Predictiv AI Inc (TSX-V:PAI) said it has terminated its SMRT Labs Inc joint venture by transferring the company’s 51% interest to its partner Commersive Solutions Inc.
The company noted that SMRT Labs, which was tasked to bring Predictiv AI’s ThermalPass fever detection system offering to market, was unable to meet its sale targets as a result of changing regulations and the market landscape for coronavirus (COVID-19) driven solutions despite early sales traction.
Predictiv AI added that it has decided to focus on its Weather Telematics' Data-As-A-Solution platform, which it says is gaining early traction in weather data science, a rapidly-growing market in the area of predictive analytics.
READ: Predictive AI CEO says ThermalPass has received validation from US schools and hospitals
The termination agreement released Predictiv AI from all current and future obligations and liabilities related to the joint venture.
Predictiv AI is a technology company that helps businesses and organizations make smarter decisions using advanced artificial intelligence, deep machine learning and data science techniques.
Its Weather Telematics subsidiary uses patented air quality monitoring sensors to provide predictive weather risk information to the insurance, logistics, fleet management and public safety sectors.
And, the company's R&D division, AI Labs Inc, develops new products that solve real-world business problems.
Contact Sean at sean@proactiveinvestors.com