Toronto, Ontario--(Newsfile Corp. - February 16, 2023) - Therma Bright Inc. (TSXV: THRM) (OTCQB: TBRIF) ("Therma Bright" or the "Company"), developer of its smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test and other progressive diagnostic and medical device technologies, is pleased to announce that it has finalized and signed the exclusive worldwide licensing rights to market and sell AI4LYF's Digital Cough Technology (DCT). DCT can accurately and almost instantaneously detect multiple respiratory diseases, including COVID-19, simply and efficiently through a smartphone app, anytime, anywhere. The exclusive license agreement also will allow Therma Bright to develop the DCT solution for other respiratory diseases, such as asthma, pneumonia, bronchiolitis, and chronic obstructive pulmonary disease.
As announced in November 2022, AI4LYF's Digital Cough Test (DCT) is a groundbreaking patent-pending technology that is powered by an innovative AI engine. The DCT technology achieves this by digitally dissecting cough sounds into hundreds of features. Then AI4LYF's proprietary AI solution analyzes these "cough features" to detect the subtle and peculiar signatures of specific respiratory diseases. The DCT app will record the user's cough when prompted on the smart phone app. The app, powered by AI4LYF's AI-driven technology, then produces a positive or negative Covid test result within one minute, with an accuracy above 94%. AI4LYF's DCT cough analyzer results for COVID-19 are comparable to current PCR Covid testing methods.
"It's been a very productive few months working with Rob and his team on the licensing agreement for our innovative AI-driven cough detection solution for Covid-19 virus and other respiratory diseases," explained Ali Imran, Co-Founder and CEO of AI4LYF. "AI4LYF's team is excited to work closely with the Therma Bright team on the regulatory submission for our DCT solution followed by marketplace deployment. In working with Therma Bright we look forward to bringing further solutions to detect and prevent the spread of other respiratory diseases."
"Therma Bright is excited to partner with AI4LYF to bring its Digital Cough Technology (DCT) to the marketplace," shared Rob Fia, CEO of Therma Bright. "We see this innovative, disruptive cough analyzer as an ideal screening solution for today's public to rapidly detect a variety of respiratory diseases, such as this ever-changing COVID-19 virus and its numerous variants. In the future customers can screen themselves quickly and efficiently for Covid-19 or other respiratory diseases using the DCT app, anytime, anywhere. If positive, they can then seek further validation with the Company's smart-enabled AcuVid™ Covid-19 Rapid Antigen Saliva Test or other diagnostic tests in the case of other respiratory diseases."
The terms of the AI4LFY's DCT licensing agreement included:
- Therma Bright will pay for certain operational expenses including R&D costs related to new respiratory diseases, IP protection and regulatory expenses.
- In addition to previously disclosed cash payments, Therma Bright will pay AI4LYF up to $1,420,000 upon certain criteria being met.
- Subject to TSX Venture Exchange ("TSXV") approval, Therma Bright will issue 5,000,000 shares to AI4LYF Inc. and 2,000,000 three-year warrants exercisable at 17.5 cents. Upon issuance, the shares and warrants will be subject to a 4-month hold imposed under applicable Canadian securities laws and TSXV policies and these securities will also be subject to a contractual 12-month lock-up period.
- AI4LYF will also be entitled to a 10% - 30% royalty dependent on annual net revenue thresholds.
As referenced in our November 2022 press release, upon completion of AI4LYF's DCT technology licensing agreement, Therma Bright will begin preparing for the regulatory submission and approval, including with U.S. Food & Drug Administration (FDA) and Health Canada (HC). The DCT solution will be branded by Therma Bright, and added to its growing list of progressive diagnostic and medical device technologies and screening solutions.
Therma Bright is pleased to announce that it has hired King Tide Media, LLC ("KTM") to provide investor relations and public relations services. The strategy with KTM is to create awareness for Therma Bright in the investment community. KTM will work closely with Therma Bright over the next few months and will be paid USD $60,000 for their services.
About Therma Bright Inc.
Therma Bright, developer of the smart-enabled AcuVid™ COVID-19 Rapid Antigen Saliva Test, is a progressive medical diagnostic and device technology company focused on providing consumers and medical professionals with quality, innovative solutions that address some of today's most important medical and healthcare challenges. The Company's initial breakthrough proprietary technology delivers effective, non-invasive, and pain-free skincare. Therma Bright received a Class II medical device status from the FDA for its platform technology that is indicated for the relief of the pain, itch, and inflammation of a variety of insect bites or stings. The Company received clearance for the above claims from the U.S. FDA in 1997. Therma Bright Inc. trades on the TSXV (TSXV: THRM) (OTCQB: TBRIF) (FSE: JNX). Visit: www.thermabright.com.
About AI4LYF:
AI4LYF is an innovative smart-health company with a mission to transform lives through deep intelligence. Having pioneered DCT, it is also working on AI based novel solutions that have potential to change the "Reactive Sick care" into "predictive, preventive, personalized health care" for fuller and longer lives for all.
Therma Bright and AI4LYF are excited to explore numerous use cases that DCT can offer beyond COVID-19 including other respiratory disease. One immediate use case is to scale DCT as public health platform for anytime, anywhere screening for infectious (and noninfectious) respiratory diseases. Their joint vision is to leverage this collaboration as a progressive journey in the development of much-needed smart healthcare solution for humanity and prevention and preparedness for future pandemics.
Therma Bright Inc.
Rob Fia, CEO
[email protected]
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FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute "forward-looking" statements. These statements relate to future events such as development and commercialization of a rapid COVID-19 viral assay and related instrumentation. as described in the news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether such results will be achieved. Actual results could differ materially from those anticipated due to several factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether because of new information, future events or otherwise, except as required under applicable securities regulations.
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