June 22, 2020 (Source) – Predictmedix Provides Update on Hindalco Industries Impairment Pilot
Predictmedix Inc. (CSE:PMED) (OTCQB:PMEDF) (“Predictmedix” or the “Company”) is pleased to announce that the company is deploying its COVID-19 solutions with Hindalco Industries Ltd (NSE: HINDALCO) (“Hindalco”). Predictmedix will deploy its COVID-19 mass screening technology along with the technology for monitoring social distancing. Hindalco is one of the world’s largest aluminium rolling companies with over 36,000 employees globally and with annual revenues exceeding $18 billion USD (2019).
Deployment of COVID-19 AI solutions with Hindalco
The technology deployment will be carried out at Hindalco’s manufacturing unit, Aditya Aluminum, which is a 900-Megawatt captive power plant, where the pilot for Predictmedix’s impairment technology is currently underway (this was announced on April 22, 2020). The deployment of COVID-19 solutions will begin in two weeks.
The technology for COVID-19 symptom screening will be deployed using multispectral cameras. Additionally, the technologies developed by Predictmedix to mass screen for social distancing and conforming to wearing a facial mask will be deployed on existing infrastructure of facilities (these include CCTV cameras). The technologies are an AI and computer vision driven image analytics solution which caters to the COVID-19 related violations.
The Automatic Face Mask Recognition Technology (AFMRT) technology mass screens to ensure that individuals within premises are entering premises with a face mask on and are keeping it on while being within the premises. Furthermore, the social distancing screening ensures that people are practicing social distancing within the premises.
Hindalco has been a strategic partner for Predictmedix and as such the current deployment as of now is for no financial consideration since it allows us to adapt our technology to better suit large scale manufacturing facilities such as those operated by Hindalco.
Update on the Hindalco impairment pilot
The impairment pilot with Hindalco is progressing well and the insights gained to date has allowed Predictmedix to tweak the impairment detection technology to better suit its various workplace settings. This has brought the impairment technology one step closer to being market ready and Predictmedix is currently identifying beta partners in Canada for the roll out of its alcohol and cannabis impairment technology.
“We are identifying beta partners for our impairment technology in Canada and are very excited as we are a step closer to client rollout of our impairment technology, which we have accomplished with our COVID-19 AI technologies”, said Dr. Rahul Kushwah, COO of Predictmedix.
Disclaimer: “The Company is not making any express or implied claims that its mass screening product has the ability to eliminate, cure or contain the Covid-19 (or SARS-2 Coronavirus) at this time”.
About Hindalco Industries Ltd
Hindalco is the metals flagship company of the Aditya Birla Group (an industrial conglomerate with annual revenues exceeding $40 billion USD). Hindalco had consolidated revenues of US$18.7 billion and recently completed $2.8 billion acquisition of Aleris by its wholly owned US subsidiary Novelis Inc. Hindalco is the world’s largest aluminium rolling company and one of Asia’s biggest producers of primary aluminium with over 36,000 employees in several countries. In India, the company’s aluminium units across the country encompass the gamut of operations from bauxite mining, alumina refining, coal mining, captive power plants and aluminium smelting to downstream rolling, extrusions and foils. Today, Hindalco ranks among the global aluminium majors as an integrated producer and a footprint in 10 countries outside India. To find out more visit www.hindalco.com
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 has partnered with Tech Mahindra and Hindalco to help expedite the launch of its impairment technology, as well as the prestigious Indian Institute of Technology.
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. The technology is for mass screening and is to be used to predict and identify individuals who have the highest likelihood of being infected with COVID-19.
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.
All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.