VANCOUVER, BC / ACCESSWIRE / June 7, 2022 / Sebastiani Ventures Corp. ("Sebastiani" or the "Company") (TSX-V:SBS.H) is pleased to announce that it has entered into a licensing agreement dated effective June 6, 2022 with EvokAI Creative Labs Inc. ("EvokAI") (the "Licensing Agreement"). EvokAI is a MedTech AI-powered company dedicated to the development of transformational and innovative technologies for the modern healthcare sector. It deploys machine learning models to search medical data and uncover insights to help improve health outcomes, patient experiences, drug development, preclinical and clinical decisions and provide more accurate diagnoses. EvokAI tailors its AI algorithms across the whole healthcare system, from hospitals, private clinics, research institutions, pharmaceutical companies, contract research organizations, to medical professionals, patients, healthy individuals aiming at preventing any kind of disease and beyond, protecting the aging genome. EvokAI is at arm's length to the Company.
For more information about EvokAI, visit the company's website at https://evokailabs.com
Pursuant to the terms of the Licensing Agreement, Sebastiani has the non-exclusive right to pursue strategic partnerships for commercial applications of the technology worldwide. In the event that Sebastiani reaches agreement with any third parties for use of EvokAI's technology, EvokAI will receive a revenue sharing royalty. Pursuant to the Agreement, Sebastiani also has an exclusive three-month period to conduct further due diligence on EvokAI, with an option to acquire EvokAI, through a reverse takeover transaction, valuing EvokAI at $70 million. In the event that Sebastiani exercises the option, such transaction would constitute a change of business under the policies of the TSX Venture Exchange (the "Exchange") and would be subject to Exchange approval and compliance with the Exchange's change of business policy. There can be no assurance that Sebastiani will elect to exercise the option or pursue the change of business with EvokAI.
For further information, contact Scott Ackerman at 1-778-331-8505 or [email protected].
On Behalf of the Board of Directors of:
SEBASTIANI VENTURES CORP.
Sebastiani Ventures Corp.
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Statements included in this announcement, including statements concerning our plans, intentions and expectations, which are not historical in nature are intended to be, and are hereby identified as, "forward-looking statements". Forward-looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation those relating to the Company's future operations and business prospects, are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements.
SOURCE: Sebastiani Ventures Corp.