Datametrex AI (TSXV: DM) this morning has announced that it has entered into a binding letter of intent for the acquisition of Concierge Medical Consultant. Concierge is described as being a private telehealth and medical concierge services company, which is in line with yesterdays announcement of a concierge COVID-19 testing program that company implemented for travelers.
Concierge was founded in 2018 as a telehealth and urgent medical care platform, with the principal thesis being that urgent care does not just happen in the doctors office or an emergency room. The firm is reportedly currently generating revenue through a subscription model that is offered directly to consumers in both the home and workplace setting.
Given the current pandemic environment, Datametrex has identified that there is a high probability in regards to an increase of mental health issues in society as a result of prolonged isolation and lack of social interaction. Thus, there is a need for telehealth and personal health solutions such as concierge medical solutions. Further, its experience in working with artificial intelligence will be utilized to enhance the platform while the firm will working to push it into other jurisdictions.
“We strongly believe that there is a growing need for remote health and wellness solutions as a result of the pandemic. The lockdowns and the isolation that Canadians have endured this past year have only increased the need for mental and physical health solutions.”
Andrew Ryu, Chairman of Datametrex
The proposed transaction is to consist of an all share purchase of Concierge Medical, at a purchase price of $750,000. Shares issued under the transaction are to be based on the closing price of the equity three days prior to the closing of the transaction. Closing of the arrangement is subject to the execution of a definitive agreement, the approval of directors of Datametrex, and the approval of the shareholders of Concierge.
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Datametrex AI last traded at $0.19 on the TSX Venture.
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