- Predictmedix has begun production of its mobile application for detecting impairment from cannabis and alcohol
- Predictmedix's screening to identify impairment takes less than 30 seconds
- The mobile application, powered by AI algorithms currently being utilized in Safe Entry will be accompanied by a "mini" multi-spectral imaging camera resulting in a portable non-invasive impairment detection solution
- Commercialization will specifically target Law Enforcement, Transport, and other mobile high-risk industries
TORONTO, ON / ACCESSWIRE / March 15, 2023 / Predictmedix Inc. ("Predictmedix" or the "Company") (CSE:PMED) (OTCQB:PMEDF) (FRA:3QP), an emerging provider of rapid health screening solutions powered by a proprietary artificial intelligence (AI), today announced the production of its AI-Powered mobile app in conjunction with a portable multi-spectral imaging camera to non-invasively detect impairment from alcohol and cannabis. The non-invasive solution will be commercialized with the intent to serve global law enforcement agencies, transport, and other mobile high-risk industries where impairment remains a significant liability. The Company's recently conducted studies showed that its screening tool can accurately identify impaired individuals with a success rate of over 90%. Furthermore, the screening process takes less than 30 seconds to complete, making it a quick and reliable way to identify impairment. Although cannabis breathalyzers are still at an early stage of development, alcohol breathalyzers have been reported to have up to a 50% margin of error according to the National Motorists Association1.
Impairment from alcohol and cannabis has been an ongoing issue for law enforcement and high-risk industries around the world - and current testing protocols are long, costly, and onerous. Drug testing companies have failed to create a product that is reliable, quick, cost-effective, and non-invasive all in one product. Predictmedix's portable solution intended for law enforcement agencies and other high-risk mobile industries addresses the problems that companies and organizations have been facing for many years.
A multiparametric approach is used to identify unique and specific features based on facial and speech analysis which are analyzed by AI algorithms, resulting in an un-biased outcome. The multi-spectral imaging camera captures non-visible wavelength data which the AI algorithms extract features that are associated with impairment from alcohol and/or cannabis. AI by nature is self-learning, Predictmedix's algorithms improve as more data is obtained and processed resulting in greater accuracy and speed with time.
Although the combination of both multispectral imaging and speech analysis has resulted in an accuracy of over 90% to identify impaired individuals, the Speech Analysis component of the solution by itself has achieved an impressive accuracy rate in identifying impairment. Predictmedix is cognizant of the potential this specific use-case has for the end consumer and is currently taking action to preserve the rights and IP of the technology for commercialization efforts and shareholder concerns.
"We are happy to announce to our shareholders that we are making very good progress with our portable solution for detecting impairment in individuals. From our research and discussions with high-level contacts, we believe our product will be in high demand in multiple industry verticals worldwide. In 2021, the drug screening market size was valued at over $5.2 Billion with revenue forecasted at over $22 Billion in 20302, making this another lucrative opportunity for Predictmedix," commented Dr. Rahul Kushwah, Chief Operating Officer at Predictmedix. "We look forward to updating our shareholders on further technological and commercial development."
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:
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Dr. Rahul Kushwah
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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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SOURCE: PredictMedix Inc.