BROSSARD, QUÉBEC--(Marketwire - March 22, 2011) - DIAGNOS inc. ("DIAGNOS" or "the Corporation") (TSX VENTURE:ADK), a leader in the use of artificial intelligence and advanced knowledge-extraction techniques, announces today that it has signed a Memorandum of Understanding and associated Non-Disclosure Agreement with the Kuwait Life Science Company (KLSC) as the exclusive distributor for CARA in Kuwait.
This agreement will allow KLSC the implementation of screening projects related to the detection of Retinopathy for all diabetics in the country. "We are pleased to have selected the DIAGNOS technology for an exclusive relationship in Kuwait. We will be evaluating the market potential during the next 60 days by providing a market analysis of the total potential for Kuwait and other countries in the Middle East. Diabetes is one of the most life threatening diseases we have in the Gulf today. In our corporate objectives we are looking for technological edge applications to help our healthcare sector. We believe that DIAGNOS has this technology available today" said Qais Marafi, AVP, Life Sciences, National Technology Enterprise Company (NTEC).
"This strategic agreement will allow both of our organizations to structure a business relationship that jointly leverages each other's strengths in our respective areas of business. We will also, in conjunction with KLSC, evaluate the possibility of jointly developing other countries in the Middle East region. The level of diabetes in the Gulf region is very high with approximately 12% of diabetics. In Her keynote speech at Leaders in Healthcare 2011 in Dubai, Her Royal Highness Princess Haya Bint Al Hussein, wife of HH Sheikh Mohammed Bin Rashid Al Maktoum, Vice-President and Prime Minister of the United Arab Emirates and Ruler of Dubai, underlined that,type 2 diabetes was the largest single killer today in the Gulf region" said Andre Larente, CEO of DIAGNOS.
About Kuwait Life Science Company (KLSC)
The Kuwait Life Sciences Company (KLSC) is a Kuwaiti-based company which invests in healthcare start-up projects, innovative services, and companies with a technological edge with the aim of developing and offering significant value to the healthcare sector in Kuwait and Middle East. KLSC has built strong commercialization arms for advanced medical technologies and pharmaceutical products. KLSC offers investment and business support for international companies which seek expansion in the region. KLSC is wholly owned by National Technology Enterprises Company (NTEC) which is a venture capital corporate that invests in high potential companies that are fully developed or at the forefront of developing new technologies of benefit to Kuwait and the Middle East region as a whole.
About CARA
CARA is a tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care (POC) and comprises: image upload, image enhancement automated pre-screening, grading by a specialist, and referral to a specialist. CARA's image enhancement algorithms make standard retinal images sharper, clearer, and easier to read. CARA is accessible securely over the internet, and is compatible with all recognized image formats and brands of fundus cameras. CARA is a cost-effective tool for processing large numbers of images, in real-time and has been issued a licence by Health Canada for commercialization in Canada.
About DIAGNOS
Founded in 1998, DIAGNOS is a publicly traded Canadian corporation with a mission to commercialize technologies combining contextual imaging and traditional data mining thereby improving decision making processes. DIAGNOS offers products, services, and solutions to clients in a variety of fields including natural resources, healthcare, and entertainment.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
For further information, please visit our website at www.diagnos.com or the SEDAR website at www.sedar.com.
Contact Information: DIAGNOS inc.
Andre Larente
President and CEO
1-877-678-8882 or 450-678-8882, ext. 224
alarente@diagnos.com