REDWOOD CITY, Calif., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Biotricity Inc. (OTCQB: BTCY), a medical diagnostic and consumer healthcare technology company, today announced that it has entered into an Agreement that establishes terms under which Biotricty will enter into a licensing agreement. Biotricity has negotiated to license, with the exclusive right to acquire MD Matrix and its telemedicine platform that includes real-time streaming of medical devices, making it a perfect fit for the Bioflux platform. The addition of telemedicine provides additional growth for the Company.
“COVID-19 has brought telemedicine to the forefront of medical discussions and accelerated adoption. We saw a need for a telemedicine solution that aligns with the Bioflux to facilitate remote visits and remote prescriptions for cardiac diagnostics. We believe the future of healthcare is in telemedicine and remote patient monitoring and are planning a commercial launch by the end of this quarter with our existing Bioflux clients,” said Dr. Al-Siddiq.
Telemedicine offers patients the ability to communicate directly with their health care providers without the need of leaving their home. This results in improved care to patients that may otherwise elect not to go to medical facilities, cost savings to healthcare service providers, and will result in higher gross revenues for Biotricity.
The licensing agreement will enable Biotricity to offer a telemedicine platform under its brand in conjunction with its Bioflux product offering. The agreement will include exclusive US distribution rights along with any countries Biotricty becomes active in. The purchase option is structured through a payment schedule or revenues generated by telemedicine, allowing the company to maintain its cash position while also avoiding dilution. The parties have 90 days to finalize all agreements and Biotricity will release more details as they occur
Importantly, the integration of telemedicine with Bioflux will enable remote administration of the Bioflux along with post monitoring follow up. This will provide a boost to core technology revenues associated with Bioflux but also add an additional complementary revenue stream from telemedicine software licensing.
About Biotricity Inc.
Biotricity is a modern medical technology company focused on delivering innovative, remote biometric monitoring solutions to the medical and consumer markets, including diagnostic and post-diagnostic solutions for chronic conditions and lifestyle improvement. Biotricity’s R&D continues to focus on the preventative healthcare market, with a vision of putting health management into the hands of the individual. The company aims to support the self-management of critical and chronic conditions with the use of innovative solutions to ease the growing burden on the healthcare system. To learn more, visit www.biotricity.com.
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Important Cautions Regarding Forward-Looking Statements
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words “may,” “should,” “would,” “will,” “could,” “scheduled,” “expect,” “anticipate,” “estimate,” “believe,” “intend,” “seek,” “project,” or “goal” or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company’s other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release.
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