Subscribe
Be the first with the news that moves the market- Telecommunications company, Advent-AWI (TSXV:AWI) has entered into a commercial agreement with medical technology company, DynoSense
- Under the agreement, an Advent subsidiary will sell and distribute DynoSense’s products and services in Hong Kong and Macau
- Advent will pay DynoSense C$1 million before June 30, 2020, per the agreement’s terms
- The agreement has an initial term of five years, but may be renewed if certain revenue targets are met
- Advent-AWI’s (AWI) remains unmoved since June 10 and is trading at $1.05 per share
Telecommunications company, Advent-AWI (TSXV:AWI) has entered into a commercial agreement with medical technology company, DynoSense.
DynoSense provides a sophisticated AI-powered health management tools, collectively called Health Relationship Management Solution. In addition to AI-powered software tools and personalised digital planning, DynoSense also provides remote patient monitoring, telecare, and chronic care management.
Under the commercial agreement, an Advent subsidiary will sell and distribute DynoSense’s products and services in Hong Kong and Macau. Advent’s Hong Kong subsidiary will be able to do so, using a license granted to it by DynoSense.
According to the agreement’s terms, Advent will pay DynoSense C$1 million on or before June 30, 2020. Half of this amount constitutes the advance payment for inventory of certain products.
The commercial agreement is still subject to approval by the TSX Venture Exchange. If it does go ahead, the agreement will have an initial term of five years. However, it may be renewed for another five one-year terms, if certain revenue targets are met at each renewal point.
Advent’s President and CEO, Alice Chiu, commented on the benefits of the commercial agreement with DynoSense. She also noted the increasing potential in healthcare technology, brought on by the COVID-19 pandemic.
“We believe that this opportunity will strategically build on Advent’s current mobile and Internet business by expanding into the digital health industry, which we felt is showing its tremendous growth opportunities in the post-COVID-19 pandemic crisis,” she said.
DynoSense’s CEO, Saeed Azimi, also welcomed the collaboration, and the opportunities it brings.
“I am delighted by the prospect of expanding our revenue further into Asia, and later Canada, through this agreement with Advent.
“Alice and her team share our vision and passion for better health through better care,” he said.
Advent-AWI’s (AWI) remains unmoved since June 10 and is trading at $1.05 per share.
