TORONTO, Nov. 27, 2017 (GLOBE NEWSWIRE) -- Datametrex AI Limited (the “Company” or “Datametrex”) (DM.V) (D4G.F) is pleased to announce that the Company’s wholly owned subsidiary, Nexalogy Environics Inc., has entered into a license and development agreement (the “Agreement”) with Revive Therapeutics Ltd. ("Revive") (RVV.V) (RVVTF) to develop the Artificial Intelligence (“AI”) component in Revive’s proprietary patient-focused program enabled by Blockchain technology dedicated to the medical cannabis industry.
“We are excited to work with Revive to develop their proprietary patient-focused program for their commercialization efforts in the medical cannabis sector. We believe there is a massive opportunity in developing unique technology solutions for all constituents in the medical cannabis sector and their proposed medical cannabis patient-focused platform that includes an AI component is one example of the many sector opportunities Nexalogy can target,” said Andrew Ryu, Chairman and Chief Executive Officer of the Company.
"I am very excited to be working with Nexalogy in developing our concept of a patient-focused program that is enabled by blockchain and AI technology, which will aim to provide licensed producers of medical cannabis and healthcare professionals a private, secure and authentic information source to drive new medical cannabis product innovations and to offer the highest possible quality of care to medical cannabis patients," said Fabio Chianelli, President of Revive. "Nexalogy, with its expertise and proprietary technologies specifically in AI, is an ideal partner to execute our plan to provide novel therapies and technology solutions for the medical cannabis sector."
Nexalogy AI solutions unlock valuable insights from social media data. Through its proprietary semantic clustering algorithms, it provides insights and analysis that are not available through traditional business intelligence technology. This technology makes data more relevant and is the missing link in providing actionable social media intelligence to governments and organizations all over the world.
Under the terms of the Agreement Datametrex will receive an upfront license fee along with monthly fees. Datametrex will grant to Revive a non-transferable, non-sub-licensable, and non-exclusive licence to use Nexalogy’s proprietary AI solution, solely to obtain insights and intelligence of medical cannabis user experience expressed on social media. The duration of the Agreement is for six months and the Agreement may be extended at the request and acceptance by both Datametrex and Revive (the “Parties”).
Revive is focused on the research, development and commercialization of novel therapies and technologies for the pharmaceutical and medical cannabis sectors. Additional information on Revive is available at www.ReviveThera.com.
Datametrex AI Limited is focused on the collection of retail sales data, providing Government Agencies and Fortune 500 corporations with Artificial Intelligence solutions and implementing blockchain solutions for secure data transfers. The company is planning on integrating the DataTap environment to decentralized blockchains to further authenticate and validate the data collected.
To learn more about the Company, visit: www.datametrex.com.
For further information, please contact:
Jeffrey Stevens – President & COO
Phone: (647) 400-8494
This news release contains “forward-looking information” within the meaning of applicable Canadian securities laws, including statements regarding the timing and completion of any blockchain related activities as the subsidiary is newly incorporated and has no current operations. Forward-looking information is not a guarantee of future performance or results, since it involves risks and uncertainties. There is no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in forward-looking statements. Some of the factors on which the forward-looking statements are premised include (but are not limited to) the lack of material changes to general economic, market and business conditions. Except as required by law, the Corporation does not assume and expressly renounces any obligation to update any forward-looking information, which is only applicable on the date on which it is given.
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.