BROSSARD, QUEBEC--(Marketwired - March 15, 2017) - Diagnos Inc. ("DIAGNOS" or "the Corporation") (TSX VENTURE:ADK), a leader in early detection of critical health issues through the use of Artificial Intelligence ("AI"), announces today the signing of an agreement, for total value of $800,000, for the sale of the assets from the mining division to Majescor Resources Inc ("Majescor") (TSX VENTURE:MJX).
Under the terms of the agreement, on or before March 31st, 2017, Majescor will issue 8,000,000 common shares of its share capital to DIAGNOS, at a deemed price of $0.10 per share, in payment for the assets acquired. Additionally, Majescor will remit to DIAGNOS (i) 50% of any payment that Majescor receives from the royalty agreements forming part of the acquired assets, and (ii) 5% of revenues generated by the commercialization of the CARDS System.
"The sale of our mining division is in-line with a strategic restructuring announcement we made on March 5th, 2015, to focus on healthcare and the commercialization of CARA worldwide. CARA is a powerful Artificial Intelligence tool which simplifies and streamlines the process of diabetic retinopathy screening by allowing referrals to specialists to only the most at risk patients. This leads to massive savings to the healthcare system." stated Andre╠ü Larente, President of DIAGNOS.
The transaction is subject to terms and conditions such as receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange. All monies quoted in this press release shall be stated and paid in lawful money of Canada.
Founded in 1998, DIAGNOS is a publicly traded Canadian corporation with a mission of early detection of critical health issues through the use of its Artificial Intelligence ("AI") tool CARA (Computer Assisted Retina Analysis). CARA is a tele-ophthalmology platform that integrates with existing equipment (hardware and software) and processes at the point of care (POC). CARA's Artificial Intelligence 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, and is EMR compatible. CARA is a cost-effective tool for screening large numbers of patients, in real-time and has been approved by regulatory authorities including Health Canada, US Food and Drug Administration, the European Union and others.
For further information, please visit our website at www.diagnos.com, or visit the SEDAR website at www.sedar.com.
This document contains forward-looking information. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in these statements. DIAGNOS disclaims any intention or obligation to publically update or revise any forward-looking information, whether as a result of new information, future events or otherwise. The forward-looking information contained in this news release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.