VICTORIA, BC / ACCESSWIRE / December 10, 2024 / AI/ML Innovations Inc. (the "Company") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) is pleased to announce that it has entered into an arms-length share purchase agreement dated December 9, 2024 (the "SPA") to acquire all of the issued and outstanding shares (the "Acquisition") of Quantum Sciences Ltd. ("Quantum"). Quantum currently carries on the business of designing transformative digital health care solutions utilizing artificial intelligence, machine learning and quantum inspired methodologies.
Specifically, Quantum is developing various products and services that enable meaningful participation of both patients and care providers to improve health care trajectories and enable more efficient and effective workflows.
The SPA contemplates a purchase price of $690,000 to be paid by the issue of 10,000,000 common shares of the Company at a deemed price of $0.069 based on the 20 day VWAP, less a 25% discount of the market price of the Shares of the Purchaser on the Canadian Securities Exchange ("CSE").) Closing the Acquisition is subject to the approval of the CSE and other customary closing conditions, including that the SPA will not have been terminated in accordance with its terms. No new control persons will be created and no significant debt is being assumed.
Paul Duffy, Chief Executive Officer of the Company, comments: "We are very pleased to be making the Acquisition of Quantum and to be working with their highly competent team of medical professionals as our team continues to chart a new path forward for AI/ML. We are looking forward to closing this acquisition and expect to be providing the market with updates on closing and other related matters in the near future".
On behalf of the Board of Directors
Tim Daniels, Chairman
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 Inc. (95.2% owned by AIML), Tech2Heal (up to 22% ownership rights, with 12.44% currently owned by AIML), AI Rx Inc. (70% owned by AIML), NeuralCloud Solutions Inc. (100% 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".
For more information about AI/ML Innovations:
For detailed information please see AI/ML's website or the Company's filed documents at www.sedarplus.ca
For further information, contact: Blake Fallis at (778) 405-0882 or info@aiml-innovations.com
The Canadian Securities Exchange has in no way passed upon the merits of the Company and has neither approved nor disapproved the contents of this press release. Neither the Canadian Securities Exchange nor the Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains "forward-looking statements" within the meaning of the securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Forward-looking statements are not historical facts, and are based upon management's current expectations, beliefs and projections, many of which, by their nature, are inherently uncertain. Such expectations, beliefs and projections are expressed in good faith. However, there can be no assurance that management's expectations, beliefs and projections will be achieved, and actual results may differ materially from what is expressed in or indicated by the forward-looking statements. In addition, we cannot assure that any patent will be issued as a result of a pending patent application or, if issued, whether it will be issued in a form that will be advantageous to us. Forward-looking statements are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in the forward-looking statements. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company's reports filed from time to time at sedarplus.ca. Forward-looking statements speak only as of the date the statements are made. The Company assumes no obligation to update forward-looking statements to reflect actual results, subsequent events or circumstances, changes in assumptions or changes in other factors affecting forward-looking information except to the extent required by applicable securities laws. If the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. The Company is not responsible for the contents of third-party websites.
SOURCE: AI/ML Innovations, Inc.
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