SANTA MONICA, CA, July 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Parallax Health Sciences, Inc. (OTCQB: PRLX) (''Parallax'' or the ''Company''), an outcome-driven connected healthcare company, today announced that the Company would not pursue the development of a proprietary Artificial Intelligence (“AI”) Platform, and will acquire or license an established Artificial Intelligence technology from an established third-party technology with a strong background in health care.
Parallax Health Sciences, Inc. Chief Executive Officer, Paul Arena, stated, “Our decision is consistent with our stated goal and belief of “buy” versus “make” and will enable the acceleration of our “go-to-market” plan with the Parallax Care Platform, our patent pending remote patient monitoring and data-capture management technology.” Mr. Arena added “after lengthy analysis of existing and well established AI technologies currently in the marketplace that met our criteria, the shift from internal development to external acquisition and or licensing would not sacrifice any of our goals and objectives and would allow us to shift resources allocated to a proprietary AI technology and deploy them to our software-as-a-service (SaaS”) based models to develop a system of integrated applications to manage our business systems and automate our technologies.”
Nathaniel Bradley, Parallax Health Sciences, Inc. Chief Technology Officer, stated, “This decision is a culmination of carefully reviewing the available options for AI in the marketplace and discovering leading edge Best Available Technology, (“BAT”) that will integrate well with our systems and platform. Mr. Bradley continued, “this will open up the ability to move our timeline forward, when discussing the launch of specific applications, products and services, and have an immediate impact of the commercial launch of our Parallax Care Platform.”
Dr. David Stark, Parallax Health Sciences, Inc. Chief Regulatory Officer, added, “The complex nature of cognitive AI coupled with the stringent complexity of the health care systems regulatory environment, influenced our decision to acquire or license an established AI technology. The role of cognitive AI in healthcare is an ever changing one and we believe that it is important to utilize technology that has already been developed. That way our customers can adopt our platform with an established core value of increasing outcomes through our suite of technology tools.”
About Parallax Health Sciences
Parallax Health Sciences is an advanced technology, outcome-driven telehealth company that allows for cost-effective remote diagnosis, treatment and monitoring of patients through proprietary platforms of integrated products and services. The Company's interoperable novel applications provide patients point-of-care testing and monitoring with information communicated via internet-based mobile phone applications that are agnostic as to operating system and are built on highly sophisticated data analytics. Information is retrieved in real time by physicians that are monitoring patients with chronic diseases or through biometric feedback for health-related behavior modification, and such information can be automatically integrated into electronic patient health records. The Company's products and offerings capitalize upon the digital transformation currently underway in the healthcare industry in order to improve patient compliance, diagnosis and treatment, while supporting healthcare system cost savings and efficiencies. For more information, please visit www.parallaxhealthsciences.com or www.parallaxcare.com.
Forward-Looking Statements
This release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding our expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will," and other similar expressions are forward-looking statements. All forward-looking statements involve risks, uncertainties and contingencies, many of which are beyond our control, which may cause actual results, performance, or achievements to differ materially from anticipated results, performance, or achievements. Factors that may cause actual results to differ materially from those in the forward-looking statements include those set forth in our Form 10-K and other reports filed with the SEC. We are under no obligation to (and expressly disclaim any such obligation to) update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.