AI/ML Innovations Inc. Issues Correction Regarding Engagement of Volt Strategic Partners

Rhea-AI Summary

AI/ML Innovations Inc. (CSE:AIML, OTCQB:AIMLF) issued a correction regarding its contract with Volt Strategic Partners Ltd.. Initially, the company announced that Volt Strategic would provide market-making services, but clarified that Venture Liquidity Providers Inc. (VLP) is the actual market-maker. VLP's services, providing orderly trading for AIML shares, will cost $5,000 monthly for three months. Additionally, AIML will pay Volt Strategic $5,000 monthly for six months. Both agreements have termination clauses. AIML granted stock options for up to 100,000 shares at $0.80 per share.

Positive

• Engagement of VLP for market-making services may stabilize share trading.
• Monthly payments to both Volt Strategic and VLP are predictable financial commitments.

Negative

• Correction indicates earlier miscommunication, which may cause investor uncertainty.
• The company is incurring additional expenses with both advisory contracts.

TORONTO, ON / ACCESSWIRE / July 6, 2021 / AI/ML Innovations Inc. (CSE:AIML), (OTCQB:AIMLF) ("AIML" or the "Company"), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, issues a correction regarding its contract with Volt Strategic Partners Ltd ("Volt Strategic").

On July 5, 2021, the Company announced that it retained Volt Strategic as a capital markets and communications advisor, and market-making services provider. The Company would like to issue a correction stating that is has retained Volt Strategic as a capital markets and communications advisor, and Venture Liquidity Providers Inc. ("VLP") for market-making services. Volt Strategic is not providing market-making services, as was previously stated incorrectly.

The Company has, subject to regulatory approval, retained VLP to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the Company.

VLP is a specialized consulting firm providing a variety of services focused on publicly listed stocks. VLP's exclusive market-making service is provided by W.D. Latimer Co. Limited. ("Latimer"), a registered investment dealer, in compliance with all applicable laws and the policies of the Canadian Securities Exchange (the "CSE"). The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the Company to VLP is for services only.

Under the terms of the agreement with Volt Strategic, AIML will pay Volt Strategic $5,000 per month over a term of six months. The agreement may be terminated at any time on written notice by the Company or Volt Strategic.

For its services, the Company has agreed to pay VLP $5,000 per month for a period of three months, continuing on a month-to-month basis thereafter. The agreement may be terminated at any time on written notice by the Company or VLP.

The Company is at arm's length with both Volt Strategic and VLP. To the knowledge of the Company's management, Volt Strategic and VLP do not have any present interest, directly or indirectly, in the Company or its securities, other than the compensation which the Company has granted pursuant to the agreements disclosed herein.

The Company has also granted incentive stock options to consultants of Volt Strategic and VLP to purchase an aggregate of up to 100,000 common shares in the capital of the Company, pursuant to the share option plan of the Company. The options are exercisable on or before July 5, 2023, at an exercise price of $0.80 per share and will vest quarterly in equal amounts over the first twelve months. In addition, the Company has agreed to issue 125,000 common shares to consultants of Volt Strategic. The stock options and common shares issuable upon exercise of the options granted herein are subject to resale restrictions imposed by applicable law or regulation, including a statutory hold period expiring four months and one day from the date of grant.

None of the securities acquired upon exercise of the stock options will be registered under the United States Securities Act of 1933, as amended (the "1933 Act"), and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the 1933 Act. This news release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities in any state where such offer, solicitation, or sale would be unlawful.

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:

Investor slidedeck: https://aiml-innovations.com/wp-content/uploads/2021/01/AIML-mini-1-21.pdf

Corporate video: https://www.youtube.com/watch?v=k2QSjo7clXc&feature=youtu.be

Official YouTube Channel: https://www.youtube.com/channel/UCCfOj2P_Fu3TOK6Jl1G9vEQ

About AI/ML Innovations Inc.

AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning areas of artificial intelligence (AI) and machine learning (ML), with an initial focus on emerging companies in the digital healthcare space. AI/ML's shares are traded on the Canadian Securities Exchange under the symbol "AIML". AI/ML's first acquisition was 70% ownership of Health Gauge.

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. https://www.healthgauge.com/

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.

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.

View source version on accesswire.com:
https://www.accesswire.com/654378/AIML-Innovations-Inc-Issues-Correction-Regarding-Engagement-of-Volt-Strategic-Partners

FAQ

What is the correction issued by AI/ML Innovations regarding Volt Strategic Partners?

AI/ML Innovations clarified that it retained Venture Liquidity Providers Inc. for market-making services, not Volt Strategic.

How much will AIML pay for market-making services provided by VLP?

AIML will pay VLP $5,000 per month initially for three months.

What are the terms of the engagement with Volt Strategic?

AIML will pay Volt Strategic $5,000 per month over six months, with termination clauses in place.

What stock options has AIML granted related to the advisory contracts?

AIML granted options to acquire up to 100,000 shares at an exercise price of $0.80, vesting quarterly.