DATAMETREX PROVIDES ADDITIONAL INFORMATION ON ITS CO-BID TO THE MINISTRY OF HEALTH IN SOUTH KOREA SURROUNDING COVID-19
April 09 2020 - 2:00AM
Datametrex AI Limited (the “
Company” or
“
Datametrex”) would like to provide additional
information to our shareholders and the investment community on a
joint venture with Lotte Group announced in the Company’s press
release on April 6, 2020.
Lotte Group was one of two companies invited to
bid on a contract to provide Artificial Intelligence (“AI”)
solutions to the South Korean Ministry of Health- Welfare, Food,
& Drug, related to the COVID-19 pandemic. Lotte Group has
invited Datametrex, a preferred vendor of Lotte, to participate in
the bid and to provide the AI technology, should Lotte Group’s bid
be successful. The contract is for the implementation of AI
solutions to monitor search engine and SNS welfare, food, and drug
beneficiaries that will allow the South Korean government to
monitor potentially fraudulent activities with COVID-19 related
grants. The AI solution required by the South Korean government
will also filter incorrect and unreliable information allowing the
Ministry of Health and Welfare to gain a better understanding of
the COVID-19 pandemic and enable it to maximize efficiency of its
human resources.
In the event Lotte Group is awarded the
contract, a joint venture will be formed between Lotte Group,
Datametrex, and KT Net, a corporation owned and controlled by the
South Korean government. If Lotte Group bid is successful, the
parties to the proposed joint venture have agreed to establish a
joint venture company (“JV Co.”) with Lotte Group owning 75% of the
equity in JV Co., Datametrex owning 15% and KT Net owning 10%.
Under terms agreed by the parties, Lotte Group would contribute
approximately $450,000 to JV Co., Datametrex will provide its
proprietary AI technology and KT Net will provide private
blockchain technology. The total revenue expected to be earned from
this contract is approximately $1.2M annuum, and Datametrex expects
to receive its proportionate share of the revenue after payment of
JV Co.’s expenses. There is no assurance that Lotte Group will be
successful in its bid.
About Lotte Group
The Lotte Group is an international conglomerate
consisting of over 90 business units employing 60,000 people
engaged in such diverse industries as candy manufacturing,
beverages, hotels, fast food, retail, financial services, heavy
chemicals, electronics, IT, construction, publishing, and
entertainment.
About Datametrex AI Limited
Datametrex AI Limited is a technology focused
company with exposure to Artificial Intelligence and Machine
Learning through its wholly owned subsidiary, Nexalogy
(www.nexalogy.com). Additional information on Datametrex is
available at: www.datametrex.com.
For further information, please
contact:
Marshall Gunter – CEOPhone: (514) 295-2300Email:
mgunter@datametrex.com
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking
information" within the meaning of applicable securities laws. All
statements contained herein that are not clearly historical in
nature may constitute forward-looking information. In some cases,
forward-looking information can be identified by words or phrases
such as "may", "will", "expect", "likely", "should", "would",
"plan", "anticipate", "intend", "potential", "proposed",
"estimate", "believe" or the negative of these terms, or other
similar words, expressions and grammatical variations thereof, or
statements that certain events or conditions "may" or "will"
happen, or by discussions of strategy.
Readers are cautioned to consider these and
other factors, uncertainties and potential events carefully and not
to put undue reliance on forward-looking information. The
forward-looking information contained herein is made as of the date
of this press release and is based on the beliefs, estimates,
expectations and opinions of management on the date such
forward-looking information is made. The Company undertakes no
obligation to update or revise any forward-looking information,
whether as a result of new information, estimates or opinions,
future events or results or otherwise or to explain any material
difference between subsequent actual events and such
forward-looking information, except as required by applicable
law.
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