AI/ML Innovations' Health Gauge Licenses Its Technology for a B2B COVID Rapid Testing Solution
AI/ML Innovations (CSE:AIML)(OTCQB:AIMLF) announces a SaaS licensing agreement between its subsidiary Health Gauge and Rapid Test & Trace Canada (RTTC) for a COVID-19 testing solution. Health Gauge will earn up to $2.50 per test plus additional fees. The contract grants RTTC exclusive rights in Canada, the U.S., Mexico, Australia, and the U.K., contingent upon achieving a minimum of 50,000 tests monthly per country by March 1, 2022. Deployment is expected within 30 days. This agreement is projected to generate substantial recurring revenue for Health Gauge.
- First SaaS licensing contract for Health Gauge's technology.
- Health Gauge to earn up to $2.50 per completed COVID test.
- Exclusive rights granted for 5 countries based on sales performance.
- Deployment expected within 30 days, indicating rapid implementation.
- Revenue dependent on achieving a minimum of 50,000 tests per month, creating a performance risk.
- Potential challenges in maintaining sales targets across multiple countries.
Highlights:
- First SaaS licensing contract for Health Gauge's technology
- Health Gauge to receive up to
$2.50 per completed test - Health Gauge grants exclusive licensing rights for 5 countries, provided a 50,000 test per country per month minimum is achieved by March 1, 2022
- Deployment expected within 30 days
TORONTO, ON / ACCESSWIRE / November 4, 2021 / AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FSE:42FB), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce that its majority-owned subsidiary, Health Gauge, has entered into a Software-as-a-Service ("SaaS") licensing agreement with Rapid Test & Trace Canada ("RTTC") whereby Health Gauge will provide RTTC with a "Health Gauge-powered" verifiable, self-administering, rapid COVID testing solution for use by RTTC's corporate and retail customers. Deployment of this bespoke platform is expected within the next 30 days.
Under the terms of the agreement, Health Gauge will receive up to
"We are very excited by this development" said Randy Duguay, CEO of Health Gauge. "We believe this agreement will result in immediate, substantial and reoccurring subscription-based revenue for Health Gauge. Notably, this arrangement demonstrates that the unique and flexible set of features of our digital health platform for the monitoring and management of personal health data can be readily reconfigured for use in numerous applications to help achieve targeted health objectives. We are actively seeking to replicate this model with other potential strategic partnerships".
"We are extremely pleased to be partnering with Health Gauge, a leader in the digital health field. The products we are bringing to market together will help people in Canada and globally manage the risks of Covid-19 more effectively. Growing the opportunity to expand to multiple countries quickly will be tremendously beneficial for both of our organizations." - Sandy White, co-founder of RTTC.
RTTC's existing customers, representing a significant number of large corporate and public organizations, have expressed the need for an enhanced COVID testing verification protocol when employees are self-administering tests - in order to mitigate the risks and challenges involved in the protection of employees and business operations. The Health Gauge web and mobile-based solution incorporates a full-featured scheduling and testing application, including a documented, nurse verified, and video-monitored self-administered COVID test which addresses the testing criteria of RTTC's enterprise clientele.
About Rapid Test & Trace Canada
Rapid Test & Trace Canada ("RTTC") started as an advocacy group designed to encourage the Federal and Provincial governments to organize pilot projects and increase access to rapid COVID testing. Frustrated by the limited availability through government sources and by the unfulfilled demand from companies, the company transitioned to an online ecommerce model in the spring of 2021. RTTC quickly became Canada's largest specialized retailer of rapid COVID tests, offering the widest selection and availability of rapid COVID tests in the country. RTTC now sells to thousands of organizations and members of the general public across Canada and has expanded retail operations globally. Learn more and order today at https://rapidtestandtrace.ca.
About Health Gauge
Health Gauge's patent-pending solution is a personal health monitoring & management system, which combines the latest wearable health monitors with sophisticated artificial intelligence software tools and proprietary cloud computing software, to help caregivers, patients, and healthcare professionals access and utilize relevant data, resulting in better recovery outcomes and healthy living objectives through the ability to make immediate and better health choices.
Health Gauge is not a medical device and is not intended to diagnose, treat, cure, or prevent any disease. The Service is not meant as a substitute for or alternative to information from health care practitioners. If you have, or suspect you have, a medical condition, consult your doctor before using the Service, starting an exercise program, or changing your diet.
About AI/ML Innovations Inc.
AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (
On behalf of the Board of Directors
Tim Daniels, Executive Chairman
For more information about AI/ML Innovations:
For detailed information please see AI/ML's website at https://aiml-innovations.com/ or the Company's filed documents at www.sedar.com.
For further information: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com.
Presentations:
Corporate video: https://www.youtube.com/watch?v=k2QSjo7clXc&feature=youtu.be
Official YouTube Channel: https://www.youtube.com/channel/UCCfOj2P_Fu3TOK6Jl1G9vEQ
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Cautionary and Forward-Looking Statements
Certain information in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company, including but not limited to, the uncertainty of competition by other industry players, the impact of general economic conditions, industry conditions, dependence upon regulatory approvals and the ability to raise additional capital as may be needed in the future. Readers are cautioned that the assumptions used in preparing such information, although considered reasonable at the time of preparation, may prove imprecise and undue reliance should not be placed on forward-looking statements. Forward-looking statements in this press release are expressly qualified by this cautionary statement.
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SOURCE: AI/ML Innovations, Inc.
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FAQ
What is the significance of the partnership between AIML and RTTC?
How much will Health Gauge earn per test under the new agreement?
What are the conditions for Health Gauge's exclusive licensing rights?
When is the deployment of the COVID testing solution expected?
