3 multi-year contracts signed in the first month of operation
Digital mental health services contracts provide access to 300,000 potential users
TORONTO, ON / July 14, 2021 / AI/ML Innovations Inc. (CSE:AIML)(OTCQB:AIMLF) (“AIML” or the “Company”), a company committed to acquiring and advancing Artificial Intelligence/Machine Learning technologies that address urgent societal needs, is pleased to announce that its strategic partner, Tech2Health, a France-based global provider of proprietary digital mental health and wellness products, has entered into commercial contracts with three companies to provide digital mental health services to their employees and insured members. Based on the number of individuals covered and standard industry usage rates, Tech2Health estimates that these contracts may potentially generate an aggregate total of US$5 million of revenue over the 3-year life of the contracts. AIML has a binding Letter of Intent to acquire a 70% undivided interest in the North American rights to Tech2Health’s complete portfolio of products and brands, in addition to a 22.22% equity interest in Tech2Health’s global operations.
“Tech2Health’s Qookka-branded mental wellness products were officially launched only one month ago, and already the company has secured three substantial multi-year contracts,” said Tim Daniels, Chairman of AIML. “We are very pleased by the rapid pace of commercialization the Qookka product lines are experiencing, as employers and insurers continue to step up their responsibility to help provide mental health support, as evidenced by these contracts. This reaffirms our belief that the digital application of the treatment and support of mental health issues, which has gone largely unaddressed until recently, is now realizing rapid adoption and global growth. This bodes well for the future of Tech2Health and AIML.”
- Tech2Health recently signed a three-year contract a with leading French multinational manufacturer to provide mental wellness support to their 170,000 employees globally in five languages, through the use of Qookka Live.
- MAPA Assurance, the 110-year-old French insurance provider, has entered a three-year contract with Tech2Health to provide coverage for mental health consultations via Qookka Live to its 85,000 insured members.
- Elixir Santé, is a French web-based health insurance market with an emphasis on health coaching care and support for their members. The three-year contract with Tech2Health offers Elixir’s members mental health consultations via Qookka Live, to complete Elixir’s offering of a comprehensive set of healthcare products and services.
The actual revenue generated from these contracts will be a function of the number of employees and insured members of these organizations who choose to seek Qookka counselling benefits, multiplied by the agreed upon reimbursement rate, in addition to the agreed upon number of live coaching sessions delivered to each organization. The revenue estimate is based upon the historical adoption rates for employees and insured members of these organizations for similar mental health and wellness services.
About Tech2Health
Tech2Health is a Paris, France based digital healthcare innovator with a portfolio of wellness and health-tech products and services designed to improve an individual’s mental well-being by utilizing a unique blend of proprietary digital assets, remote live counselling, and a physical wellness center. Tech2Health has developed a clinically supported and evidence-based methodology consisting of psychotherapies and non-medicinal interventions that apply body and mind healing techniques, delivered via a secure digital platform.
Tech2Health’s premier product, Qookka Live, provides mental and emotional health preventive and support services to corporations and health insurers from within one cohesive app. Qookka Live affords simple, intuitive access to licensed therapists and their patients, and supplements these consultations with both digital courses and live sessions of wellness coaching in six areas: meditation, mindfulness, yoga, art therapy, Tai chi and Qi Qong.
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, Tech2Health and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all the Company’s stakeholders. AI/ML’s shares are traded on the Canadian Securities Exchange under the symbol “AIML” and on the OTCQB Venture Market under “AIMLF”.
On behalf of the Board of Directors
Tim Daniels, Executive Chairman