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Datametrex AI Ltd
Symbol DM
Shares Issued 268,207,270
Close 2021-01-07 C$ 0.185
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Datametrex signs LOI to acquire Concierge Medical

2021-01-07 06:51 ET - News Release

Mr. Marshall Gunter reports


Datametrex AI Ltd. has entered into a binding letter of intent (LOI) to acquire 100 per cent of Concierge Medical Consultant Inc., an arm's-length private telehealth and medical concierge services company, incorporated under the laws of British Columbia.

Subject to the completion of satisfactory due diligence by both Datametrex and Concierge, under the terms and conditions of the LOI, Datametrex and Concierge will enter into a definitive agreement on or about Jan. 20, 2021.

The company believes that in the current pandemic environment there is a likely increase in mental health issues in society attributed to periods of extended isolation and related the disruption of social interaction. Accordingly, management of the company feels that there is a significant need in the marketplace for provide personal health solutions and the company recognizes telehealth and concierge medical service as a part of solution to this growing problem.

"We strongly believe that there is a growing need for remote health and wellness solutions as a result of the pandemic. The lockdowns and the isolation that Canadians have endured this past year have only increased the need for mental and physical health solutions. By providing telehealth solutions we are able to keep people out of the already overwhelmed hospital infrastructure while at the same time providing Canadians with professional advice and care that they need and deserve," said Andrew Ryu, the company's chairman.

Concierge is a fully developed telehealth and urgent medical care platform launched in January, 2018, and is currently generating revenue through a direct-to-consumer subscription model serving both homes and workplaces. Datametrex intends to leverage Concierge's platform into other jurisdictions and integrate its proprietary artificial intelligence (AI) technology.

The transaction

It is anticipated that the transaction will be structured as share exchange acquisition. Datametrex will acquire all of the securities of Concierge.

The closing of the transaction is subject to a number of conditions, including but not limited to the following:

  • The execution of the definitive agreement;
  • Approval of the directors of Datametrex;
  • Approval of the shareholders of Concierge (if required);
  • The receipt of all necessary approvals, including, without limitation, the approval of the TSX Venture Exchange;
  • Datametrex will enter into a consulting service agreement with Dr. Jibran Sharif, founder of Concierge following closing of the transaction;
  • Concierge shall be operated as a subsidiary of Datametrex. The board will recruit and name new management for Concierge.

Pursuant to the terms of the transaction, Datametrex shall issue to shareholders of Concierge $750,000 of common shares of Datametrex, at a share price deemed to be equal to the closing price of the common shares of Datametrex on the TSX Venture Exchange 72 hours prior to the closing of the transaction, subject to the policies of the TSX-V.

"The significance of the acquisition of this medical business cannot be understated. The demand for telehealth and concierge medical service is expected to continue to strengthen as the market for remote health care grows. We look forward to be working with Dr. Sharif and his medical team to grow this business under the Datametrex," said Marshall Gunter, Datametrex's chief executive officer.

The company is not making any express or implied claims that its product has the ability to eliminate, cure or contain the COVID-19 (or SARS-2 coronavirus) at this time.

About Concierge Medical Consultant Inc.

Concierge Medical Consultants is a small group of board-certified practising emergency physicians who think that urgent care does not just happen in an emergency room or your doctor's office; it can happen anywhere at any time. Dr. Jibran Sharif, MD, CCFP EM, RDMS, is the founder and chief executive officer of Concierge Medical Consultants and grew up in Vancouver. He earned a degree in economics at the University of British Columbia before graduating with a medical degree and residencies in emergency medicine and ultrasound at the University of Sydney, University of Saskatchewan and the University of Calgary, respectively. He is a full-time emergency physician in the GVRD (Greater Vancouver Regional District) and a clinical lecturer with the faculty of emergency medicine at the University of British Columbia.

About Datametrex AI Ltd.

Datametrex AI is a technology-focused company with exposure to artificial intelligence and machine learning through its wholly owned subsidiary, Nexalogy. Datametrex's mission is to provide tools that support companies in fulfilling their operational goals, including health and safety, with predictive and preventive technologies. By working with companies to set a new standard of protocols through artificial intelligence and health diagnostics, the company provides progressive solutions to support the supply chain.

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