Cloud DX Signs 6-Figure Contract to Design New Wearable; Company Will Present at a Webinar and 4 Investor Conferences

Rhea-AI Summary

Cloud DX (TSXV:CDX)(OTCQB:CDXFF) has signed a new contract to design a wearable device to track ECG and other vital signs. The $115,000 CAD contract includes a 4.5% royalty on gross profits for every device sold, and Cloud DX retains the right of first refusal on future statements of work. The new solution aims to reduce stress-induced impacts and improve overall wellness. Cloud DX will also be presenting at several upcoming investor events.

Leveraging 10 years of award-winning medical device design & manufacturing experience, Cloud DX will create a new consumer-grade wearable device to improve health and wellness at every level.

News in Summary

• A leading Health-technology company has retained Cloud DX to design a new daily wearable device to track key vital signs related to overall health and wellness.

• Total contract value for Phase 1 is $115,000 CAD. Cloud DX will thereafter earn a 4.5% royalty on gross profits for every device sold.
• Investors are invited to a Webinar on January 17, 2024, at 4:00 PM EST to hear CEO Robert Kaul discuss recently announced milestones and the outlook for 2024. A link to register is below.
• Cloud DX will be a Presenting Issuer at the AlphaNorth Capital Event in Nassau, Bahamas on January 20, 2024; at New York City-based Maxim Group Healthcare IT Virtual Conference on January 24, 2024; at the Microcap Conference in Atlantic City NJ on January 31, 2024; and at the Whistler Capital Event on February 9, 2024

KITCHENER, ON / ACCESSWIRE / January 9, 2024 / Cloud DX (TSXV:CDX)(OTCQB:CDXFF), a leading North American provider of virtual care and remote patient monitoring platforms announces a new contract to design a wearable that tracks ECG and other vital signs in a comfortable, wrist-based form factor.

The new wearable will become an integral part of the client's wellness solution, a unique, patented platform that tracks multiple vital signs while providing adapted daily recommendations.

This contract is valued at $115,000 CAD, plus a success fee. Cloud DX will earn a 4.5% royalty on the gross profit of all Cloud DX-designed devices sold. In addition, Cloud DX has a right of first refusal on future statements of work that would modify, improve, or iterate on the originally Cloud DX-designed Wearable device. The term of the agreement extends to September 30, 2026.

Studies have demonstrated that stress-induced changes in both males and females can have multiple negative impacts. This new solution uses proven non-invasive biofeedback mechanisms to help prospective users reduce the impact of stress, build resilience, and live longer, more fulfilled lives.

Under the agreement executed on November 10, 2023, Cloud DX will be responsible for the design of a new wrist-based wearable device that accurately records user ECG, heart rate and other metrics, and transmits that data to the client's app for analysis. As a Health Canada licensed medical device designer and manufacturer, Cloud DX has nearly 10 years of experience creating unique, award-winning medical products including the Pulsewave® wrist-based blood pressure and cardiac monitor and the Vitaliti™ continuous vital sign monitor, winners of the XPRIZE Bold Epic Innovator Award, along with over 10 additional awards for innovation excellence.

Cloud DX CEO and Founder Robert Kaul stated, "Cloud DX is very pleased to embark on this project. Our expertise in medical device design and manufacturing allows us to deliver the highest possible quality product for the client, designed in Canada. We anticipate this contract to be the beginning of a long and fruitful partnership with an emerging leader in personalized health coaching."


Investor Webinar

Investors are invited to a Zoom webinar on January 17, 2024 at 4:00 PM Eastern Time (US and Canada). Please register in advance for this webinar:

https://us06web.zoom.us/webinar/register/WN_KUeLav5_RFeJCn6Bmfa_Lg

After registering, you will receive a confirmation email containing information about joining the webinar.

Upcoming Investor Conferences

Cloud DX is pleased to inform investors that Founder and CEO Robert Kaul will be presenting at the following investor conferences in the coming weeks:

• The AlphaNorth Capital Event is taking place at the Royal Atlantis Hotel and Convention Center in Nassau, Bahamas from Friday January 19^th to Sunday January 21^st, 2024. 31 companies are invited to attend this annual conference, meeting 1-on-1 with over 15 investment firms. Investors interested in attending are encouraged to contact Capital Event Management at info@cem.ca
• The Maxim Group will hold their annual Healthcare IT Virtual Conference on Wednesday January 24^th and Thursday January 25^th. Mr. Kaul will present an update on 2023 performance and outlook for 2024 on Day 1. Qualified investors can apply to attend this virtual event at no cost at https://m-vest.com/events/healthcare-it-01242024
• The Microcap Conference will be held at Caesar's Palace Convention Center in Atlantic City NJ on Wednesday January 31^st and Thursday February 1^st, 2024. Up to 60 companies will be presenting in person over the 2 days of the conference, which also includes a symposium and breakout sessions. Investors can learn more at https://themicrocapconference.com
• The Whistler Capital Event will take place at the Fairmont Hotel, Whistler BC, from Friday February 9^th to Sunday February 11^th, 2024. Similar to the AlphaNorth Capital Event this conference is also presented by Capital Event Management, and investors can find more information at https://cem.ca

About Cloud DX

Accelerating digital healthcare, Cloud DX is on a mission to make healthcare better for everyone. Our Connected Health™ remote patient monitoring platform is used by healthcare enterprises and care teams across North America to virtually manage chronic disease, enable aging in place, and deliver hospital-quality post-surgical care in the home. Our partners achieve better healthcare and patient outcomes, reduce the need for hospitalization or re-admission, and reduce healthcare delivery costs through more efficient use of resources. Cloud DX is the co-winner of the Qualcomm Tricorder XPRIZE, winner of "2022 Top Innovator" from Canadian Business, a 2021 "Edison Award" winner, a Fast Company "World Changing Idea" finalist, and one of "Canada's Ten Most Prominent Telehealth Providers." Cloud DX is an exclusive partner to Medtronic Canada, Teladoc Health Canada, and leading hospital procurement agent Mohawk Medbuy.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cloud DX Investor Site https://ir.clouddx.com/overview/default.aspx

Social Links

Twitter https://twitter.com/CloudDX

Facebook https://www.facebook.com/clouddxinc/

LinkedIn https://www.linkedin.com/company/cloud-dx/

Instagram https://www.instagram.com/cloud.dx/

For media inquiries please contact:

Marketing Enquiries

Phone 888-543-0944 

marketing@clouddx.com

For investor inquiries please contact:

Jay Bedard

Cloud DX Investor Relations

Phone 647-881-8418

investors@clouddx.com

Officer responsible for this Press Release:

Robert Kaul
Chief Executive Officer

Phone 888-543-0944

ceo@clouddx.com

Forward Looking Statements

This news release contains forward-looking statements and information within the meaning of applicable securities legislation. Often, but not always, forward-looking statements and information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward looking statements or information involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements or information contained in this news release. In particular, this news release includes certain forward-looking statements concerning the terms of the contract extension, the expected proceeds therefrom, as well as management's objectives, strategies, beliefs and intentions.

Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, the Company's the ability of the Company to fulfill the terms of and derive the benefits from the contract extension.

Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information.

À propos de Cloud DX

Accélérant les soins de santé virtuels, Cloud DX a pour mission d'améliorer les soins de santé pour tous. Notre plateforme de surveillance à distance des patients Connected HealthMC est utilisée par des entreprises de soins de santé et des équipes de soins partout en Amérique du Nord pour gérer virtuellement les maladies chroniques, permettre aux gens de vieillir chez eux et fournir des soins post-chirurgicaux de qualité hospitalière à domicile. Nos partenaires obtiennent de meilleurs résultats pour les soins de santé et les patients, réduisent le besoin d'hospitalisation ou de réadmission, et réduisent les coûts de prestation des soins de santé grâce à une utilisation plus efficace des ressources. Cloud DX est co-lauréate du prix Qualcomm Tricorder XPRIZE, lauréate du prix Edison 2021, finaliste du concours « World Changing Idea » de Fast Company et un des dix plus importants fournisseurs de télésanté au Canada.

Site des relations avec les investisseurs de Cloud DX https://ir.clouddx.com/overview/default.aspx

La Bourse de croissance TSX et son fournisseur de services de réglementation (tel que ce terme est défini dans les politiques de la Bourse de croissance TSX) n'assument aucune responsabilité quant à la pertinence ou à l'exactitude du présent communiqué.

Tous les énoncés prospectifs sont assujettis à des risques et à des incertitudes, tels que ceux décrits dans les rapports périodiques de Medtronic déposés auprès de la Securities and Exchange Commission. Les résultats réels peuvent sensiblement différer des résultats anticipés.

SOURCE: Cloud DX Inc.

View the original press release on accesswire.com

FAQ

What is the new contract signed by Cloud DX?

Cloud DX has signed a new contract to design a wearable device to track ECG and other vital signs.

What is the contract value for Phase 1?

The contract value for Phase 1 is $115,000 CAD.

What royalty will Cloud DX earn on every device sold?

Cloud DX will earn a 4.5% royalty on gross profits for every device sold.

What is the purpose of the new wearable device?

The new wearable device aims to reduce stress-induced impacts and improve overall wellness.

What upcoming investor events will Cloud DX be presenting at?

Cloud DX will be presenting at the AlphaNorth Capital Event, Maxim Group Healthcare IT Virtual Conference, Microcap Conference, and Whistler Capital Event.