AI/ML Innovations Inc (AIMLF) Acquires Interest in Tech2Health
- Wall Street ends mixed after job openings hint at cooling economy
- MongoDB delivers upbeat guidance after Q3 results beat
- U.S. job openings fall to 8.733 million in October - JOLTS report
- Hedge Funds were big sellers of Big Tech stocks last week - Morgan Stanley
- CVS Health adds 2% as 2024 revenue outlook tops estimates
Tech2Health is well positioned to provide support for the current mental health pandemic, utilizing a unique blend of proprietary digital assets, remote live counselling, and a physical wellness center.
- Lead contract recently signed with a French multinational manufacturer, to provide mental wellness support to their 170,000 employees globally.
- Multiple pilot studies are pending with world-class medical facilities and insurers in Europe and South America.
- Historical track record/proof of business model - the Founders of Tech2Health utilized an earlier version of their digital wellness platform model to generate historical revenues totalling US$4.2 million, while providing services to leading health insurers such as Malakoff Humanis, Groupe Mutuel, Mapa, Apicil, and others.
AI/ML Innovations Inc. (OTCQB: AIMLF) a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce that it has entered into a binding Letter of Intent, subject to certain terms and conditions, regarding a strategic partnership and equity interest in the Paris, France based company, Tech2Health (the "Transaction").
Tech2Health is a digital healthcare innovator with a basket of wellness and health-tech products and services designed to improve an individual's mental well-being by utilizing a unique blend of proprietary digital assets, remote live counselling, and a physical wellness center. Tech2Health has developed a clinically supported and evidence-based methodology consisting of psychotherapies and non-medicinal interventions that apply body and mind healing techniques supported by meditation, relaxation, mindfulness, yoga, sophrology and art therapy, delivered through a secure digital platform.
"We are very excited to be partnering with Tech2Health," said Tim Daniels, Executive Chairman of AI/ML Innovations Inc. "We believe they are in the right space at the right time. Tech2Health has a bright future ahead of it, as the digital administration of mental healthcare comes in to its own. Additionally, we see tremendous synergies between the products and services being provided by Tech2Health, and those of our first acquisition, Health Gauge. For example, customers of Tech2Health have expressed an interest in a health monitoring solution, such as that provided by Health Gauge. Conversely, Health Gauge has been forging some relationships in the North American markets that could be immensely helpful to Tech2Health in penetrating those markets. The ability for each of these companies to leverage each other will benefit the entire group, and all of us as shareholders. Importantly, with this acquisition, AIML will immediately have a nearly global footprint with interests diversified across North America, South America and Europe."
In addition to its pre-commercial, digital therapy and remote patient monitoring platform named Alakin, Tech2Health has three established branded mental wellness products - Qookka Live, Qookka Center and Qookka DTx:
Qookka Live (B2B2C subscription model), provides easy access to personalized programs that combine teleconsultations with psychologists and live sessions with certified coaches, with a particular focus on employee mental health services for Tech2Health's corporate clientele.
Qookka Center (B2C and B2B2C models), is a 230m2 space dedicated to mental health with a team of 8 therapists led by a psychiatrist. Strategically located in Europe's largest technology park in Sophia-Antipolis, France, home to 2,000 companies and more than 30,000 engineers.
Qookka DTx (B2C and B2B2C models), is a digital mental health therapy platform for high chronic anxiety and depressive patients, administered by a psychiatrist.
Alakin (B2B subscription model) In addition to the Qookka service line, Tech2Health has developed Alakin, a full stack SaaS digital therapy and remote patient monitoring platform that allows hospitals and clinics to easily commence a "no code" value-based care program with their patients. Several pilot studies are being readied.
Fabrice Pakin, Founder and CEO of Tech2Health added, "The unmet need for evidence-based mental health care is enormous, with the Covid19 pandemic exacerbating an already troubling situation. Through our digital platforms, we can provide patient support with positive outcomes at the scale needed. The partnership with AIML comes at an important point in our growth cycle, assisting us in penetrating the lucrative North American market. This, in combination with our existing footprint in Europe and Brazil will give us a truly global presence."
The two primary commercial components of the Transaction are:
- AIML and Tech2Health will participate jointly, on a 70:30 basis, in a privately held AIML subsidiary. This subsidiary will own 100% of the North American rights (USA, Canada, and Mexico) to the exclusive commercial use of all Products, Brands, and Trademarks owned by Tech2Health, in perpetuity (the "Strategic Alliance"). AIML will issue 1.5 million restricted common shares (subject to a minimum 12-month voluntary restriction) from its treasury (at a deemed price of CAD$0.80 per share) to Tech2Health regarding this Strategic Alliance.
- Additionally, AIML will acquire a stake in Tech2Health's global operations by way of an investment into Tech2Health, in return for 22.22% of Tech2Health's common share equity (the "Acquisition"). AIML will make payments totaling €2million over an 18-month period in regard to the Acquisition. The funds advanced to Tech2Health by AIML will be used to further Tech2Health's technologies and market penetration strategies as per a pre-agreed upon use of proceeds plan. AIML will hold a permanent seat on the Board of Directors of Tech2Health.
The closing of the Transaction is subject to satisfactory completion of due diligence by AIML, AIML Board approval, any requisite regulatory approval including but not limited to the approval of the CSE, and other conditions typically set out in a purchase and sale agreement of this type. The parties are working to complete a definitive agreement based upon the terms found of LOI on or about July 15, 2021. The LOI and subsequent Definitive Agreement will be available in their entirety on the Company's profile at SEDAR.com.
On behalf of the Board of Directors
Tim Daniels, Executive Chairman
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Eco Modular to Go Public Through Merger with Zalatoris II Acquisition Corp. (ZLS)
- Five9 (FIVN) said it was approached about a takeover but is not pursuing a deal
- Newmarket (NEU) Announces Acquisition of AMPAC Intermediate for Approximately $700 Million
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Related EntitiesDefinitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!