Paul Duffy is CEO of AI/ML Innovations
VICTORIA – AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) has announced that it has entered into an arms-length share purchase agreement dated December 9, 2024 (the “SPA“) to acquire all of the issued and outstanding shares of Quantum Sciences Ltd.. Quantum currently carries on the business of designing transformative digital health care solutions utilizing artificial intelligence, machine learning and quantum inspired methodologies.
Specifically, Quantum is developing various products and services that enable meaningful participation of both patients and care providers to improve health care trajectories and enable more efficient and effective workflows.
The SPA contemplates a purchase price of $690,000 to be paid by the issue of 10,000,000 common shares of the Company at a deemed price of $0.069 based on the 20 day VWAP, less a 25% discount of the market price of the Shares of the Purchaser on the Canadian Securities Exchange (“CSE“).) Closing the Acquisition is subject to the approval of the CSE and other customary closing conditions, including that the SPA will not have been terminated in accordance with its terms. No new control persons will be created and no significant debt is being assumed.
Paul Duffy, Chief Executive Officer of the Company, commented, “We are very pleased to be making the Acquisition of Quantum and to be working with their highly competent team of medical professionals as our team continues to chart a new path forward for AI/ML. We are looking forward to closing this acquisition and expect to be providing the market with updates on closing and other related matters in the near future.”
About AI/ML Innovations Inc.
AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence: (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge Inc. (95.2% owned by AIML), Tech2Heal (up to 22% ownership rights, with 12.44% currently owned by AIML), AI Rx Inc. (70% owned by AIML), NeuralCloud Solutions Inc. (100% owned by AIML), and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all the Company’s stakeholders.
