TORONTO, Feb. 08, 2019 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G) is pleased to announce that it has successfully completed the first milestone of a multi phase R&D program sponsored by the Canadian Federal Government called IDEaS. The Company will be receiving payment of approximately $93,000.00 CAD for successfully achieving this milestone. In addition, it will now commence work on the 2nd milestone which would bring the total value of this opportunity to approximately $200,000.00 CAD. If the Company is successful in its submission of the 2nd milestone, it will be eligible for a larger 12 month contract up to $1M in value.
IDEaS was announced in Canada’s new defence policy, Strong, Secure, Engaged, and commits to $1.6 billion of investment in innovations for defence and security over the next 20 years. The program is looking for solutions to support the development of defence and security capabilities.
“The IDEaS Program will provide unique opportunities for Canadians to put forward their best solutions on defence and security challenges, and will help put those solutions into the hands of the women and men of the Canadian Armed Forces. This investment will support the growth and expansion of Canada’s innovation community for the next 20 years.”
IDEaS will support the development of solutions from their conceptual stage, through prototype testing and capability development. The program includes several elements that promote collaboration between innovators, provides developmental resources and provides opportunities to interact with DND’s science and military members. Through which all innovators are on an even playing field to solve specific defence and security challenges.
“We are thrilled to progress to the next phase of this project. Our team is doing a great job delivering on the objectives and we look forward to continuing to work with the Canadian Government in helping to solve potential security risks” says Andrew Ryu, Chairman and CEO of Datametrex AI.
About Datametrex AI Limited
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com) and Implementing Blockchain technology for secure Data Transfers through its investee company, Graph Blockchain (www.graphblockchain.com).
Additional information on Datametrex is available at: www.datametrex.com
To stay informed about Datametrex, please join our Investor Group on 8020 Connect http://bit.ly/2fPUNwF for all upcoming news releases, articles comments and questions.
For further information, please contact:
Jeffrey Stevens – President & COO
Phone: (647) 400-8494
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy.
Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.