– MedWatch™ to meet the needs of the $327 billion US diabetes market –
– License Includes Annual Payment to Health Gauge of $120,000, 2% Gross Sales Royalty, $2 Million Termination Fee, and Other Royalties and Fees –
TORONTO, ON /ACCESSWIRE/March 28, 2022/ AI/ML Innovations Inc. (CSE: AIML) (OTCQB: AIMLF) (FWB: 42FB), a company committed to acquiring and advancing artificial intelligence and machine learning technologies that meet the needs societal concerns, is pleased to announce that its majority-owned subsidiary, Health Gauge Inc., has entered into a licensing agreement with MedWatch Technologies, Inc. of Las Vegas, Nevada. MedWatch has agreed to license Health Gauge’s patented health management technology (“Licensed Patent”) and proprietary AI-powered software (“Licensed Software”) for use in the noninvasive solutions of blood glucose and blood chemistry monitoring from MedWatch for the diabetes and health & wellness market.
“There is an opportunity for this strategic alliance between Health Gauge and MedWatch to have a positive impact on the diabetes epidemic,” said Tim Daniels, President of AI/ML Innovations, Inc. “In the United States alone, diabetes-related medical costs are $327 billion. per year. One US dollar out of every $4 of healthcare expenditure is spent on caring for people with diabetes. The human costs are even higher, with more than 34 million Americans living with diabetes and 88 million people with prediabetes resulting in diabetes. the third leading cause of death today. Basically, about 1 in 5 people with diabetes don’t know they have it, which makes improving access to an easy-to-use, inexpensive blood glucose monitoring tool even more important. Because lifestyle choices can dramatically impact both diabetes risk and disease outcome, MedWatch™ envisions to be a disruptive tool that helps improve patient outcomes through convenient, painless g-glucose monitoring, enabling micro-management of disease and helping to mitigate lifestyle-related diabetes risks.”
Key terms of the License Agreement include:
Duration of the agreement:
Annual license fees:
MedWatch will pay Health Gauge a royalty of two percent (2%) of the gross sales of all MedWatch products that rely on the Licensed Patent and/or Licensed Software, which is expected to be $5.00 at $8. 00 USD per device sold.
MedWatch will pay additional royalties to Health Gauge for other software services that may be provided as a value-added solution
MedWatch will pay additional fees, on a “cost-plus” pricing basis, to use Health Gauge resources to support joint initiatives and product or application development in non-invasive digital health solutions.
Termination Fee :
“We are pleased to announce that we have signed a license with Health Gauge that allows us to use their proprietary technology covering the design and functionality of biometric sensors to collect the information required for glucose determination,” said Mike Moore. , CEO of MedWatch Technologies. , Inc. “In addition, we have licensed the use of the best-in-class Health Gauge health management and monitoring software platform, which will provide us with a turnkey, cloud-based solution for users of our blood glucose monitoring devices. We are delighted to enter into this relationship with Health Gauge and look forward to the opportunities it presents to us.”
Our Health Mission
Our mission is to improve the lives of people with diabetes and other blood sugar issues, by making blood sugar monitoring easier, cheaper, and far less painful. We will fulfill our mission by creating high-performance, cost-effective commercial products that will transform the lives of patients with diabetes. Our products will revolutionize the way people with diabetes monitor their blood sugar and give them new tools to continuously adapt their diet and lifestyle based on their immediate blood sugar status.
Essentially, we are concerned with improving the health and well-being of people with chronic diseases by using unique technologies, innovative information services and simple ways to integrate this technology into their lives.
About the Health Gauge
Health Gauge’s patented solution is a personal health monitoring and 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 to access and use relevant data, resulting in better recovery outcomes and healthy living goals through the ability to make immediate and better health choices. www.healthgauge.com
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 initial investment focused on emerging healthcare and healthcare companies. digital wellbeing that leverage AI, ML and cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the continuum of health. Through strategic partnerships with Health Gauge (70% owned by AIML), Tech2Heal (22% ownership commitment by AIML), AI Rx Inc. (70% owned by AIML) and other planned accretive investments, the company continues to capitalize on expanding growth areas, to the benefit of all business stakeholders. AI/ML’s shares trade on the Canadian Securities Exchange under the symbol “AIML”, on the OTCQB Venture Market under the symbol “AIMLF” and on the Frankfurt Stock Exchange under the symbol “42FB”.
On behalf of the Board of Directors
Tim Daniels, Executive Chairman
For more information on AI/ML innovations:
For detailed information, please see AI/ML’s website at https://aiml-innovations.com/ or the company’s filings at www.sedar.com.
For further information: Blake Fallis at (778) 405-0882 or [email protected]
Company 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 press release may contain forward-looking statements that involve important known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the control of the Company, including, but not limited to, the uncertainty of competition by other players in the industry, the impact of general economics, industry conditions, dependence on regulatory approvals and the ability to raise additional capital if needed in the future. Readers are cautioned that the assumptions used in preparing this information, while believed to be reasonable at the time of preparation, may prove to be imprecise and undue reliance should not be placed on forward-looking statements. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this press release, and the Company undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities laws.
THE SOURCE: AI/ML Innovations Inc.
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