Predictiv AI Inc (CVE:PAI) (OTCPINK:INOTF) (FRA:71TA) has announced that it and Commersive Solutions Corp have entered into a shareholders agreement for SMRT Labs Inc, the holding company for contactless temperature scanning system ThermalPass.
SMRT is 51% owned by Predictiv AI and 49% by Commersive.
In a statement, Predictiv AI said both companies have agreed to provide SMRT with loans, as required according to their respective ownership interests to advance the development and commercialization of ThermalPass.
READ: Predictiv AI says demand for ThermalPass scanners in schools is rising after successful implementation in North Carolina district
In connection with formalizing SMRT, Predictiv AI said it has agreed to issue to Commersive 1,818,181 purchase warrants, with each exercisable into a common share at $0.3575 each for a period of three years.
Predictive AI also will issue to Commersive 2,272,727 shares on the following terms:
- 1,136,363 shares shall be issued upon SMRT completing the sale of 80 units of ThermalPass and SMRT receiving payment for such sales; and
- The remaining 1,136,364 shares shall be issued upon SMRT completing the sale of an additional 170 units of ThermalPass (250 collective units sold) and SMRT receiving payment for such sales.
ThermalPass was developed to lessen the spread of coronavirus (COVID-19) in high-traffic locations by using medical-grade sensors to scan people (up to 60 per minute using 1,200 sensors) who pass through it and silently identify anyone with an abnormally high body temperature, a possible indicator of COVID-19.
Predictiv AI is not making any express or implied claims that its product has the ability to eliminate, cure, or contain the COVID-19 (or SARS-2 coronavirus) at this time.
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