Toronto, Ontario – March 23, 2023 – Predictmedix Inc. (“Predictmedix” or the “Company”) (CSE: PMED) (OTCQB: PMEDF) (FRA:3QP), a leading provider of rapid health screening solutions powered by proprietary artificial intelligence (AI) is excited to announce an update on the functionality and application of their technology across specific verticals. The update comes after the Company’s recent announcement of the US Patent Grant for its AI-powered technology (United States Patent Application Number: 16/892,369) for the non-invasive detection of impairment caused by alcohol and/or cannabis.
Predictmedix has achieved over 90% accuracy in identifying impaired individuals using a combination of multispectral imaging and speech analysis, as demonstrated in the Company’s latest study. As the technology is powered by artificial intelligence, its accuracy rate is only expected to increase with time, thanks to the deep learning and machine learning algorithms that allow the system to learn and adapt from new data.
The patent outlines the process of how data gathered from multispectral imaging and speech analysis is used for identification of impairment. This involves the capture of data by a multispectral camera along with a speech sample. Features and their intensities are extracted and correlated with impairment, with each feature generating an intensity representation. At least one impairment analytical model is then applied to determine a respective impairment likelihood, and a confidence level is determined for each impairment likelihood based on the characteristics associated with at least the applied impairment analytical model and that feature.
With the use of impairing substances, individuals can be unable to safely perform certain tasks. For example, the use of drugs such as cannabis or alcohol can impair an individual’s physiological and/or psychological state, leading to significant safety risks. Predictmedix’s technology functions by identifying signs of impairment and correlating them with various levels of impairment-inducing agents. Furthermore, the AI algorithms can even identify if someone has consumed just one “standard alcoholic beverage,” which may or may not be classified as impaired depending on the jurisdiction. The company offers flexibility for end-users to define the thresholds used to flag someone as impaired or not, based on internal policies and/or the jurisdiction they are operating in.
The patented technology will also be used in Predictmedix’s AI-powered mobile app, which works alongside a portable multispectral imaging camera for non-invasive impairment detection. The company plans to commercialize its mobile solution to serve global law enforcement agencies, transport, and other high-risk industries where impairment is a significant liability.
According to industry reports, the global workplace safety market is expected to experience significant growth in the coming years, with a projected value of $39 billion by 2031.1 Additionally, the drug screening market is expected to reach nearly $22.24 billion with a CAGR of 15.97% from 2022 to 2029.2 With Predictmedix’s expansion on its non-invasive impairment detection technology, the company is well-positioned to capture a significant portion of this growing market. By providing innovative solutions to high-risk industries, Predictmedix aims to improve workplace safety and help prevent accidents caused by impairment.
“We are thrilled to announce the expansion of our non-invasive impairment detection technology for vertical-specific applications. With this cutting-edge technology, we can detect impairment caused by alcohol and/or cannabis, helping mitigate safety risks in high-risk industries such as law enforcement and transportation. We are excited to continue working towards the commercialization of our mobile solution, providing a safer environment for workers and the public. Predictmedix is committed to leveraging our proprietary artificial intelligence to offer efficient and reliable health screening solutions, and we look forward to introducing our technology to new industries in the future,” commented Dr. Rahul Kushwah, Chief Operating Officer at Predictmedix.
About Predictmedix Inc.
Predictmedix (CSE: PMED) (OTCQB: PMEDF) (FRA:3QP) is an emerging provider of rapid health screening and remote patient care solutions globally. The Company’s Safe Entry Stations – powered by a proprietary artificial intelligence (AI) – use multispectral cameras to analyze physiological data patterns and predict a variety of health issues including infectious diseases such as COVID-19, impairment by drugs or alcohol, fatigue or various mental illnesses. Predictmedix’s proprietary remote patient care platform empowers medical professionals with a suite of AI-powered tools to improve patient health outcomes. To learn more, please visit our website at www.Predictmedix.com or follow us on Twitter, Instagram or LinkedIn.
Public Relations Contact
For further media information or to set up an interview, please contact:
Hudes Communications International
(905) 660 9155
Dr. Rahul Kushwah
(647) 889 6916
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This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management’s reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company’s securities have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or “U.S. Persons”, as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any Page 4 of 4 future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19; risks related to factors beyond the control of the Company, including risks related to COVID-19; risks related to the Company’s shares, including price volatility due to events that may or may not be within such party’s control; reliance on management; and the emergency of additional competitors in the industry.
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