Agoracom Blog

Predictmedix Inc. $ $PMEDF Announces LOI to Acquire Symp2pass Inc.

Posted by AGORACOM at 1:44 PM on Tuesday, March 23rd, 2021
PMED PredictMedix

TORONTO, March 23, 2021 (GLOBE NEWSWIRE) — Predictmedix Inc. (CSE:PMED) (OTCQB:PMEDF) (“Predictmedix” or the “Company”) is pleased to announce it has entered into a letter of intent (the “LOI”), to acquire Symp2Pass Inc. (“Symp2pass”) (the “Acquisition”). The LOI was executed on February 24, 2021 and currently Predictmedix and Symp2pass are working on the definitive agreement.

Symp2Pass is a profitable, revenue generating AI powered IoT product suite of technologies developed by SmartCone Technologies Inc. Symp2Pass had revenues of $2.27 million for the fiscal year ending December 31, 2020 (unaudited) with earnings before taxes of approximately $205,000.

Symp2Pass is one of the first end-to-end advanced touchless health and wellness testing solutions that currently provides advanced COVID-19 symptom screening from multiple independent sensors with geolocation mapping making it unique and more reliable than a single test or measurement. Much like Predictmedix’s Safe Entry Station units, Symp2Pass affords hardware product installation that is coupled with scalable, AI powered software technologies. Beyond the standard questionnaire based screening tools, Symp2Pass measures actual temperature, capable of cough identification, and scent recognition, all critical parts of a more effective screening.

Symp2Pass also affords integration capabilities with other IoT products such as RFID bracelets and QR Codes and associated scanners that can assist workplaces in comprehensive employee tracking, tracing, and reporting tying those initial measurements for individuals with multiple automated measurements in various situations during the day. The data collected from the hardware components are immediately uploaded on the cloud and is synthesized with AI-powered technologies within seconds to deliver instant results.

The strategic acquisition will catalyze growth prospects for Predictmedix and will allow the company to offer world class products in line with our mission of becoming the first line of defense in improving workplace health and safety.

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