Business
AI/ML Innovations Inc. Announces Impairment of Investment
VICTORIA, BC / ACCESSWIRE / October 10, 2024 / AI/ML Innovations Inc. (" AI/ML " or the " Compan...
About this update from Aiml Innovations Inc
[{"type":"text","content":"AI/ML Innovations Inc. Announces Impairment of InvestmentVICTORIA, BC / ACCESSWIRE / October 10, 2024 / AI/ML Innovations Inc. (\"AI/ML\" or the \"Company\") (CSE:AIML)(OTCQB:AIMLF)(FWB:42FB) announces that, as disclosed in its recently filed financial statements, the Company performed an assessment of indicators of impairment in the investment in its minority-owned subsidiary, Tech2Heal, and recorded an impairment loss of $1,510,668 as a result of the outcome of the assessment.The impairment assessment concluded that Tech2Heal's primary asset, Alakin, is currently meeting expectations, with a modest level of sales. However, significant and immediate new capital is required in order to keep the product competitive, particularly in light of the fact that artificial intelligence is quickly surpassing the Company's ability to modernize this technology. Without substantial new investment which results in the successful integration of artificial intelligence into the platform, the Company's leadership team expects that it will be very difficult to remain competitive, attract new customers and maintain the platform.Management will provide the market with updates on its plans to develop the business of the Company as these plans progress.About AI/ML Innovations Inc. https://aiml-innovations.com/AI/ML Innovations Inc. has realigned its business operations to capitalize on the burgeoning fields of artificial intelligence (AI) and machine learning (ML), with an initial investment focus on emerging digital health and wellbeing companies that leverage AI, ML, cloud computing and digital platforms to drive transformative healthcare management solutions and precision support delivery across the health continuum. Through strategic partnerships with Health Gauge Inc. (95.2% owned by AIML), Tech2Heal (up to 22% ownership rights, with 11.11% currently owned by AIML), AI Rx Inc. (70% owned by AIML), NeuralCloud Solutions Inc. (100% owned by AIML), and other planned accretive investments, the Company continues to capitalize on expanding growth areas, to the benefit of all the Company's stakeholders. AI/ML's shares are traded on the Canadian Securities Exchange under the symbol \"AIML\", on the OTCQB Venture Market under \"AIMLF\", and on the Frankfurt Stock Exchange under \"42FB\".On behalf of the Board of DirectorsTim Daniels, Executive ChairmanFo...