VANCOUVER, BC / ACCESSWIRE / June 26, 2023 / EvokAI Creative Labs Inc. (TSXV:OKAI) ("EvokAI" or the "Company"), a leading MedTech AI-powered company dedicated to the development of transformational and innovative technologies for the healthcare sector, is pleased to announce that it has completed the acquisition (the "Acquisition") of Rehaboo Oy ("Rehaboo"). Rehaboo's main product is a versatile physical gamification platform based on high-definition motion-sensing technology, powered by artificial intelligence ("AI") to promote an active lifestyle and brain health in any environment. The Acquisition was previously announced on May 11, 2023.
"With the acquisition of Rehaboo, a trailblazing company at the forefront of leveraging gamification to fight inactivity, we continue to strengthen our mission to revolutionize the healthcare industry and empower individuals to adopt healthier lifestyles. By combining resources, knowledge, and expertise, we are expanding our reach in the medtech industry, accelerating the development and deployment of our gamification platform on a global scale, enabling millions of individuals to take control of their brain and body health, regardless the income level due to the unique approach that transforms the human body into a game controller," said Alejandro Antalich, CEO and Director of EvokAI Creative Labs.
As part of the acquisition, EvokAI has retained key talent from Rehaboo to ensure a seamless transition and continuity of operations. The integration of Rehaboo's technology and know-how within EvokAI's ecosystem will open up new avenues for innovation and disruption in the gamification era, further driving advancements in the early detection of neurological disorders.
Rehaboo's Active cloud-based AI gaming platform is a solution that analyzes, learns, improves, and predicts from players' movement and cognitive activation. It is currently being used at hospitals, elderly care homes, and as a home care solution in tens of locations in Finland and Denmark, also in research pilots in Singapore and Oslo, Norway. Rehaboo's platform has the potential to tackle the burden of several diseases associated with cognitive functions and inactivity. In addition, the platform provides vast improvement in home care through accessibility and by creating a sort of metaverse for elderly generation, where players can exercise while joining a playful competition with an avatar.
Created by renowned neuroscientists and physical therapy professionals, Rehaboo's platform improves blood flow to the brain and cognitive functions, whilst promoting the growth of new brain cells. Its uniqueness, easy to scale and novel algorithms provide data analytics, real-time feedback and progress tracking. Most relevant is the platform's ability to adapt according to users' capabilities. It analyzes movements and provides personalized feedback on form and technique, also adjusting the difficulty level based on the user's performance.
Pursuant to the terms of the Acquisition, the Company acquired 100% of the issued and outstanding securities of Rehaboo in consideration of the issuance of an aggregate of 3,547,321 common shares of the Company at a deemed value of $1.53 per common share ("EvokAI Shares") to former securityholders of Rehaboo. The EvokAI Shares issued in connection with the Acquisition are subject to a contractual hold period expiring November 30, 2023.
No finder's fees were paid or applicable in connection with the Acquisition.
About EvokAI Creative Labs Inc.
EvokAI is a MedTech AI-powered company dedicated to the development of transformational and innovative technologies for the modern healthcare sector. We deploy machine learning models to search medical data and uncover insights to help improve health outcomes, patient experiences, drug development, preclinical and clinical decisions and provide more accurate diagnoses. EvokAI tailors its AI algorithms across the whole healthcare system, from hospitals, private clinics, research institutions, pharmaceutical companies, contract research organizations, to medical professionals, patients, healthy individuals aiming at preventing any kind of disease and beyond, protecting the aging genome.
On behalf of the Board of Directors of EvokAI Creative Labs Inc.
Alejandro Antalich CEO & Director
For more information, please contact:
EvokAI Creative Labs Inc. Alejandro Antalich Chief Executive Officer Email: email@example.com Phone: +358 50 5512 848
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This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Generally, any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information or statements. The forward-looking information or statements in this news release may relate, among other things, to: the anticipated benefits of the Acquisition to the Company and its shareholders; the future growth potential of the Company on a post-Acquisition basis; the intention to scale operations; the accretive nature of the Acquisition, including expected synergies thereof; and future financial performance.
These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected results from the completion of the Acquisition; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the technology industry; unproven markets for the Company's product offerings; lack of regulation and customer protection; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; network security risks; the ability of the Company to maintain properly working systems; foreign currency trading risks; use and storage of personal information and compliance with privacy laws; use of the Company's services for improper or illegal purposes; global economic and financial market conditions; uninsurable risks; changes in project parameters as plans continue to be evaluated; and those factors described under the heading "Risks Factors" in the Company's filing statement dated March 27, 2023 available on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.