Datametrex AI Limited (TSXV: DM) (FSE: D4G) (OTCQB: DTMXF) (the "Company" or "Datametrex") is pleased to announce that further to its press release of March 23, 2021, it has completed the acquisition of Medi-Call Inc. ("Medi-Call" or "Target"), an arm's length, British Columbia based private telemedicine company.
The acquisition of Medi-Call was completed by way of a share exchange agreement dated June 18, 2021 between the Company, Medi-Call and the shareholders of Medi-Call (the "Share Exchange Agreement"), pursuant to which the Company acquired all of the issued and outstanding shares of Medi-Call for an aggregate purchase price of $12 million satisfied through the issuance of 60,000,000 Units of the Company (the "Consideration Units") at a deemed price of $0.20 per Consideration Unit.
Each Consideration Unit consists of one (1) common share in the capital of the Company (a "Consideration Share") and one (1) common share purchase warrant (a "ConsiderationWarrant"), each Consideration Warrant entitling holder to acquire one (1) common share in the capital of the Corporation at an exercise price of $0.26 per share for a period of twenty-four (24) months from date of issuance.
As a result of the acquisition, Medi-Call is now a wholly owned subsidiary of the Company.
Issuance of the Consideration Units and its underlying securities shall be subject to the receipt of regulatory approvals including, without limitation, the final approval of the TSX Venture Exchange ("TSXV") and other conditions.
Datametrex has not assumed any debt of Medi-Call and the proposed acquisition will not constitute a fundamental change or result in a change of business for the Company, nor is it expected to result in a change of control of the Company within the meaning of applicable securities laws and defined in the polices of the TSXV.
Dr. Omar Sharif, President of Medi-Call Inc. stated: "This is an exciting development for Medi-Call and with the global impact of COVID-19 has been unprecedented, resulting in telemedicine witnessing a massive demand, it made sense to team up with a larger company to roll out more services and locations in BC and eventually across Canada. The demand for multi billion-dollar digital health services has emerged as a powerful new business and healthcare model for doctors like me in assessing patients quickly and efficiently but is also aiding in reducing the cost burden to regional health authorities. I look forward to driving the telemedicine business with help of the team at Datametrex."
Marshall Gunter, CEO of the Company, stated: "The past 18 months with the pandemic has transformed our behavioural habits related to our health and well being and including seeing a doctor. With the acquisition of Medi-Call comes the addition of key medical staff and enhanced capability in the field of online medicine. With the increased capacity to screen patients, on an online basis for underlying health issues prior to undertaking an ER visit in a hospital, Medi-Call is furthering its commitment to patients that require immediate acute assessment or frequent visits to a doctor's office for consultation for underlying conditions. With today's tech-savvy generation, preference towards the adoption of online shopping and services, the delivery for online medical consultation is on the surge."
Medi-Call is a telemedicine company providing technology driven e-health or m-health care services including prescriptions, launching initially in British Columbia, and then expanding across Canada. The objectives of Medi-Call, include making health care accessible to people who live in rural or isolated communities and make services more readily available or convenient for people with limited time, mobility, or transportation choices. Medi-Call is driven to improve coordination and communication of treatment among members of a health care team and its patients.
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. 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/88077