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  • Datametrex (DM) has signed a letter of intent to acquire a telemedicine company
  • The company  provides a subscription service that connects patients with providers and doctors in real time
  • Pursuant to its confidentiality obligations, the target’s identity will only be disclosed upon a definitive agreement
  • It is anticipated that Datametrex will pay C$12 million for the acquisition with a closing date of April 15, 2021
  • Datametrex is a technology-focused company with exposure to artificial intelligence and machine learning
  • Datametrex (DM) is down 9.61 per cent and is currently trading at C$0.235 per share

Datametrex (DM) has signed a letter of intent to acquire a telemedicine company.

The company  provides a subscription service that connects patients with providers and doctors in real time.

It is privately held and incorporated under the laws of the province of British Columbia.

Datametrex intends to integrate the target’s platform into its core AI technology.

Pursuant to its confidentiality obligations, the target’s identity will only be disclosed if the parties enter into a definitive agreement.

It is anticipated that Datametrex will acquire the target for C$12 million satisfied through the issuance of 60 million consideration units.

Each consideration unit is comprised of one common Datametrex share and one common share purchase warrant with an exercise price of C$0.20 per consideration unit.

Each exercised consideration unit entitles the holder to acquire one common Datametrex share for C$0.25 for a period of 24 months from the date of issuance.

The transaction is expected to close on or before April 15, 2021, at which point the target will become a wholly-owned Datametrex subsidiary.

Marshall Gunter, Datametrex’s CEO, commented,

“The impact of the acquisition of this telemedicine AI business cannot be minimized. The demand for telemedicine continues to be a large area of growth particularly with the current pandemic. We believe that adding this telemedicine element to our existing AI business will drive significant value for our stakeholders.”

Datametrex will not assume any debt from the target company nor is the proposed acquisition expected to result in a change of business.

Datametrex is a technology-focused company with exposure to artificial intelligence and machine learning through its wholly-owned subsidiary, Nexalogy.

Datametrex (DM) is down 9.61 per cent and is currently trading at C$0.235 per share as of 9:33 am ET.

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