Highlights:
- AI-driven Strategic Assets: Acquired Assets Include Advanced Neural Net Healthcare Technologies.
VICTORIA, BC / ACCESSWIRE / June 17, 2024 / AI/ML Innovations Inc. ("AIML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a leading company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce the completion and signing of a definitive agreement, dated June 3, 2024, for the asset purchase of cutting-edge technology from Naiad Lab Inc. The acquisition marks a significant milestone in AIML's strategic growth and innovation roadmap.
As previously announced by the Company on May 2, 2024, the acquired technologies include:
A proprietary Long ECG Neural Net (L-ECG NN) for Cardiovascular Insights
This advanced solution provides detailed beat-to-beat labeling for ECGs of any duration, up to and including 48 hours, covering approximately 170,000 labeled heartbeats. This enhanced level of detail enables further neural network processing to uncover critical insights and events related to cardiovascular disease and other ailments.
The Neural Network Store (NNStore)
A subscription-based online neural net store that allows device company developers and researchers to upload files for analysis by various AI systems.
Paul Duffy, CEO of AIML Innovations Inc., stated, "The acquisition of Naiad Lab's technology is a significant step for AIML. It not only strengthens our portfolio, but also positions us at the forefront of biometric measurement innovations."
Esmat Naikyar, CEO of Naiad Lab, added, "Our mission is to leverage state-of-the-art neural networks to deliver actionable health insights. The Long ECG Neural Net fits that model perfectly as it provides near instantaneous actionable feedback to the healthcare provider."
The salient points of the acquisition include:
- AIML has purchased 100% of Naiad's Long ECG Neural Net, 100% of Naiad's Neural Net Store & NNaaS, and access to certain contracted services to be provided by Naiad's management and technical team on an ongoing basis under separate employment/consulting agreements (collectively, the "Assets").
- AIML issues 6,700,000 Common Shares from its Treasury to Naiad, (currently valued at $335,000), as full and final payment for the Assets. The shares will be subject to a 12-month hold period.
- AIML has created a new operating subsidiary which shall hold the Assets.
- AIML agrees to pay a streaming royalty (the "Royalty") to Naiad for up to a 20-year period, as per the following terms:
i. a 2% Royalty which is payable on gross revenue of not less than $1,500,000 and not greater than $5,000,000 inclusive per fiscal year, if and only if such revenue is directly attributable to third-party licensing of the Long ECG Neural Net, AND
ii. a 3% Royalty which is payable on all gross revenue above $5,000,000 per fiscal year, if and only if such revenue is directly attributable to third-party licensing of the Long ECG Neural Net.
iii. AIML at its sole discretion may purchase the Royalty from Naiad at any time for $1,000,000. - AIML grants a total of 700,000 stock options for 5 years at a $0.20 exercise price to management members of Naiad, in accordance with the Corporation's Stock Option Plan.
- AIML has entered into consulting/management agreements with certain key members of Naiad Labs.
- AIML has issued 3,000,000 Contingent Payment Shares to Naiad Labs for a 12-month period, which are convertible into 3,000,000 Common Shares from Treasury at a cost of $0.00 per share, subject to the following terms:
i. the Long ECG Neural Net has formally entered the US FDA approval process; AND,
ii. The Long ECG Neural Net generates gross revenue of not less than $1,000,000.
The Assets purchase has a non-arm's length component to it in that AIML's CPO, Esmat Naikyar, is the CEO and co-Founder of Naiad Lab Inc. Mr. Naikyar is neither on the board of directors of AIML, nor was he involved in AIML's approval process for this transaction.
The Asset purchase is subject to CSE approval. No Finder's Fee will be paid in conjunction with this transaction. The Asset purchase will not result in either a change of control or the creation of new control persons.
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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 an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge (95.2% owned by AIML), Tech2Heal (up to 22% ownership rights, with 12.44% currently owned 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 the Company's stakeholders. AI/ML's shares are traded on the Canadian Securities Exchange under the symbol "AIML", the OTCQB Venture Market under "AIMLF", and the Frankfurt Stock Exchange under "42FB".
On behalf of the Board of Directors
Tim Daniels, Executive Chairman
For more information about AI/ML Innovations:
For detailed information please see AI/ML's website or the Company's filed documents at
For further information, contact: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com
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For AI/ML Innovations Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements that involve substantial known and unknown risks and uncertainties. This press release contains express or implied forward-looking statements relating to, among other things, AI/ML Innovations' expectations concerning management's plans, objectives, and strategies, including strategies for defending the Company's intellectual property. These statements are neither promises nor guarantees but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. AI/ML Innovations Inc. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events, or circumstances or otherwise except as expressly required by applicable securities law. Further information regarding the uncertainties and risks can be found in the disclosure documents filed by AI/ML with the securities regulatory authorities, available at .
SOURCE: AI/ML Innovations Inc.