June 26, 2020 (Source) – Predictmedix Inc. (CSE:PMED)(OTCQB:PMEDF) (“Predictmedix” or the “Company”) is pleased to announce a collaboration with Tech Mahindra Ltd, a leading provider of digital transformation, consulting and business re-engineering services, to offer AI-Based Healthcare solutions as a part of suite of post-COVID-19 technology.
The COVID-19 pandemic has brought upon significant disruption to the global economy which has impacted all the major industries and has highlighted the importance of workplace safety. In keeping with the lines of workplace safety, Tech Mahindra is assembling a suite of technologies which will have a relevance in a post-COVID-19 environment from the context of workplace health and safety.
Venugopal Reddy Kandimalla, Senior VP and Global Head, Healthcare & Life Sciences, Tech Mahindra, said, “We at Tech Mahindra launched our TechM NxT platform in 2018 with a theme of innovative collaboration and every vertical therefore drives a TechMNxT strategy. As part of Tech Mahindra Health NxT platform, we are leveraging the power of digital technologies including artificial intelligence and machine learning to augment our virtual health solutions, which will support healthcare providers and organisations to manage COVID-19 pandemic. While innovating in this space, we are also collaborating with partners with niche solutions to enhance our COVID suite of solutions for different markets on a regular basis”
One of the biggest workplace health and safety issue is impairment for both cannabis and alcohol. Predictmedix has developed a proprietary technology which uses multispectral cameras and can be deployed in a workplace setting to screen for both cannabis and alcohol impairment along with screening for COVID-19 symptoms. The technology is to be deployed using a software as a service (“SaaS”) model on a revenue share basis, which will involve an upfront customization fee followed by a monthly license fee based on the volume of screenings. Tech Mahindra and Predictmedix are working closely to incorporate Predictmedix’s impairment detection technology along with it’s COVID-19 solutions into the suite of post COVID-19 technologies to be offered by Tech Mahindra for workplace and safety across the globe. The collaboration is effective as of June 23, 2020.
“The current COVID-19 pandemic has really brought upon an increased focus on workplace health and safety and our impairment detection along with COVID-19 symptom screening technologies fit in well with the suite of technologies being assembled by Tech Mahindra“, said Dr. Rahul Kushwah, COO of Predictmedix.
About Tech Mahindra.
Tech Mahindra represents the connected world, offering innovative and customer-centric information technology experiences, enabling Enterprises, Associates, and the Society to Rise™. Tech Mahindra is operational across 90 countries, helping 973 global customers including Fortune 500 companies. As of April 2020, Tech Mahindra is a US$5.2 billion revenue IT company with 125,000+ employees across 90 countries. The company reported earnings of US$614.6 million in 2019.Tech Mahindra’s convergent, digital, design experiences, innovation platforms and reusable assets connect across a number of technologies to deliver tangible business value and experiences to stakeholders. Tech Mahindra is the highest ranked Non-U.S. company in the Forbes Global Digital 100 list (2018) and in the Forbes Fab 50 companies in Asia (2018).
Tech Mahindra part of the USD 21 billion Mahindra Group that employs more than 200,000 people in over 100 countries. The Group operates in the key industries that drive economic growth, enjoying a leadership position in tractors, utility vehicles, after-market, information technology and vacation ownership.
About Predictmedix Inc.
Predictmedix Inc. is an artificial intelligence (“AI”) company developing disruptive tools for impairment testing and healthcare. It is intended that the Company’s cannabis and alcohol impairment detection tools will be used across various workplaces and by law enforcement agents. Its technology uses facial and voice recognition to identify both cannabis and alcohol impairment by utilizing multiple features along with numerous different data points. Testing does not require any body fluids or human intervention, thereby helping to remove human error and the potential for discrimination and prejudice.
The Company is also developing AI-based screening for the healthcare industry. The recent advent of COVID-19 pandemic has placed unprecedented stress on the global economy and highlights the need for tools to help screen mass populations for infectious diseases, with the hope of preventing pandemics in the future. In turn, Predictmedix Inc. is expanding its proprietary AI technology to screen for infectious diseases such as influenza and coronaviruses (COVID-19). Our current partners along with advisory board members have played a key role in gathering data pertaining to COVID-19, which has allowed us to develop a predictive mass screening tool for COVID-19 symptoms.
Additionally, psychiatric disorders such as depression, dementia and Alzheimer’s disease can carry a significant burden and early identification is the key to better management. To help address this, the Company is also expanding its proprietary AI technology to screen for psychiatric and/or brain disorders such as depression, dementia and Alzheimer’s disease. To find out more visit us at www.predictmedix.com
Caution Regarding Forward-Looking Information:
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19; risks related to factors beyond the control of the company, including risks related to COVID-19; risks related to the Company’s shares, including price volatility due to events that may or may not be within such party’s control; reliance on management; and the emergency of additional competitors in the industry.
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