AI/ML Innovations Inc. Announces Impairment of Investment
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) has announced an impairment loss of $1,510,668 related to its investment in minority-owned subsidiary, Tech2Heal. The impairment assessment revealed that Tech2Heal's primary asset, Alakin, is currently meeting expectations with modest sales. However, the company faces significant challenges:
1. Immediate need for substantial new capital to maintain product competitiveness.
2. Rapid advancements in artificial intelligence surpassing the company's ability to modernize its technology.
3. Difficulty in remaining competitive and attracting new customers without successful AI integration into the platform.
The company's management will provide updates on plans to develop the business as they progress.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) ha annunciato una perdita da impairment di $1.510.668 relativa al suo investimento nella sussidiaria di minoranza, Tech2Heal. La valutazione dell'impairment ha rivelato che il principale asset di Tech2Heal, Alakin, sta attualmente soddisfacendo le aspettative con vendite modeste. Tuttavia, l'azienda affronta sfide significative:
1. Necessità immediata di nuovo capitale sostanziale per mantenere la competitività del prodotto.
2. Rapidi progressi nell'intelligenza artificiale che superano la capacità dell'azienda di modernizzare la propria tecnologia.
3. Difficoltà a rimanere competitivi e attrarre nuovi clienti senza una riuscita integrazione dell'IA nella piattaforma.
La gestione dell'azienda fornirà aggiornamenti sui piani di sviluppo dell'attività man mano che progrediscono.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) ha anunciado una pérdida por deterioro de $1,510,668 relacionada con su inversión en la subsidiaria de propiedad minoritaria, Tech2Heal. La evaluación de deterioro reveló que el principal activo de Tech2Heal, Alakin, está cumpliendo actualmente con las expectativas con ventas modestas. Sin embargo, la empresa enfrenta desafíos significativos:
1. Necesidad inmediata de nuevo capital sustancial para mantener la competitividad del producto.
2. Avances rápidos en inteligencia artificial que superan la capacidad de la empresa para modernizar su tecnología.
3. Dificultad para mantener la competitividad y atraer nuevos clientes sin una exitosa integración de IA en la plataforma.
La dirección de la empresa proporcionará actualizaciones sobre los planes de desarrollo del negocio a medida que avancen.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB)는 $1,510,668의 손상손실을 발표했습니다. 이는 소규모 자회사인 Tech2Heal에 대한 투자와 관련이 있습니다. 손상 평가 결과 Tech2Heal의 주요 자산인 Alakin은 현재 기대를 충족하며, 적당한 매출을 올리고 있습니다. 그러나 회사는 중요한 도전에 직면해 있습니다:
1. 제품 경쟁력을 유지하기 위한 상당한 신규 자본의 즉각적인 필요성.
2. 인공지능의 빠른 발전이 회사의 기술 현대화 능력을 초과하는 상황.
3. 플랫폼에 성공적인 AI 통합이 없이는 경쟁력을 유지하고 새로운 고객을 유치하는 데 어려움이 있음.
회사의 경영진은 사업 개발 계획에 대한 업데이트를 진행 상황에 따라 제공할 것입니다.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) a annoncé une perte de dépréciation de 1 510 668 $ liée à son investissement dans la filiale détenue à minorité, Tech2Heal. L'évaluation de la dépréciation a révélé que l'actif principal de Tech2Heal, Alakin, répond actuellement aux attentes avec des ventes modestes. Cependant, l'entreprise fait face à des défis importants :
1. Besoin immédiat d'un capital neuf substantiel pour maintenir la compétitivité des produits.
2. Progrès rapides en intelligence artificielle dépassant la capacité de l'entreprise à moderniser sa technologie.
3. Difficulté à rester compétitif et à attirer de nouveaux clients sans intégration réussie de l'IA dans la plateforme.
La direction de l'entreprise fournira des mises à jour sur les plans de développement des affaires au fur et à mesure des progrès.
AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) hat einen Wertminderungsverlust von $1.510.668 in Bezug auf seine Investition in die Minderheits-Tochtergesellschaft Tech2Heal bekannt gegeben. Die Wertminderung hat ergeben, dass Tech2Heal's Hauptvermögen, Alakin, derzeit die Erwartungen mit bescheidenen Verkaufszahlen erfüllt. Dennoch steht das Unternehmen vor bedeutenden Herausforderungen:
1. Dringender Bedarf an beträchtlichem Neukapital, um die Produktwettbewerbsfähigkeit aufrechtzuerhalten.
2. Schnelle Fortschritte in der künstlichen Intelligenz, die die Fähigkeit des Unternehmens übersteigen, seine Technologie zu modernisieren.
3. Schwierigkeiten, wettbewerbsfähig zu bleiben und neue Kunden zu gewinnen, ohne eine erfolgreiche KI-Integration in die Plattform.
Das Management des Unternehmens wird über Pläne zur Geschäftsentwicklung aktualisierte Informationen bereitstellen, während sie fortschreiten.
- Tech2Heal's primary asset, Alakin, is currently meeting expectations with modest sales
- Impairment loss of $1,510,668 recorded for investment in Tech2Heal
- Significant and immediate new capital required to keep the product competitive
- Artificial intelligence advancements surpassing the company's ability to modernize technology
- Difficulty in remaining competitive and attracting new customers without AI integration
VICTORIA, BC / ACCESSWIRE / October 10, 2024 / AI/ML Innovations Inc. ("AI/ML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that, as disclosed in its recently filed financial statements, the Company performed an assessment of indicators of impairment in the investment in its minority-owned subsidiary, Tech2Heal, and recorded an impairment loss of
The impairment assessment concluded that Tech2Heal's primary asset, Alakin, is currently meeting expectations, with a modest level of sales. However, significant and immediate new capital is required in order to keep the product competitive, particularly in light of the fact that artificial intelligence is quickly surpassing the Company's ability to modernize this technology. Without substantial new investment which results in the successful integration of artificial intelligence into the platform, the Company's leadership team expects that it will be very difficult to remain competitive, attract new customers and maintain the platform.
Management will provide the market with updates on its plans to develop the business of the Company as these plans progress.
About AI/ML Innovations Inc. https://aiml-innovations.com/
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 Inc. (
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 or the Company's filed documents at www.sedarplus.ca
For further information, contact: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com
The Canadian Securities Exchange has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains "forward-looking statements" within the meaning of the securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. In addition, we cannot assure that any patent will be issued as a result of a pending patent application or, if issued, whether it will be issued in a form that will be advantageous to us. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time at sedarplus.ca. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of third-party websites.
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: AI/ML Innovations, Inc.
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FAQ
What impairment loss did AI/ML Innovations Inc. (AIMLF) report?
What challenges does Tech2Heal face according to AI/ML Innovations' announcement?
How is Tech2Heal's primary asset, Alakin, performing?
What does AI/ML Innovations (AIMLF) plan to do following this impairment announcement?
