VANCOUVER, BC / ACCESSWIRE / May 30, 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 Head Instruments Oy ("Head"), a Finnish MedTech company creating smart medical devices and solutions to improve patients' quality of life and support medical professionals in their work. The Acquisition was previously announced on April 24, 2023.
"With the acquisition of Head, EvokAI gains access to its cutting-edge technologies, including advanced neural interfaces, data-driven disease modeling, and personalized treatment solutions. These innovations have the potential to significantly transform the diagnosis, monitoring, and therapeutic interventions for Parkinson's disease patients, addressing critical unmet needs in the field," stated Alejandro Antalich, CEO and Director of EvokAI Creative Labs.
"This strategic move reinforces our commitment to revolutionize healthcare and underscores our belief in the transformative power of artificial intelligence in improving patient care. Parkinson's disease affects millions of people worldwide, causing a range of motor and non-motor symptoms that significantly impact quality of life. Only in the United States the expenses to public health systems reaches $25 billion every year1. With patents already granted in the United States and United Kingdom and actively used in clinics in Austria, Finland and Germany, we are now ready to land in North America to reduce the tremendous burden that movement disorders generate to the American society," added Antalich.
"Head has gained widespread recognition for its groundbreaking innovations in the field of Parkinson's disease. Head's exceptional team of researchers, engineers, and medical professionals has developed a revolutionary technology aimed at improving the lives of patients affected by this debilitating neurological disorder. We are delighted to welcome Head to our family to amplify the impact of our technologies, ultimately benefiting individuals living with Parkinson's disease and their families," concluded Antalich.
With offices in Oulu, Finland, Head's advanced technologies and solutions provide means for accurate analysis of the magnitude of movement disorders and their response to medication. Other causes of movement disorders include dystonia, various diseases causing tremors, Tourette's syndrome, congenital CP (Cerebral Palsy) or MS (Multiple Sclerosis). Already used in university hospitals and by renowned neurosurgeons across Europe, the novel device and AI-based solution is also meant to be wirelessly connected to deep brain stimulation equipment, so that the monitor can automatically control brain synchronization based on observed symptoms. Involuntary movement of a body region, which may be oscillatory and can often be considered tremor, is a common and frustrating disorder. Visual observation by a neurologist dominates an assessment of the movement of a body region in clinical practice. All people, healthy or disordered, have tremor at some extent and determination of its development over time or under treatment is not possible, because a movement of a body region of a person at one moment cannot reliably be compared with that of another moment. Although technical measurements of the movement of a body region have been attempted, they are complicated, inefficient and insufficient.
Pursuant to the terms of the Acquisition, the Company acquired 100% of the issued and outstanding securities of Head in consideration of the issuance of an aggregate of 3,724,674 common shares of the Company ("EvokAI Shares") to former securityholders of Head. The EvokAI Shares issued in connection with the Acquisition are subject to a contractual hold period expiring May 31, 2024. Up to an additional 1,769,406 EvokAI Shares may be issuable to the former securityholders of Head upon Head achieving certain milestones on or before March 30, 2025.
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.