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VANCOUVER, BC, Nov. 29, 2021 /CNW/ - Minerva Intelligence Inc. (TSXV: MVAI) ("Minerva" or the "Company"), an artificial intelligence software company focused on building decision support tools for climate risk, mineral exploration and mining, is pleased to announce that it has been awarded a contract for the Canadian Coastal Zone Information System project sponsored by Public Services and Procurement Canada ("PSPC") through the Innovative Solution Canada (ISC) challenge stream. The project titled, From Sea to Sea to Sea, A Coastal Special Data Infrastructure for Canada, led by Public Services and Procurement Canada, was awarded to Minerva Intelligence for their proprietary Climate Risk technology to identify how different hazards can affect the coastline such as storm surge and sea level rise.
This is the first phase of a multi-phase project overseen by the Innovative Solutions Canada program, a research and development program headed by the Canadian Government. Phase 1 will be adding revenue of approximately $135,000 for Minerva Intelligence. Upon successful completion of the project, Minerva may be in contention for Phase II of the project that will build out the application for all of Canada and may be valued at up to $1,000,000.
PSPC is seeking to develop an integrated coastal information portal of various sources and data types into one place along with required built-in computational tools, which will be used as a reliable one-stop decision support system for risk assessment and infrastructure design. This expert systems solution may be critical in decision making during emergency measure operations and disaster management in case of an extreme climate event.
One of the major challenges that PSPC is facing is the availability and reliability of complex coastal datasets to provide timely and cost-effective solutions to clients. For example, there are various offshore wave data available which need to transform to nearshore through modelling and validating for each project, which is cost-intensive and time consuming.
Another major challenge is predicting climate change vulnerability and risk assessment. To date, most studies on climate change in coastal environment are limited to sea level rise which is again widely varied depending on climate change scenarios and geographic locations. Extreme waves and storm surges will be more frequent and intensified in the future due to climate change and reliable information on these are necessary for risk assessment and mitigation.
This contract is exactly the kind of problem Minerva is built to solve. As governments globally recognize the challenges and risks that arise from climate change, it appears the Canadian government is taking steps to understand what prospective risks they face in the event of unforeseen changes in the environment," said Scott Tillman, CEO of Minerva Intelligence. "Minerva's technology is evidently a clear-cut candidate to help address these risks, providing unparalleled insights into a dynamic environment and how they can affect core geographic regions throughout Canada. While this is the first step in the initial project, we are confident that Public Services and Procurement Canada will recognize the inherent value in our technology and our ability to map out the entire country of Canada to provide a thorough understanding of the climate risks faced. We are very excited to take this project and leverage its broader utility into Minerva's emerging climate solutions."
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company based in Vancouver, Canada, with a subsidiary office in Darmstadt, Germany. Our proprietary technology is empowering organizations to make defensible decisions in the face of climate change.
Although Minerva's applications focus on the search for critical metals and the assessment of physical climate risk, their technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture Exchange (symbol MVAI). For further details, please refer to their website www.minervaintelligence.com or follow Minerva on Twitter or LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
Forward Looking Information: This news release includes certain information that may be deemed "forward-looking information". Forward-looking information can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. All information in this release, other than information of historical facts, including, without limitation, the availability of financing to the Company are forward-looking information that involve various risks and uncertainties. Although the Company believes that the expectations expressed in such forward-looking information are based on reasonable assumptions, such expectations are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Forward-looking information is based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from the forward-looking information include changes in project parameters as plans continue to be refined, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, regulatory changes, delays in receiving approvals, and other risks detailed herein and from time to time in the filings made by the Company with securities regulatory authorities in Canada. Mineral exploration and development of mines is an inherently risky business. Accordingly, actual events may differ materially from those projected in the forward-looking information. For more information on the Company and the risks and challenges of our business, investors should review our continuous disclosure filings which are available at www.sedar.com. Readers are cautioned not to place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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SOURCE Minerva Intelligence Inc.
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