VANCOUVER, BC, March 10,
2022 /CNW/ - Principal Technologies Inc. (the
"Company") (TSXV: PTEC.P), which is building a diverse portfolio of
investments in healthcare technology companies, is pleased to
announce that it has completed an investment in Vision Surgery AI,
a leading artificial intelligence (AI) technology company.
Vision Surgery AI's technology uses advanced computer vision and
AI to monitor surgical teams and operating room equipment in
real-time to ensure that each medical procedure is performed
correctly, and that all patient vitals are constantly monitored and
maintained within the appropriate ranges.
Vision Surgery AI was developed by the team that for decades has
been providing state-of-the-art AI and computer vision solutions to
clients such as the German government, which uses it for airport
and train station security. This powerful technology is now being
deployed in the healthcare sector with Vision Surgery AI, to
improve the safety and precision of surgical procedures, which
could ultimately save lives.
"This technology will make it possible to overcome the typical
trade-offs that occur between cost and quality of care. It is
capable of reducing the human error that can result in fatal
outcomes, while also cutting costs by better utilizing medical
staff. It also has the potential to significantly reduce insurance
premiums," said Jerry Trent, CEO and
President of Principal Technologies. "This has the potential to
improve the health and safety of patients, while also improving
hospital operations. The majority of accidental deaths and injuries
during surgery are due to human error, which could be related to
something as simple as the surgeon having low blood sugar. This is
the kind of small but crucial detail that this technology can
monitor via its highly advanced technology."
Mr. Trent predicts that the data that is gathered by this
technology has the potential to enhance what is possible for future
medical innovations as well.
As a part of the transaction, Mr. Trent will be joining Vision
Surgery AI's board of directors, which also includes:
- Jörn Halbauer, an IT expert, entrepreneur, and Vision Surgery
AI Co-Founder, Halbauer previously founded a major software
conglomerate and also held executive positions with companies such
as Allianz SE.
- Karim Tamir, an investor,
entrepreneur, and Vision Surgery AI Co-Founder, Tamir previously
also held a variety of executive positions with companies such as
Allianz Capital Partners and Nordic Capital.
- Dr. Ulrich Stöckle, a key opinion leader and top expert in
robotics with Charite hospital in Germany, Stöckle serves as Vision Surgery AI's
Chairman.
"We believe that the team's extensive experience in the
insurance industry is a key asset. Insurance companies play a major
role in decisions around which technologies will be deployed in
hospitals, and which become mandatory," added Mr. Trent. "We were
able to participate in this round at a very favorable valuation of
$20M (USD) based on the value that we
are able to bring to the table through our substantial connections
and industry expertise."
Principal Technologies has acquired a 10% interest that will be
jointly owned with co-investors via a EUR 3
billion AUM Liechtenstein-based asset management fund.
Principal Technologies owns 10% of that interest.
About Principal Technologies Inc.
Principal Technologies Inc. (TSXV: PTEC.P), is building a
diverse portfolio of investments in healthcare technology companies
with a focus on those with global distribution potential, that have
achieved regional success. Principal Technologies will also focus
on companies that have IP capable of enhancing medical treatment
quality and efficiency, cost efficiency, optimization of the
patient pathway, and implementation of point of care technologies.
In addition to providing growth capital, the company also aims to
support the growth of its portfolio with the expertise of its
management team, board, and advisers.
Learn more: https://principal-technologies.com/
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This news release contains statements which constitute
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the key factors that could cause actual results to differ
materially from those projected in the forward-looking statements
are the following: the ability to consummate the Transaction; the
ability to obtain requisite regulatory and shareholder approvals
and the satisfaction of other conditions to the consummation of the
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Should one or more of these risks or uncertainties
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those described herein as intended, planned, anticipated, believed,
estimated or expected. Although the Company has attempted to
identify important risks, uncertainties and factors which could
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cause results not to be as anticipated, estimated or intended and
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Completion of the Transaction is subject to a number of
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There can be no assurance that the Transaction will be completed as
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filing statement prepared in connection with the Transaction, any
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ON BEHALF OF THE BOARD OF DIRECTORS:
SOURCE Principal Technologies Inc.