Predictmedix announces its first significant UK sales contract
TORONTO, ON / ACCESSWIRE / July 7, 2020 / Predictmedix Inc. (CSE:PMED)(OTCQB:PMEDF) ("Predictmedix" or the "Company") is pleased to announce the execution of a sales contract for its COVID-19 screening technology with Taurus Medical Solutions ("Taurus"), a medical distributor based out of the United Kingdom which is also a supplier to United Kingdom National Health Service "NHS". Furthermore, Predictmedix is also pleased to announce that it has filed two patent applications with the United States Patent and Trademark Office for its telehealth/telemedicine and remote patient monitoring platform.
Utilizing Predictmedix COVID-19 mass screening technology, Taurus is offering entry modules to the healthcare, retail, and the entertainment sector in the UK. The contract with Taurus is for a period of 12 months (beginning July 6th) with an option for renewal following on boarding of a certain number of clients.
Predictmedix technology will be deployed using a software as a service ("SaaS") model whereby for every camera or scanner installation, there will be an upfront customization fee followed by a monthly subscription fee model based on the number of screenings contributing to recurring revenue on a monthly basis.
"Predictmedix technology is a fantastic opportunity for us to add to our medical portfolio and it will also enable us to diversify and expand into untapped business sectors within the UK," said Tomas Loftus, CEO of Taurus Medical Solutions.
"In this crucial phase of COVID-19 pandemic when most of the countries are opening up and the communities are restoring their movement Predictmedix screening solution for COVID-19 symptom screening brings a ray of hope for communities. It is an intelligent but at the same time very simple solution from a deployment standpoint which uses various factors to determine and screen the individuals. It will be very useful at the entry points of public and community places as well as factories and work places and will help the employers to create a safe working environment," added Dr. Arun Chauhan, a UK based expert in digital health.
"We are excited to be working with Taurus Medical Solutions as it marks a new beginning for us with our global expansion efforts. Their large and diverse client base in the UK along with their relationship with the NHS offers us a great opportunity to roll out our technologies in the healthcare sector in the UK," said Dr. Rahul Kushwah, COO of Predictmedix.
Predictmedix is pleased to announce that it has filed two patent applications, 68048131 - System and method to automatically recommend and adapt a treatment regimen for patients and 63048152 - System and method to manage a rewards program for patient treatment protocols, with the United States Patent and Trademark Office.
A patient can be critically ill or is not in a condition to visit the hospital or a medical physician on a regular basis. Such restriction may result in the deterioration of health of the patient. For example, a patient may be bed ridden and perfectly in good health but requires necessary monitoring of their health condition. At the same time, the patient is also reluctant to go to the hospital. In another scenario, the patient may be in a critical condition and needs lifesaving treatment before the patient can reach the hospital. All these scenarios require a system that can automatically recommend and adapt to a treatment so that the both lifestyle management and/or prescriptive analytics can provide better health management to a patient.
The technology developed by Predictmedix (patent pending) uses Artificial Intelligence to provide a method and system of management in automatically recommending and adapting to a treatment regimen. More specifically, the system and method for automatic recommendation and treatment regime for a patient involves gathering patient data, patient inputs, and a treatment pathway controller treatment to identify time series event, apply rules for diagnosis of disease, taking an approval from a medical expert, and providing the detail treatment plan for the patient.
Due to large scale outbreak of various infectious, non-infectious, heredity and other lifestyle diseases, it has become important to ensure that patients strictly follow the treatment protocol to live a healthy life. As such, it is important to motivate the patient to strictly follow the prescribed protocol by a medical expert to maintain good health.
The technology developed by Predictmedix (patent pending) provides a novel method and system of management of a reward program for a patient treatment program. More specifically, the system and method of management of a reward program for a patient treatment program provides for reward points to motivate the patient to follow the treatment protocol.
"The two patents are the key to further expand the offering of our telehealth/telemedicine, remote patient monitoring platform and these patents clearly help us distinguish ourselves in the telehealth space by providing cutting artificial intelligence based tools which go beyond the traditional scope of telemedicine", said Dr. Rahul Kushwah, COO of Predictmedix.
For more details on this release please click on the following video interview:
About Taurus Medical Solutions
Taurus Medical solutions is a UK based medical distributor and specialises in supplying diagnostic displays and medical monitors which are at the forefront of medical imaging technology. Taurus Medical solutions has been a supplier to NHS and their equipment have been installed in hospitals throughout the UK, where they are predominantly used in operating theatres and X-Ray departments. Moreover, Taurus has a dedicated team of engineers which provide preventive maintenance support and servicing to diagnostic equipment situated in NHS hospitals, private medical institutions, and teaching hospitals.
About Predictmedix Inc.
Predictmedix Inc. is an artificial intelligence ("AI") company developing disruptive tools for impairment testing and healthcare. It is intended that the Company's cannabis and alcohol impairment detection tools will be used across various workplaces and by law enforcement agents. Its technology uses facial and voice recognition to identify both cannabis and alcohol impairment by utilizing multiple features along with numerous different data points. Testing does not require any body fluids or human intervention, thereby helping to remove human error and the potential for discrimination and prejudice.
The Company is also developing AI based screening for the healthcare industry. The recent advent of COVID-19 pandemic has placed unprecedented stress on the global economy and highlights the need for tools to help screen mass populations for infectious diseases, with the hope of preventing pandemics in the future. In turn, Predictmedix Inc. is expanding its proprietary AI technology to screen for infectious diseases such as influenza and coronaviruses (COVID-19). Our current partners along with advisory board members have played a key role in gathering data pertaining to COVID-19, which has allowed us to develop a predictive mass screening tool for COVID-19. The technology is for mass screening and is to be used to predict and identify individuals who have the highest likelihood of being infected with COVID-19.
Additionally, psychiatric disorders such as depression, dementia and Alzheimer's disease can carry a significant burden and early identification is the key to better management. To help address this, the Company is also expanding its proprietary AI technology to screen for psychiatric and/or brain disorders such as depression, dementia and Alzheimer's disease. To find out more visit us at www.predictmedix.com
For further information, please contact:
Dr. Rahul Kushwah, Chief Operating Officer
Tel: 647 889-6916
Email: rahul@predictmedix.com
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 as required by law.
SOURCE: PredictMedix Inc.
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