(TheNewswire)
Calgary, Alberta – TheNewswire - November 7, 2024 - nDatalyze Corp. (“NDAT” or the “Corporation”) (CSE:NDAT) (OTCQB:NDATF) announces that the Mindbalanced acquisition of April 15, 2024 (the “Transaction”) has been reversed and that NDAT has no future obligations or liabilities related to the Transaction. As part of the reversal NDAT has received back to its treasury 1,100,000 common shares (“Shares”) for cancellation and the Corporation now has 41,327,425 common shares outstanding. The Corporation benefitted by approximately CAD27,000 (at a 1.35 US$ exchange rate) on the Transaction reversal. NDAT has no payment obligation for the return and cancellation of any of the Shares.
Jim Durward, President, states: “Often, an acquisition will involve significant dilution or cash expenditure even in the event of poor performance of the acquired company. This Transaction was purposely structured to maximize benefit in the event of high performance while minimizing dilution risk in the event of poor performance. Due to this structure, the share dilution related to the unwinding was <1%.”
YMI distribution channels: Going forward, rather than relying on a single point of entry as was contemplated via the Mindbalanced Transaction, the Corporation is now pursuing new YMI distribution channels directly via various treatment modality manufacturers and EMR platforms. In this regard, the Corporation is currently migrating the depression assessment of YMI to an OceanMD Form. OceanMD, a Well Health Technologies Corp. company, is Canada’s digital gateway to healthcare with the largest library of secure healthcare forms, serving >40,000 Clinicians. OceanMD Forms data can be integrated with various Electronic Medical Records (“EMR”) in use by physicians in Canada. The YMI Questionnaire is already migrated and EMR integration has begun. NDAT views OceanMD as primarily a marketing channel rather than a revenue generator with the Form is being implemented to increase YMI exposure to the medical community.
Clinical Study/patent implications: Due to the positive results from the York University Clinical Study, and considering the rapid rate of change related to AI/machine-learning technologies and ongoing comments by the USPTO, the Corporation believes that its proprietary Reference Database and Trade Secrets hold the highest value for the Corporation going forward and since these cannot be patented, to reduce intellectual property-related expenses the current patent application will not be pursued. James Durward, President, states: “No matter how powerful an interpretational analysis software is, the results are completely dependent on the quality of the underlying data. I’ve always believed that the value of our YMI system rests in our Reference Database that was purposely built for mental condition assessment. With the high rate of advancement in the AI/machine-learning world, interpretational process patents can become obsolete before, or soon after, being granted, and this supports my belief that in the AI/machine-learning world, proprietary data and trade secrets may hold more value than patents going forward.”
For Further Information, please contact:
Jim Durward, President, CEO/CTO
Email: jimd@ndatalyze.com
Tel: (403) 689-3901
nDatalyze Website: https://www.ndatalyze.com
About YMI: YMI uses evidence-based, objective data from whole life experiences to predict individual mental states over time and applies this knowledge towards a fuller understanding of how mental health develops, and how to improve mental wellbeing. YMI combines supervised machine-learning with a proprietary Reference Database to predict an individual’s predisposition toward a variety of common mental conditions, both current and forward in time. By strategically addressing the causes of misdiagnosis, establishing credibility through clinical studies, and targeting key markets, YMI aligns societal impact with financial success.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.
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