Predictmedix Inc. secures strategic financing to catalyze operations
TORONTO, March 5, 2021 (GLOBE NEWSWIRE) – Predictmedix Inc. (CSE: PMED) (OTCQB: PMEDF)(“Predictmedix” or the “Company”) is pleased to provide a company update on its recent activities. The Company is proud to announce that it has closed a non-middleman private placement for gross proceeds of $ 1,090,085 as part of a round of strategic financing aimed at catalyzing the operations of the Company as it develops its activities. A total of 3,114,529 units were issued at a price of $ 0.35 each. Each unit consists of one common share of the Company and one warrant, each warrant being exercisable in one common share at an exercise price of $ 0.50 per share for a period of two years. .
The shares and warrants comprising the units issued in connection with the offering are subject to a legal hold period of four months and one day from the date of issue in accordance with applicable Canadian securities laws.
Predictmedix recently entered the live events space with the deployment of our Safe Entry Solutions unit at the Superbowl after-party held in Tampa Bay, Florida. The event was incredibly successful as our product deployments were able to immediately detect someone with symptoms of COVID-19. The story received national media coverage and made the cover page of the Tampa Bay Times, reaching over 1.6 million weekly readers.
Our recent coverage and success has increased our visibility in the market, and funds from the financing will be used to scale up operations in three key areas:
1) Marketing and Advertising: Funding proceeds will be used to aggressively scale up our business development marketing and advertising operations.
2) Human Capital and Hiring: The company will hire additional engineers to assemble and deploy its product line across the world while meeting pending purchase orders and growing demand.
3) Research and Development: Proceeds from funding will be deployed to improve the efficiency of our proprietary algorithms and to market additional software features and products to improve screening for symptoms and deficiencies of infectious diseases.
Our goal remains to be one of the leading providers of occupational health and safety solutions. The strategic funding cycle brings Predictmedix closer to its mission by becoming the first line of defense to improve occupational health and safety through our technologies based on artificial intelligence.
About Predictmedix Inc.
Predictmedix Inc. is an artificial intelligence (“AI”) company that develops disruptive tools for impairment testing and healthcare. The Company’s cannabis and alcohol impairment detection tools are expected to be used in various workplaces and by law enforcement officials. Its technology uses artificial intelligence to identify both cannabis and alcohol impairment using multiple features as well as many different data points. The tests do not require any bodily fluids or human intervention, helping to eliminate human error and the potential for discrimination and bias.
The Company is also developing AI-based screening for the healthcare sector. The recent advent of the COVID-19 pandemic has put unprecedented pressure on the global economy and underscores the need for tools to help screen mass populations for infectious diseases, in hopes of preventing pandemics in the future. In turn, Predictmedix Inc. has extended its proprietary AI technology to detect symptoms of infectious diseases.
In addition, psychiatric disorders such as depression, dementia and Alzheimer’s disease can represent a significant burden and early identification is the key to better management. To help address this problem, 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 makes no express or implied representation that its product has the ability to diagnose, eliminate, cure, or contain Covid-19 (or the SARS-2 coronavirus) for the moment. “
For more information, please contact:
Ehsan Agahi, Investor Relations
Phone. : 778 229 4319
E-mail: [email protected]
Caution regarding forward-looking information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED OR ACCEPTED RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS COMMUNICATION.
This press release may contain forward-looking statements and information based on current expectations. These statements should not be interpreted as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those implied by such statements. Although these statements are based on reasonable assumptions of management, 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 securities of the Company have not been registered under the US Securities Act of 1933, as amended (the “US Securities Act”), or applicable state securities laws, and may not be offered or sold. to, or on behalf of or for the benefit of, persons. in the United States or “US Persons”, as that term is defined in regulations under the US Securities Act, in the absence of registration or an applicable exemption from such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of securities in the United States or in any jurisdiction in which such an offer, solicitation or sale would be. illegal. In addition, there are known and unknown risk factors which could cause the actual results, performance or achievements of the Company to differ materially from the future results, performances or achievements expressed or implied by the forward-looking information contained in the this document, such as, but not limited to the reliance 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 company’s control, including risks related to COVID-19; risks relating to the Company’s shares, including price volatility due to events which may or may not be under the control of that party; dependence on management; and the urgency of additional competitors in the industry.
All forward-looking information contained in this document is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update such forward-looking information or to publicly announce the result of any revision of either. forward-looking information contained herein to reflect future results, events or developments, except as required by law.