Agreement Highlights include:
World Weight Loss ("WWL") to purchase a Private Placement of up to $750,000
WWL to purchase up to 3,000 Phoenix smart watches from Health Gauge Inc.
Health Gauge Inc. to receive 1.2 million shares of WWL
TORONTO, ON / ACCESSWIRE / May 26, 2023 / AI/ML Innovations Inc. ("AIML" or the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce that it has entered into a strategic agreement (the "Agreement") with World Weight Loss, Inc ("WWL"). In accordance with the terms of the Agreement, AIML's wholly owned subsidiary, Health Gauge Inc, is developing certain AI-powered powered products and services exclusively for WWL, so that WWL may more effectively and efficiently interact with its weight management clientele, guiding them to a healthier lifestyle while maintaining sensible weight loss.
The salient terms of the Agreement include:
1. WWL has committed to purchasing a private placement financing of up to 10,000,000 units of the Company (the "Units") at a price of $0.075 per Unit for aggregate gross proceeds of up to $750,000 (the "Offering").
Each Unit will be comprised of one common share in the capital of the Company (a "Common Share") and one Common Share purchase warrant (a "Warrant"). Each Warrant entitling the holder the right to buy 1 AIML common share for a period of five years with the exercise price being adjusted as follows: the exercise price for the first year will be $.10 per share, for the second year $.20 per share, for the third year $.30 per share, for the fourth year $.40 per year and for the fifth year $.50 per share. The Warrants will also have an acceleration clause wherein AIML has the right to accelerate the expiry date if the common shares of AIML trade at a price equal or above a price equal to 400% of the exercise price for a period of at least 20 consecutive trading days.
2. WWL is collaborating with Health Gauge Inc, for the design and implementation of an AI-driven "World Weight Coach App" with the goal of creating a unique virtual follow-up & membership program using avatars, for the purpose of losing weight and practicing a healthier lifestyle.
3. Subject to completion of the other terms of this Agreement, WWL will pay to Health Gauge Inc 1,200,000 common shares of WWL in exchange for a paid-up exclusive license for all software and/or hardware developed for World Weight Coach App including the exclusive right for its non-invasive continuous glucose monitoring, as specifically applied in the weight loss market.
4. WWL will acquire up to 3,000 Phoenix smart watches from Health Gauge Inc.
5. WWL will pay contributions to Health Gauge Inc. for the development of the World Weight Coach, a ChatGPT AI solution, for distribution to the WWL market.
6. Subject to completion of the other terms of this Agreement, WWL will receive one seat on the five person Boards of Health Gauge Inc. and AIML.
The Company intends to use net proceeds of the Offering for working capital requirements and product development. The Company will pay an 8% finder's fee to qualified finders who assist in selling the Units, in cash or securities or a combination of both, as permitted by CSE policy and applicable securities laws.
The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including approval from the Canadian Securities Exchange.
Dan Spicer, CEO of World Weight Loss stated, "World Weight Loss & Longevity is very excited about its partnership with AIML and Health Gauge's artificial intelligence team. Health Gauge's expertise is allowing us to develop a super-intelligent avatar, which we have named "CallJesse.AI". Jesse will be able to guide, nurture, and metaphorically hold the hands of all our members as they attain a healthy weight, and maintain it for a lifetime. Because of Jesse's scalability, we will be able to service thousands, hundreds of thousands, or even millions of members with minimal incremental costs, while providing each user with a personalized, friendly, and informative experience. Jesse can interact with individuals with as much personality as a live coach, but Jesse has far superior ability to provide needed health-related information. This is a game-changer in global health, with Health Gauge's technology allowing us to put our AI strategy on a fast track."
Randy Duguay, CEO of Health Gauge & AIML, added, "I'm excited by this important strategic partnership with World Weight Loss, that includes new investment aligned with our strategic objectives in delivering world-leading digital health solutions. Health Gauge will provide its cutting-edge applications and SaaS platform while collaborating with WWL in the creation of an innovative ChatGPT-based solution. This development adds substantial value to Health Gauge and WWL, reflecting our long-term dedication in providing next level digital health solutions to our clients."
About World Weight Loss, Inc. https://worldweightlossinc.ca/
World Weight Loss Clinics offer an in-person, one-on-one menu of professional services designed to help individuals achieve their health and fitness goals. Our team of certified Canadian physicians will diagnose and prescribe FDA approved medications to qualified members. Additionally, WWL provides consultation with certified nutritionists, personal trainers, mental health specialists, and weight loss consultants. WWL offers its members personalized menu plans and fitness programs to help its members achieve a healthy weight goal. With 3D body scanning technology we measure results & applaud success. To make weight loss as effective and simple as possible, WWWL has designed a sophisticated App to track nutrition & fitness metrics. Our premium package includes weekly one-to-one meetings with our team of experts. With the birth of chatGPT & the Health Canada approval of GLP-1 medications, we designed the world's first AI-driven Weight loss Avatar & are preparing to roll-out our Virtual chatGPT-driven World Weight Coach™ which we named CallJesse.ai™ after one of our founders named Jesse. We are committed to providing our members with the highest level of professional care and support as they work to reach their weight loss goals.
About Health Gauge www.healthgauge.com
Health Gauge's patented solution is a personal health monitoring & management system, which combines the latest wearable health monitors with sophisticated artificial intelligence software tools and proprietary cloud computing software, to help caregivers, patients, and healthcare professionals access and utilize relevant data, resulting in better recovery outcomes and healthy living objectives through the ability to make immediate and better health choices.
The Health Gauge platform provides the right balance of team and technology with the Health Gauge Phoenix wearable, the mobile Health Gauge App, and our VirtualCare solution that includes secured messaging, health information management and sharing, and virtual client engagement. It blends artificial intelligence with the latest sensors in non-invasive bio signal collection, including activity, sleep monitoring, HR, HR variability, and other rich personal health data through ECG & digital pulse analytics.
About AI/ML Innovations Inc. https://aiml-innovations.com/
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 (100% owned by AIML), Tech2Heal (up to 22% ownership rights, with 9.44% currently owned), 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 www.sedar.com.
For further information, contact: Blake Fallis at (778) 405-0882 or [email protected].
Corporate video: https://www.youtube.com/watch?v=k2QSjo7clXc&feature=youtu.be
Official YouTube Channel: https://www.youtube.com/channel/UCCfOj2P_Fu3TOK6Jl1G9vEQ
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
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 www.sedar.com.
SOURCE: AI/ML Innovations Inc.