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