April 22, 2020 (Source) – Predictmedix Inc. one step closer to the Commercialization of Impairment Technology
Predictmedix Inc. (CSE:PMED) (CNSX:PMED.CN) (OTC:PMEDF) (“Predictmedix” or the “Company”) is pleased to announce that the company is launching a pilot of its cannabis and alcohol impairment detection technology with Hindalco Industries Ltd (NSE: HINDALCO) (“Hindalco”).
Hindalco, like many companies, recognize the impact of cannabis and alcohol impairment on their workforce. A National Institute on Drug Abuse Study found that employees who tested positive for cannabis had 55% more industrial accidents, 85% more injuries and 75% greater absenteeism. The dwiresourcecenter.org notes that employees using alcohol or drugs at work cost employers on average $7,000 per year.
The Predictmedix pilot will be carried out at Hindalco’s manufacturing unit, Aditya Aluminum which is a 900 Megawatt captive power plant. The pilot is expected to begin within the next two weeks and will utilize Predictmedix’s proprietary AI powered impairment detection technology (patent pending) to identify cannabis and alcohol impairment. The pilot if uninterrupted, is expected to be completed within a 12-week period.
Mr. Kailash Pandey, Unit Head of Hindalco commented, “Industry 4.0 has immense potential and AI is its fundamental driver. We are excited to work with the frontier technology for better safety and compliance at our plants.”
Predictmedix has been carrying out an independent impairment study for cannabis and alcohol with over 3,000 participants using its proprietary AI technology. With the positive outcomes achieved to date, the company has been able to advance to the pilot stage with Hindalco.
“The beginning of this pilot with Hindalco is a significant milestone for our impairment detection technology as it brings us a step closer toward commercialization and the full market launch of our technology for the workplace”, said Dr. Rahul Kushwah, COO of Predictmedix.
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
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”.
For further information, please contact:
Rahul Kushwah, Chief Operating Officer
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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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