VANCOUVER, BC / ACCESSWIRE / May 11, 2023 / EvokAI Creative Labs Inc. (TSXV:OKAI) ("EvokAI" or the "Company"), a leading MedTech AI-powered company dedicated to the development of transformational and innovative technologies for the healthcare sector, is pleased to announce that it has entered into a definitive agreement (the "Share Purchase Agreement") dated effective May 2, 2023, that was negotiated at arm's length, pursuant to which the Company intends to acquire (the "Rehaboo Acquisition") all the issued and outstanding securities of Rehaboo Oy ("Rehaboo"). Rehaboo's main product is a versatile physical gamification platform based on high-definition motion-sensing technology, powered by AI to promote an active lifestyle and brain health in any environment.
Following the closing of the Rehaboo Acquisition, Rehaboo will be a wholly owned subsidiary of EvokAI. Completion of the Rehaboo Acquisition is subject to a number of standard conditions, including receipt of all regulatory approvals and the acceptance of the TSX Venture Exchange ("TSXV"). The Rehaboo Acquisition is expected to close on or about May 24, 2023.
"As part of our rapid evolution to become a global HUB for brain health, this acquisition will allow us to unlock short-term fast growth going beyond patients, the current segment covered by EvokAI, creating limitless opportunities to billions of healthy individuals, occupational healthcare, private and public healthcare service providers, insurance and pharmaceutical companies, among others. Gamification has become a key element in empowering human beings to achieve desired outcomes for brain and body health, and Rehaboo provides an increasingly exciting set of value-added non-invasive solutions to meet EvokAI's current and new customer's needs," said Alejandro Antalich, CEO and Director of EvokAI Creative Labs.
Rehaboo is a private company founded on November 28, 2016 under the laws of Finland after winning the "Happier Hospital" health track Slush Hacks hackathon organized by GE Healthcare and the new Helsinki University Children's Hospital. Rehaboo's Active cloud-based AI gaming platform is a solution that analyzes, learns, improves, and predicts from players' movement and cognitive activation. It is currently being used at hospitals, elderly care homes, and as a home care solution in tens of locations in Finland and Denmark, also in research pilots in Singapore and Oslo, Norway. Rehaboo's platform has potential to tackle the burden of several diseases associated with cognitive functions and inactivity. In addition, the platform provides vast improvement in home care through accessibility and by creating a sort of metaverse for elderly generation, where players can exercise while joining a playful competition with an avatar.
Created by renowned neuroscientists and physical therapy professionals, Rehaboo's platform improves blood flow to the brain and cognitive functions, whilst promoting the growth of new brain cells. Its uniqueness, easy to scale and novel algorithms provide data analytics, real-time feedback and progress tracking. Most relevant is the platform's ability to adapt according to users' capabilities. It analyzes movements and provides personalized feedback on form and technique, also adjusting the difficulty level based on the user's performance.
"This combination strengthens our capabilities of achieving our original vision: to fight inactivity with gamification. EvokAI's AI-based platform has potential to improve availability and to develop Rehaboo's solution to become even more engaging, efficient, and personalized according to different users' needs by leveraging the power of machine learning and high-performance GPUs for various devices. This allows us to create accessible new and engaging motion sensing games worldwide, without any wearable devices or extra accessories. Furthermore, our algorithms can also help to prevent injuries by monitoring each user's movements and detecting potential risks or imbalances, suggesting corrective movements to prevent further injuries or damages," commented Peter Gréen, Founder and CEO of Rehaboo.
"AI and machine learning are paving the way for revolutionary advancements in brain health, empowering individuals to take control of their cognitive well-being from the comfort of their homes," says Taneli Tikka, EvokAI's Tech Advisor and investor of Rehaboo. "Maintaining a healthy brain will be more pleasant and appealing through good technology and improved customer experience," he added.
Rehaboo's unique cloud-based solution is using NVIDIA GPU in conjunction with the TensorFlow machine learning framework along with novel algorithms. The platform is available on any "normal" digital device, such as a personal computer, mobile phone, tablet, or internet enabled TV, since it runs in the cloud to maximize accessibility. A hyper-scalable aspect of Rehaboo, is the innovative solution that users' own bodies function as the game controllers. Artificial intelligence recognizes and analyzes body movements registered by a standard webcam. Hence, no separate controls are required, and accessibility is further improved.
For more information about Rehaboo, visit the company's website at rehaboo.com.
Pursuant to the terms of the Share Purchase Agreement, holders of 100% of Rehaboos' common shares ("Rehaboo Shares") will be issued common shares of the Company (the "Shares") having an aggregate value of US$4,000,000, at a price determined by the average closing price of the Shares over a period of 16 trading days commencing May 2, 2023, subject to certain minimums and maximums, as consideration in exchange for their Rehaboo Shares. The Shares issued will be subject to an agreed hold period ending on November 30, 2023.
About EvokAI Creative Labs Inc.
EvokAI is a MedTech AI-powered company dedicated to the development of transformational and innovative technologies for the modern healthcare sector. We deploy machine learning models to search medical data and uncover insights to help improve health outcomes, patient experiences, drug development, preclinical and clinical decisions and provide more accurate diagnoses. EvokAI tailors its AI algorithms across the whole healthcare system, from hospitals, private clinics, research institutions, pharmaceutical companies, contract research organizations, to medical professionals, patients, healthy individuals aiming at preventing any kind of disease and beyond, protecting the aging genome.
On behalf of the Board of Directors of EvokAI Creative Labs Inc.
Alejandro Antalich CEO & Director
For more information, please contact:
EvokAI Creative Labs Inc. Alejandro Antalich Chief Executive Officer Email: hello@evokailabs.com Phone: +358 50 5512 848
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Generally, any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information or statements. The forward-looking information or statements in this news release may relate, among other things, to: the completion of the Rehaboo Acquisition; the anticipated benefits of the Rehaboo Acquisition to the Company and its shareholders; the future growth potential of the Company on a post-transaction basis; the intention to scale operations; the accretive nature of the Rehaboo Acquisition, including expected synergies thereof; future financial performance; and receipt of all regulatory approvals. These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected results from the completion of the Rehaboo Acquisition; receipt of all required regulatory approvals including the approval of the TSXV; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the technology industry; unproven markets for the Company's product offerings; lack of regulation and customer protection; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; network security risks; the ability of the Company to maintain properly working systems; foreign currency trading risks; use and storage of personal information and compliance with privacy laws; use of the Company's services for improper or illegal purposes; global economic and financial market conditions; uninsurable risks; changes in project parameters as plans continue to be evaluated; and those factors described under the heading "Risks Factors" in the Company's filing statement dated March 27, 2023 available on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
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