Predictmedix Receives $1.85 Million Letter of Intent for 80 Safe Entry Stations from KaTron Defence Space and Simulation Technologies

Rhea-AI Summary

Predictmedix Inc. (CSE:PMED) (OTCQB:PMEDF) announced a non-binding Letter of Intent (LOI) with KaTron Defence Space for the deployment of 80 Safe Entry Stations in Ankara, Turkey, with annual subscription fees projected at USD$1.4 million (CAD$1.85 million). The order is contingent upon results from an ongoing clinical study, expected to be published in a peer-reviewed journal. This technology aims to enhance workplace safety by screening for impairment and infectious disease symptoms. A formal purchase order is anticipated in the third quarter of 2022.

Positive

• Projected annual subscription revenue of USD$1.4 million (CAD$1.85 million).
• Deployment of 80 Safe Entry Stations indicates strong demand for workplace safety solutions.

Negative

• Formal purchase order contingent on clinical study results, creating uncertainty.
• Potential delays in order fulfillment pending peer-reviewed publication.

TORONTO, ON / ACCESSWIRE / June 29, 2022 / Predictmedix Inc. (CSE:PMED) (OTCQB:PMEDF) ("Predictmedix" or the "Company"), an emerging provider of rapid health screening solutions powered by a proprietary artificial intelligence (AI), today announced that it has received a non-binding Letter of Intent (LOI) from KaTron Defence Space and Simulation Technologies, a leading Turkish provider of simulation products and services for aviation and aerospace, for the deployment of eighty (80) Safe Entry Stations for their corporate headquarters in Ankara, Turkey along with international clients.

The LOI, reflecting subscription fees of at least USD$1.4 million per year (CAD$1.85 million at the current exchange rate), is pending receipt of publication of results from a clinical study in a peer reviewed publication before transitioning to a formal purchase order, the announcement of which is expected in the third quarter of 2022.

The LOI covers the deployment of 80 Predictmedix Safe Entry Stations, which are used to power "Fit for Work" screening - a non-invasive, autonomous, non-biased, and cost-efficient workplace screening solution for countless industries around the globe. Fit for Work screening ensures workers are in an alert mental and physical state by screening for impairment from Cannabis and alcohol, extreme fatigue, and symptoms of infectious diseases, such as COVID-19.

"KaTron has illustrated a strong commitment to ensuring workplace safety and reducing costly worker accidents," said Dr. Rahul Kushwah, Interim Chief Executive Officer at Predictmedix. "This order highlights how our technology allows companies to enhance productivity by ensuring a safe and productive work environment. As companies around the world seek to mitigate the probability of infectious diseases that can infect entire teams, as well as reduce the costly burden of substance impairment and fatigue, the demand for a complete technology solution like our Safe Entry Station will continue to grow.

"We are now conducting a clinical study with researchers and doctors at a North American hospital that are using our Safe Entry Stations to screen for symptoms of infectious diseases and signs of impairment from cannabis and alcohol. We look forward to working with KaTron to fulfill this order once results from this independent clinical validation are published later this year - a key step as we strive to continue to build value for our shareholders," concluded Kushwah.

About Predictmedix Inc.

Predictmedix (CSE: PMED) (OTCQB: PMEDF) is an emerging provider of rapid health screening and remote patient care solutions globally. The Company's Safe Entry Stations - powered by a proprietary artificial intelligence (AI) - use multispectral cameras to analyze physiological data patterns and predict a variety of health issues including infectious diseases such as COVID-19, impairment by drugs or alcohol, or various mental illnesses. Predictmedix's proprietary remote patient care platform empowers medical professionals with a suite of AI-powered tools to improve patient health outcomes. To learn more, please visit our website at www.Predictmedix.com or follow us on Twitter, Instagram or LinkedIn.

Investor Relations Contact
Lucas A. Zimmerman
MZ Group - MZ North America
949-259-4987
PMEDF@mzgroup.us
www.mzgroup.us

Caution Regarding Forward-Looking Information:

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, 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 Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence 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 control of the Company, including risks related to COVID-19; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control; reliance on management; and the emergency of additional competitors in the industry.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except required by law.

Disclaimer: "The Company is not making any express or implied claims that its product has the ability to diagnose, eliminate, cure or contain the COVID-19 (or SARS-2 Coronavirus) at this time."

SOURCE: Predictmedix

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FAQ

What is the significance of Predictmedix's LOI with KaTron Defence Space?

The LOI indicates a commitment to deploy 80 Safe Entry Stations, representing potential annual revenue of USD$1.4 million.

When is the formal purchase order for the Safe Entry Stations expected?

The formal purchase order is anticipated in the third quarter of 2022, pending clinical study results.

What are Safe Entry Stations used for?

They are designed for non-invasive screening to ensure workers' mental and physical fitness, detecting impairment and symptoms of infectious diseases.

What is the ticker symbol for Predictmedix?

The ticker symbols for Predictmedix are PMED on the CSE and PMEDF on the OTCQB.