Predictiv AI Formalizes ThermalPass Relationship with Commersive
June 4, 2021 (Source) — Predictiv AI Inc. (TSXV: PAI) (OTC: INOTF) (FSE: 71TA) (“Predictiv AI” or the “Company“), www.predictiv.ai, a software and solutions provider in the artificial intelligence markets, is pleased to announce that Predictiv AI and Commersive Solutions Corp. (“Commersive”) have entered into a shareholders agreement dated June 3, 2021 for SMRT Labs Inc. (“SMRT”), which is the holding company for ThermalPass. As announced on May 7, 2020, SMRT is owned 51% by Predictiv AI and 49% by Commersive, and each of Predictiv AI and Commersive have agreed to provide SMRT with loans, as required, according to their respective ownership interests in order to advance the development and commercialization of ThermalPass.
In connection with formalizing SMRT, Predictiv AI has agreed to the following issuances to Commersive:
- 1,818,181 common share purchase Warrants (the “Warrants”) of the Company, with each Warrant exercisable into a common share of the Company at an exercise price of $0.3575 per share for a period of 3 years; and
- 2,272,727 common shares of the Company on the following terms: (i) 1,136,363 common shares shall be issued upon SMRT completing the sale of 80 units of ThermalPass and SMRT receiving payment for such sales; and (ii) the remaining 1,136,364 common shares shall be issued upon SMRT completing the sale of an additional 170 units of ThermalPass (i.e., 250 collective ThermalPass units sold) and SMRT receiving payment for such sales.
Predictiv AI is not making any express or implied claims that its product has the ability to eliminate, cure, or contain the COVID-19 (or SARS-2 coronavirus) at this time.
For more information on Predictiv AI or ThermalPass, visit: www.predictiv.ai and follow Predictive AI on:
About Predictiv AI Inc.
Predictiv AI Inc. www.predictiv.ai is a technology company which helps businesses and organizations make smarter decisions using advanced artificial intelligence, deep machine learning and data science techniques. Its Weather Telematics Inc. subsidiary uses patented air quality monitoring sensors to provide predictive weather risk information to the insurance, logistics, fleet management and public safety sectors. The Company’s R&D division, AI Labs Inc., develops new products that solve real-world business problems. The joint venture with Commersive Solutions Corp. is developing innovative technologies for use in various public spaces, starting with the ThermalPass™ fever detection system.
Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of the Company to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to, ThermalPass achieving the commercial results anticipated by the Company, market demand for ThermalPass and other factors referenced in the Company’s other continuous disclosure filings, which are available at sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
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