Kayan Health Launches Virtual Medical 'Second Opinion' Platform and Beyond Medical Amends Terms of Private Placement
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VANCOUVER, BC, Jan. 20, 2021 /CNW/ - Beyond Medical Technologies Inc. ("Beyond Medical" or the "Company") (CSE: DOCT) (Frankfurt: 7FM3), is pleased to announce that further to its news release dated January 14, 2021 announcing its letter of intent with Kayan Health Limited ("Kayan Health"), Kayan Health has launched a Virtual Medical 'Second Opinion' platform (the "Second Opinion Platform") as part of its suite of digital health products.
The Second Opinion Platform will be a peer-to-peer service that will match clinicians in the Caribbean with clinicians in the United States to review patient medical records. Physicians located in the Caribbean will be able to submit medical records, scans, and answer questions posed by clinicians in the United States, who will then provide a second opinion, which will result in patients in the Caribbean being able to make a more informed decision with respect to their diagnosis or proposed treatment.
The Second Opinion Platform will be executed in collaboration with one of Kayan Health's strategic partners, Black Pearl Global Investments. During the first phase of the Second Opinion Platform, three clinical specialties will be available:
- Pulmonary Medicine;
- Acute Critical Care/Emergency Intensive Care; and
- Mental Health.
Kayan Health believes the Second Opinion Platform will fill the void left in the medical tourism market as many patients are not able to travel due to COVID-19.
About Kayan Health
Kayan Health's proprietary AI-powered health communications platform helps doctors streamline communications with their patients and remotely monitor them. Additionally, Kayan Health's proprietary platform allows patients to schedule virtual consultations with their physicians and communicate with them through chat, audio and video calls. The platform also integrates with wearable devices and diagnostic tools that delivers both patients and doctors with greater visibility into the patient's health and provides them with proactive automated alerts such as elevated blood pressure and heart rates. Storing all this data in a holistic patient profile that is integrated with the clinic's electronic health systems – ensuring their patients' health records are up to date, accessible by all, helps deliver better care and enables clinics to generate more revenue.
Kayan Health's platform has already been deployed in multiple clinics in the United States and is projected to reach $5M in revenue by 2022. Kayan Health's proprietary platform was developed by the founders of HeyDoc!, a telehealth app launched in 2016 that had supported over 3,000 patients globally. Kayan Health is a privately held company based in Toronto, Ontario.
Private Placement
Additionally, the Company announces that it has amended the terms of its previously announced private placement (the "Private Placement") of units (the "Units"), reducing the issuance price of the Units from $0.15 per Unit to $0.125 per Unit. Each Unit will still consist of one common share in the capital of the Company (a "Share") and one Share purchase warrant (a "Warrant"). Each Warrant will be exercisable to purchase one additional Share (each, a "Warrant Share") at a price of $0.20 per Warrant Share, opposed to the previously announced $0.30, for a period of two (2) years from closing of the Private Placement (the "Closing Date").
The Warrants will be subject to an acceleration right of the Company (the "Warrant Acceleration Right") if on any ten (10) consecutive trading days the closing price of the Shares is greater than $0.40 per Share. If the Company exercises its Warrant Acceleration Right, the new expiry date of the Warrants will be the 30th day following the notice to Warrant holders of such exercise.
The Private Placement is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approvals of the Canadian Securities Exchange (the "CSE").
All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities laws. A finder's fee may be paid in connection with the Private Placement to eligible arm's length finders in accordance with CSE policies and applicable securities laws.
The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold absent registration or compliance with an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Beyond Medical
Beyond Medical is an industrial/technology company with a manufacturing facility located in Delta, British Columbia. The Company is developing its Organivore and Pharmavore waste digesters using its proprietary technology. The Company, through its subsidiary Micron Technologies, is also manufacturing medical grade facemasks compliant with ASTM F2100 Standards.
The Canadian Stock Exchange, nor its regulation service provider, accept responsibility for the adequacy or accuracy of this news release.
FORWARD LOOKING STATEMENTS:
All information contained in this news release with respect to the Company and Kayan Health was supplied by the parties, respectively, for inclusion herein, and the Company and its respective directors and officers have relied on Kayan Health for any information concerning such party.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Beyond Medical Technologies Inc.
Kal Malhi, CEO, 604-805-4602, [email protected]
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