Predictmedix Announces Acquisition of Telemedicine Platform - MobileWellbeing
*Predictmedix to offer a fully integrated enterprise solution for healthcare along with workplace health, safety, and compliance.*
*TORONTO, ON / ACCESSWIRE / June 10, 2020 / Predictmedix Inc. (CSE:PMED) (OTCQB:PMEDF) ("Predictmedix" or the "Company") *is pleased to announce the acquisition of MobileWellbeing, an innovative, feature rich, Telemedicine Remote Patient Monitoring platform that will integrate with Predictmedix's Artificial Intelligence ("AI") driven rapid screening system for infectious diseases, including COVID-19. This will also integrate with the Company's screening modules for impairment and mental illness. The MobileWellbeing platform addresses several of the gaps currently observed with comparable platforms which are offered by a few public companies trading at high valuations.
MobileWellbeing has demonstrated its value in multiple different programs over several years, and has shown benefits such as improved patient health, minimized the impact of chronic disease, and driven down the cost for care through remote monitoring. The technology has been successfully used at Arnprior District Memorial Hospital for Chronic Obstructive Pulmonary Disease (Ottawa/Ontario), Algonquin College (Nursing department) for diabetes management and StonyBrook Hospital (New York, US) with the Pediatrics team that manage patients in the community with high risk pregnancies, teenage pregnancies and mothers in low income housing for wellness of their infants. The technology has also been used by the Cardiology department for Hypertension.
Compared to its competitive environment, MobileWellbeing has a unique and robust set of features such as, Assisted Monitoring that allows for data collection, transmission, evaluation, notification and intervention at home or through kiosks that might be especially useful in Long Term Care and Retirement Community settings. The Interactive Voice Response System also gives patients the accessibility to interact with the system without the need for internet connected devices. This is an important consideration given the breadth of population affected and for regions, sometimes remote, where connectivity remains a major issue.
Dr. Rahul Kushwah, COO of Predictmedix, explains, "We are excited to roll in the MobileWellbeing business that is already working with the healthcare system in both Canada and the United States. Its presence in these health care sectors will provide enhanced credibility to future clients as Predictmedix expands its market reach. The key to getting back to work, back to school, back to business, is knowing when someone is potentially infected, taking the appropriate safety measures immediately, then monitoring and supporting these individuals to ensure their recovery from COVID-19 and the emotional toll are professionally managed. So, when it's safe for them to go back to work, they are healthy and ready. Additionally, the many features offered by MobileWellbeing allow us to align the right telemedicine tools for each type of user and for each of our three products - Infectious Disease Screening (including COVID-19), Cannabis and Alcohol Impairment Screening, and Mental Illness Screening."
The MobileWellbeing platform's suite of features are uniquely applicable to multiple use cases that impact Predictmedix clientele. Workplaces of all sizes and sectors want their Human Resources ("HR") departments to monitor employee recovery during quarantine periods and manage their transition back to work while maintaining employee privacy. Healthcare providers will now have a very robust tool to be able to remotely manage all aspects of care, recovery, and support whilst protecting all parties from the dangers of further infection transmission.
Says Rajiv Muradia, Founder & CEO of MobileWellbeing, "I am very excited to be part of the Predictmedix team as their vision of ‘Leading the future in impairment detection and healthcare screening' aligns well with the MobileWellbeing Remote Monitoring platform we have developed over many years. The combined solution will now allow us to take healthcare delivery to the next level. The integration will enable workplaces as well as clinicians to remotely manage patients outside their physical environments using MobileWellbeing's suite of patient engagement and monitoring solutions, now within Predictmedix Disruptive AI platform."
*About Rajiv Muradia*
Mr Muradia has extensive experience in developing Tele-health, Tele-medicine, and mobile healthcare technology platforms for over 15 years. He has led teams to build technologies (at VaaSah Inc. and Healthanywhere Inc.) that were operationalized with TeleSat Canada, London Health Science Center and European Space Agency for Remote Tele-Psychiatry project (REACH). Moreover, Mr Muradia has been phenomenally successful in delivering market-ready mobile healthcare applications on wireless tablets, smart phones, KIOSKS as well as several applications for consumers, care providers, family care givers, specialists etc. Over the past several years he has delivered solutions to support larger number of patients at various healthcare institutions in Canada, US, Puerto Rico and UK.
MobileWellbeing is being acquired by Predictmedix (asset purchase) for an upfront cash payment of $25,000 along with 250,000 common shares and a royalty of 20 percent of gross sales from the first $2.5 million in sales generated exclusively from the MWB platform. Among 250,000 shares, 150,000 common shares are to be vested with sales related milestones. At the same time, the CEO of MobileWellbeing, Mr. Rajiv Muradia will join the board of Predictmedix as a technical advisor. The transaction is expected to close within the next 60 days.
*About MobileWellbeing Inc.*
MobileWellbeing Inc. as a company has been developing applications in the mobile healthcare space for about 15 years starting with Tele-Psychiatry in partnership with TeleSat Canada, European Space Agency and London Health Science Center. These applications were used by various institutions, care providers as well as patients in Canada, US, UK and Puerto Rico.
MobileWellbeing is a Remote Patient Monitoring technology platform to deliver preventive healthcare applications for self-care to the consumers (on Android phones & tablets) as well as assisted care applications for chronic disease management in conjunction with care providers. These applications combine automated care plans, video visits, vital signs monitoring, medical alerts/notification, reminders, patient surveys, regimen compliance (medication, nutrition, exercise, education), secure access to collected data and reports as well as adapters to connect to existing Electronic Health Record systems. The platform also provides social networking collaboration tools that allow patient, care providers, family members as well as other healthcare professionals to stay engaged in the patient care network.
To find out more, visit us at http://www.mobilewellbeing.com
*About Predictmedix Inc.*
Predictmedix Inc. is an artificial intelligence ("AI") company developing disruptive tools for impairment testing and healthcare. It is intended that the Company's cannabis and alcohol impairment detection tools will be used across various workplaces and by law enforcement agents. Its technology uses facial and voice recognition to identify both cannabis and alcohol impairment by utilizing multiple features along with numerous different data points. Testing does not require any body fluids or human intervention, thereby helping to remove human error and the potential for discrimination and prejudice.
The Company is also developing AI based screening for the healthcare industry. The recent advent of COVID-19 pandemic has placed unprecedented stress on the global economy and highlights the need for tools to help screen mass populations for infectious diseases, with the hope of preventing pandemics in the future. In turn, Predictmedix Inc. is expanding its proprietary AI technology to screen for infectious diseases such as influenza and coronaviruses (COVID-19). Our current partners along with advisory board members have played a key role in gathering data pertaining to COVID-19, which has allowed us to develop a predictive mass screening tool for COVID-19. The technology is for mass screening and is to be used to predict and identify individuals who have the highest likelihood of being infected with COVID-19.
Additionally, psychiatric disorders such as depression, dementia and Alzheimer's disease can carry a significant burden and early identification is the key to better management. To help address this, the Company is also expanding its proprietary AI technology to screen for psychiatric and/or brain disorders such as depression, dementia and Alzheimer's disease.
To find out more visit us at www.predictmedix.com
Disclaimer: "The Company is not making any express or implied claims that its mass screening product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time".
*For further information, please contact:*
Dr. Rahul Kushwah, Chief Operating Officer
Tel: 647 889-6916
Email: rahul@predictmedix.com
*Caution Regarding Forward-Looking Information:*
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19; risks related to factors beyond the control of the company, including risks related to COVID-19; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control; reliance on management; and the emergency of additional competitors in the industry.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
*SOURCE:* Predictmedix Inc.
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