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AI/ML Innovations Inc. Enters Binding Letter of Intent to Acquire Strategic Neural Net Healthcare Assets
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0 KommentareHighlights:Strategic Expansion and Market Growth: AI/ML Innovations Inc. expands its portfolio by acquiring Naiad Labs Inc. Product Division.AI-driven Strategic Healthcare Assets: The purchase includes a proprietary "Long ECG Neural Net", reducing …
Highlights:
- Strategic Expansion and Market Growth: AI/ML Innovations Inc. expands its portfolio by acquiring Naiad Labs Inc. Product Division.
- AI-driven Strategic Healthcare Assets: The purchase includes a proprietary "Long ECG Neural Net", reducing the reading and labeling of long ECGs from a couple of weeks to under 5 minutes.
VICTORIA, BC / ACCESSWIRE / May 2, 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 a significant milestone in the signing of a binding Letter of Intent (the "LOI") dated April 27, 2024 to purchase Naiad Labs' Product Division, subject to certain terms and conditions.
The Acquired Assets include:
Naiad's proprietary Long ECG Neural Net (L-ECG NN) - An accurate and efficient method to read and label long ECGs. The L-ECG NN can label an entire 48-hour long ECG file in less than 5 minutes, while conventional methods take a couple of weeks.
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, added, "We are very excited by this acquisition, as we see great synergy between these newly acquired technologies and our current Follow Your Heart suite of products". Duffy continues, "Moreover, the Neural Net Store expands our reach, offering our Neural Nets as a Service to the broad and growing community of smart sensor wearables and end user applications.'"
The salient terms of the LOI include:
| 1. | AIML will purchase 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"). | |
| 2. | AIML will issue 6,700,000 Common Shares from its Treasury to Naiad, (currently valued at $469,000), as full and final payment for the Assets. The shares will be subject to a 12-month hold period. | |
| 3. | AIML will create a new operating subsidiary which shall hold the Assets. | |
| 4. | AIML will 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. | |
| 5. | AIML will grant 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. | |
| 6. | 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. | |
| 7. | AIML at its sole discretion may purchase the Royalty from Naiad at any time for $1,000,000. | |
| 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. | |
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The Assets Purchase has a non-arm's length component to it in that AIML's Interim CPO, Esmat Naikyar, is the CEO and co-Founder of Naiad Labs Inc. Mr. Naikyar is neither on the board of directors of AIML, nor will he be involved in AIML's approval process.
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