TORONTO, April 09, 2020 (GLOBE NEWSWIRE) — Datametrex AI Limited (the “Company” or “Datametrex”) would like to provide additional information to our shareholders and the investment community on a joint venture with Lotte Group announced in the Company’s press release on April 6, 2020.
Lotte Group was one of two companies invited to bid on a contract to provide Artificial Intelligence (“AI”) solutions to the South Korean Ministry of Health- Welfare, Food, & Drug, related to the COVID-19 pandemic. Lotte Group has invited Datametrex, a preferred vendor of Lotte, to participate in the bid and to provide the AI technology, should Lotte Group’s bid be successful. The contract is for the implementation of AI solutions to monitor search engine and SNS welfare, food, and drug beneficiaries that will allow the South Korean government to monitor potentially fraudulent activities with COVID-19 related grants. The AI solution required by the South Korean government will also filter incorrect and unreliable information allowing the Ministry of Health and Welfare to gain a better understanding of the COVID-19 pandemic and enable it to maximize efficiency of its human resources.
In the event Lotte Group is awarded the contract, a joint venture will be formed between Lotte Group, Datametrex, and KT Net, a corporation owned and controlled by the South Korean government. If Lotte Group bid is successful, the parties to the proposed joint venture have agreed to establish a joint venture company (“JV Co.”) with Lotte Group owning 75% of the equity in JV Co., Datametrex owning 15% and KT Net owning 10%. Under terms agreed by the parties, Lotte Group would contribute approximately $450,000 to JV Co., Datametrex will provide its proprietary AI technology and KT Net will provide private blockchain technology. The total revenue expected to be earned from this contract is approximately $1.2M annuum, and Datametrex expects to receive its proportionate share of the revenue after payment of JV Co.’s expenses. There is no assurance that Lotte Group will be successful in its bid.
About Lotte Group
The Lotte Group is an international conglomerate consisting of over 90 business units employing 60,000 people engaged in such diverse industries as candy manufacturing, beverages, hotels, fast food, retail, financial services, heavy chemicals, electronics, IT, construction, publishing, and entertainment.
About Datametrex AI Limited
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com). Additional information on Datametrex is available at: www.datametrex.com.
For further information, please contact:
Marshall Gunter – CEO
Phone: (514) 295-2300
Email: [email protected]
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This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.
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