Monday, June 28, 2021
8:18 AM EST – AI/ML Innovations Inc. : Announced that it has entered into a binding Letter of Intent, subject to certain terms and conditions, regarding a strategic partnership and equity interest in the Paris, France based company, Tech2Health. AIML and Tech2Health will participate jointly, on a 70:30 basis, in a privately held AIML subsidiary. This subsidiary will own 100% of the North American rights (USA, Canada, and Mexico) to the exclusive commercial use of all Products, Brands, and Trademarks owned by Tech2Health, in perpetuity. AIML will issue 1.5 million restricted common shares (subject to a minimum 12-month voluntary restriction) from its treasury (at a deemed price of CAD$0.80 per share) to Tech2Health regarding this Strategic Alliance. Additionally, AIML will acquire a stake in Tech2Health’s global operations by way of an investment into Tech2Health, in return for 22.22% of Tech2Health’s common share equity. AIML will make payments totaling €2million over an 18-month period in regard to the Acquisition. The funds advanced to Tech2Health by AIML will be used to further Tech2Health’s technologies and market penetration strategies as per a pre-agreed upon use of proceeds plan. AIML will hold a permanent seat on the Board of Directors of Tech2Health. AI/ML Innovations Inc. (C.AIML) shares were unchanged at 0.7.
Stocks in Play: AI/ML Innovations Inc., Mon, 28 Jun 2021 08:27:13 EST