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Catenae Innovation signs preliminary agreement with Afrik-ID

The pair are looking to continue their relationship and work to commercialise potential opportunities

Catenae Innovation PLC - Catenae Innovation signs preliminary agreement with Afrik-ID

Catenae Innovation PLC (LON:CTEA) said it has entered into a memorandum of understanding (MOU) with Afrik-ID to continue their relationship and work to commercialise potential opportunities.

The provider of digital media and technology said of particular interest to Afrik-ID are the opportunities to utilise and leverage the services that can be supplied between Catenae and BHA-Medical, announced last month.

WATCH: Catenae Innovation and BHA-Medical join forces to deliver an integrated COVID-19 test

The preliminary agreement provides Afrik-ID with a framework to access to BHA-Medical's coronavirus (COVID-19) Near-Patient Healgen Antigen and the Three-Antibody test kits, as well as its professional clinical consultancy service to enable the tests to be conducted safely and successfully.

Catenae said its associated GDPR-compliant blockchain-based identity technology, including its data management platform and Onsite ID mobile app, could also be supplied to process the results.

The services would be rolled out via Afrik-ID's network across sectors including construction, logistics, mining, sports, healthcare, human rights services, law-enforcement and travel and tourism.

Its solutions would enable organisations, businesses and individuals to share certification and identity information via mobile phones in a secure manner, the AIM-listed company noted.

The MoU is not a legally binding agreement, there is no certainty that a definitive legal agreement will be entered into between the parties or that if such an agreement was entered into that it would generate profit for the group, it added.

“We are delighted to provide this update on Afrik-ID following the completion of our pilot agreement, given the level of commercial potential that Afrik-ID has been able to identify within Botswana and SADC,” said Catenae’s chief executive Guy Meyer in a statement.

Shares rose 3% to 3.87p on Thursday afternoon.

Quick facts: Catenae Innovation PLC

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Price: 0.875 GBX

Market Cap: £2.46 m

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