Mental health just in the U.S. in on the decline, with startling statistics. For example, “From 2019 to 2020 symptoms of anxiety disorders tripled and depressive disorders quadrupled. One in 10 American adults reported an increase in substance use in 2020 because of the pandemic and the number of people reporting serious consideration of suicide has doubled since 2018,” reports Cleveland.com. Racing to help are companies such as AI/ML Innovations (CSE:AIML)(OTC:AIMLF), Fobi AI Inc. (TSXV:FOBI)(OTC:FOBIF), Nubeva Technologies Ltd. (TSXV:NBVA)(OTC:NBVAF), VSBLTY Groupe Technologies Corp. (CSE:VSBY)(OTC:VSBGF), and Reliq Health Technologies Inc. (TSXV:RHT)(OTC:RQHTF).
In addition, according to Scientific American, “Prior to the pandemic, mental health conditions were a leading cause of disability worldwide. Rates of diagnosis have been rising across all age demographics for years, costing the global economy an estimated $1 trillion annually. And the impact on the young has been particularly devastating. Suicide is now second only to accidents in deaths among teenagers. Since the beginning of 2020, the situation has deteriorated further: the U.S. has seen a large increase in adults reporting symptoms of anxiety and depression, and the impacts on children will likely reverberate for years to come.”
Look at AI/ML Innovations, for example
AI/ML Innovations (CSE:AIML)(OTCQB:AIMLF), that address urgent societal needs, is pleased to announce that it entered into a definitive agreement with the Paris, France based company, Tech2Heal SAS (DBA Tech2Health), regarding the acquisition of an equity interest in Tech2Heal and certain exclusive territorial commercial rights to its products, by AIML.
Tech2Health is a digital healthcare innovator with a portfolio of mental wellness and health-tech products and services designed to improve an individual's mental well-being by utilizing a unique blend of proprietary digital assets, remote live counselling, and a physical wellness center. Tech2Health has developed a clinically supported and evidence-based methodology consisting of psychotherapies and non-medicinal interventions that apply body and mind healing techniques, delivered via a secure digital platform.
The salient commercial terms of the Transaction are:
1) AIML and Tech2Heal co-own, on a 70:30 basis, equity in an AIML subsidiary called AI Rx Inc, a B.C. company. AI Rx Inc. has been granted 100% of the North American rights (USA, Canada, and Mexico) to the exclusive commercial use of all products, brands, and trademarks of Tech2Heal, in perpetuity . AIML will issue 1.5 million of its common shares (subject to a minimum 12-month voluntary restriction) from its treasury (at a deemed price of CAD$0.80 per share) to Tech2Heal as full and final compensation regarding the Strategic Alliance. AIML retains 2 of 3 Board seats, as well as management and operational control of AI Rx Inc.
2) AIML acquires an undivided interest in Tech2Health’s global operations by way of a €2million total investment into Tech2Heal, in return for 22.22% of Tech2Heal’s common share equity. AIML advanced €750,000 in conjunction with the closing of the Transaction, with an additional €250,000 due on the 6-month anniversary, €500,000 due on the 12-month anniversary, and a final €500,000 due on the 18-month anniversary of the closing of the Transaction. The funds advanced to Tech2Heal by AIML will be used to further Tech2Health’s technologies and global 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 Tech2Heal.
3) AIML has agreed to pay an arm’s length finder a fee equivalent to 5% of the acquisition value for the introduction to Tech2Heal. The fee will be payable in units of AIML at a deemed value of $0.80 per unit. Each unit is comprised of one share and one warrant exercisable at $1.00 for 2 years.
Other related developments from around the markets include:
Fobi AI Inc., a global leader in providing real-time data analytics through artificial intelligence to drive operational efficiencies and profitability, is pleased to announce the launch of the Fobi Data Exchange with its first data monetization agreement and partner, In-Touch Group, a provider of consumer insights and digital marketing to retailers and consumers. In-Touch currently manages a data lake of point-of-sale transactions for approximately 6,000 convenience stores, which is projected to increase to approximately 10,000 stores by the end of 2021. Through FDX, Fobi will optimize and monetize this data by providing Global CPG brands with insights, analytics and advanced audience segmentation capabilities into independent convenience stores never before thought possible.
Nubeva Technologies Ltd., a developer of B2B decryption software solutions, announces successful completion of initial testing of a new universal solution for ransomware recovery. “We are excited to announce we have successfully validated our core-intellectual property, reliable encryption key discovery, can be adapted for the ransomware use case,” said Randy Chou, CEO at Nubeva. “Despite all the cyber defenses, ransomware still is getting through. Organizations have come to accept this as a potential risk to the business, but we think we can shatter the mold and fundamentally tip the scales in this fight.”
VSBLTY Groupe Technologies Corp., a leading software provider of security and retail analytics technology, announced the addition of Amin Shahidi, a former senior strategy executive with Sensormatic, to the VSBLTY Board of Directors. Shahidi brings more than 25 years of high-impact, leadership, digital transformational consulting and consumer/retail expertise to the fast-growing technology company. Most recently, Shahidi was Vice President Global Strategy, Alliances and M&A for Sensormatic Solutions. In making the announcement, VSBLTY Co-founder & CEO Jay Hutton said Shahidi has long recognized the value of VSBLTY retail analytics and security application. “In fact, he often championed our service and technology capabilities to his clients and co-executives at Sensormatic.” Hutton said, adding, “He will make an immediate and direct impact on the strategy of the company.”
Reliq Health Technologies Inc., a rapidly growing global telemedicine company that develops innovative Virtual Care solutions for the multi-billion dollar Healthcare market, announced that through its partnership with Maxlink Health it has signed new contracts to provide its iUGO Care platform to three physician practices in Dallas, TX. “We are excited to continue our expansion in the Dallas, TX area,” said Dr. Lisa Crossley, CEO of Reliq Health Technologies, Inc. “Working with MaxLink Health has given us access to new clients in North Texas and we expect to see continued growth in this region. Through these contracts Reliq will be providing our iUGO Care software platform to over 1,800 Medicare patients. Onboarding with these clients will start this month. Reliq expects to receive an average of $40 USD per patient per month for these deployments.”
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