Predictmedix Inc (CSE:PMED) (OTCQB:PMEDF) revealed Tuesday that it has entered into a letter of intent (LOI) to acquire Symp2Pass Inc, an AI-powered IoT product suite of technologies, in a $5 million cash and stock deal.
Symp2Pass, developed by SmartCone Technologies Inc, is one of the first end-to-end advanced touchless health and wellness testing solutions that provides coronavirus (COVID-19) symptom screening from multiple independent sensors with geolocation mapping, the company noted.
Symp2Pass’s thermal scanning capabilities allow scans to be completed with an accuracy of ± 0.54° Farenheit and can scan up to 30 people at a distance of more than nine feet, it added. With Predictmedix’s infectious disease screening algorithms, the company said it will be able to develop non-invasive screening at scale.
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Much like Predictmedix’s Safe Entry Station units, Symp2Pass affords hardware product installation that is coupled with scalable, AI-powered software, the company said. Beyond the standard questionnaire-based screening tools, Symp2Pass measures actual temperature and is capable of both cough identification and scent recognition, which allows for a more comprehensive screening.
“We at Symp2Pass are very excited to be collaborating with Predictmedix to provide everyone with the first full end-to-end COVID health screening solution,” Symp2Pass CEO Richard Harris said in a statement. “This collaboration will integrate AI, biometric analysis, patented hardware and web processes, entrance monitoring, employee tracking and much more. The complete Symp2Pass process will allow people, businesses, governments and countries to get back to work quickly and profitably.”
Symp2Pass also affords integration capabilities with other IoT products such as RFID bracelets and QR codes, as well as scanners that can assist workplaces in comprehensive employee tracking, tracing and reporting their measurements. This allows initial data to be tied to multiple automated measurements in various situations during the day, PredictMedix said. The data collected from the hardware components are immediately uploaded on the cloud and is synthesized within seconds to deliver instant results.
“There is one word that encapsulates our decision to acquire the Symp2Pass product suite from SmartCone: synergy,” Predictmedix COO Rahul Kushwah said. “From a technology to business development, the acquisition will lead to function improvements in product offerings for both companies. Not only does this mean that all of our existing technologies become better, but also that we’re ramping up revenue generation and building toward sustained, growing profitability with a broader, more robust client base and product offerings.”
Symp2Pass had revenues of $2.27 million for the fiscal year ending December 31, 2020, with earnings before taxes of approximately $205,000. Its current clients include an agency of the Canadian government and a large US utility player.
The LOI between the two parties was executed on February 24, and the companies are currently working on a definitive agreement. The cash portion of the $5 million acquisition is capped at $1 million, Predictmedix said. The remainder is expected to be paid out in common shares of Predictmedix in accordance with certain milestones.
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