based in Paris, France, Tech2Heal SAS (DBA Tech2Health), regarding the acquisition of a stake in Tech2Heal and certain exclusive territorial commercial rights to its products, by AIML (the “Transaction“).
Tech2Health is a digital healthcare innovator with a portfolio of mental health and healthcare technology products and services designed to enhance an individual’s mental well-being using a unique blend of proprietary digital assets, advice remote live and physical wellness center. Tech2Health has developed a clinically supported, evidence-based methodology consisting of psychotherapies and non-medicinal interventions that apply healing techniques to the body and mind, delivered through a secure digital platform.
The main commercial conditions of the Transaction are:
AIML and Tech2Heal co-own, on a 70:30 basis, shares in an AIML subsidiary called AI Rx Inc, a British Columbia company. AI Rx Inc. has obtained 100% of the North American (United States, Canada and Mexico) rights for the exclusive commercial use of all products, brands and trademarks of Tech2Heal, in perpetuity (the “Strategic alliance“). AIML will issue 1.5 million of its common shares (subject to a voluntary restriction of at least 12 months) of its cash flow (at a deemed price of C $ 0.80 per share) to Tech2Heal as full and final compensation regarding the Strategic Alliance AIML retains 2 of the 3 seats on the board of directors, as well as the management and operational control of AI Rx Inc.
AIML acquires an undivided interest in Tech2Health’s global operations through a total investment of € 2 million in Tech2Heal, in exchange for 22.22% of Tech2Heal’s common stock. AIML advanced € 750,000 as part of the closing of the Transaction, with an additional € 250,000 due on the 6-month anniversary, € 500,000 due on the 12th anniversary and a final € 500,000 due on the 18th anniversary of the closing of the Operation. The funds advanced to Tech2Heal by AIML will be used to advance Tech2Health’s technologies and global market penetration strategies in accordance with a previously agreed revenue utilization plan. AIML will occupy a permanent seat on the Tech2Heal Board of Directors.
AIML has agreed to pay an arm’s length researcher a fee equivalent to 5% of the acquisition value for the introduction of Tech2Heal. The fee will be payable in units of AIML at a deemed value of $ 0.80 per unit. Each unit is made up of one share and one warrant that can be exercised at $ 1.00 for 2 years.
Tech2Health’s first product, Qookka Live, provides mental and emotional health prevention and support services to businesses and health insurers from a single, cohesive application. Qookka Live offers simple and intuitive access to licensed therapists and their patients, and complements these consultations with digital courses and live wellness coaching sessions in six areas: meditation, mindfulness, yoga, art therapy, Tai chi and Qi Qong.
About IA / ML Innovations Inc.
AI / ML Innovations Inc. has realigned its business operations to capitalize on the growing areas of Artificial Intelligence (AI) and Machine Learning (ML), with an initial investment focused on emerging healthcare and healthcare companies. digital well-being that leverage AI, ML, and cloud computing. and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (70% owned by AIML), Tech2Heal (22% owned by AIML) and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all. the Company’s stakeholders. AI / ML shares trade on the Canadian Stock Exchange under the symbol “AIML”, on the OTCQB Venture Market under “AIMLF” and on the Frankfurt Stock Exchange under “42FB”.
On behalf of the board of directors
Tim Daniels, Executive Chairman
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For detailed information, please see AI / ML’s website at https://aiml-innovations.com/ or company filings at www.sedar.com.
For more information: Blake Fallis at (778) 405-0882 or [email protected]
Corporate video: https://www.youtube.com/watch?v=k2QSjo7clXc&feature=youtu.be
Official YouTube channel: https://www.youtube.com/channel/UCCfOj2P_Fu3TOK6Jl1G9vEQ
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Certain information contained in this press release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company, including, but not limited to, the uncertainty of competition from other industry players, the impact general economic conditions, industry conditions, dependency subject to regulatory approvals and the ability to raise additional capital as required in the future. Readers are cautioned that the assumptions used in preparing this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and that forward-looking statements should not be relied on unduly. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and the Company assumes no obligation to publicly update or revise any forward-looking statements included, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
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