Medxtractor announces a business refocus
Calgary, Alberta – July 27, 2021.
For Immediate Release – Medxtractor Corp. (“MedX” or the “Corporation”) (CSE: MXT, OTC:MXTTF) announces a business refocus.
Medxtractor (“MedX” or the “Corporation”) (CSE: MXT, OTC:MXTTF) reports its plan to refocus to proprietary health-related databases, machine-learning analysis and associated applications. The planned changes are generally as follows:
Continuing development of the proprietary health-related Reference Database (“RD”) and machine-learning training environments. The RD currently holds more than 700 reference records which consist of extensive, proprietary biometric questions/answers and associated electroencephalogram (“EEG”) data;
development of digital diagnosis opinions (“DDOs”) derived from the combined intellectual input of multiple highly qualified practitioners. The DDOs will be the basis for the human-machine hybrid “mind” of the system;
continuing development of specialized datasets to provide training for machine-learning algorithms related to potential psychotropic and psychedelic drug effects on certain mental conditions;
development of a consumer health application named “YMI” that provides predictions of an individual’s current and future mental and physical health conditions. The interactive website is currently under development and is expected to be available for demonstration purposes before the end of August, 2021. The YMI consumer mHealth platform initially targets US and Canadian mHealth consumers.
James Durward, President, states: “As the Reference Database was being developed it became apparent that there were additional applications that could benefit from the same database. While the original “business-to-business” application anticipates licensing the database to researchers, practitioners and application developers in the psychedelics/psychotropics fields, the YMI application targets the far broader consumer mHealth market. The mHealth market includes products like FitBit, Apple EKG, and DNA analytics companies like 23 and me and Ancestry DNA and is expected to grow to over $150 Billion over the next several years. Since we can also use our Reference Database and DDOs for the YMI application, we believe YMI can offer higher-value predictions without the normally-associated and substantial data-building cost.”
The Corporation expects business-to-business licenses to be available prior to November 30, 2021 with the YMI application to follow approximately 90 days later.
The Corporation further reports that all matters presented for voting at the AGM held on July 22, 2021, were approved.
ABOUT MEDXTRACTOR CORP:
The Corporation is a Calgary-based company that generates technologically-based solutions. The SHAMAN division is focusing on applying machine learning to predict potential benefits associated with the use of psychedelic drugs within the mental health sector and the YMI division is developing a data-driven consumer mHealth application. With installations all over the world, its legacy craft-scale bio-extractors are used to extract compounds from a variety of botanical materials. Readers are advised that both SHAMAN and the YMI mHealth application require further development and accordingly the Corporation is not currently making any express or implied claims that the applications can, or will be able to, generate accurate results or profits.
FOR FURTHER INFORMATION, PLEASE CONTACT:
James M. Durward, President and CEO
Telephone: (403) 689-3901
Email: [email protected]
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 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 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. The information in this news release includes certain information and statements about management’s view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Any number of factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statements will prove to be correct. Except as required by law, the Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.
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