TORONTO, Dec. 6, 2018 /CNW/ - Imex Systems Inc. ("Imex" or the "Company") (TSXV: IMEX, OTC: IMSYF) a software solution provider to Governments, Municipalities and Public Authorities is pleased to announce it has signed a licensing and reseller agreement with Datametrex AI Limited, ("Datametrex") of Toronto, ON, for its wholly owned subsidiary Canntop AI ("Canntop"). Under the licensing and reseller agreement, GovCann will utilize Canntop's AI platform to provide governments, law enforcement and health and safety organizations with highly actionable, geo-targeted cannabis data analytics.
Canntop builds atop Datametrex's multi-year track record of successfully working with various Canadian federal agencies including Health Canada, where the company's technology targeted key trends and social discovery and allowed Health Canada to gain deeper insight into usage and patterns and compile real-time data from multiple sources: cannabis partners, government agencies and social media. Canntop AI's unique selling point is the conversation sculpting and clustering algorithms providing the ability for non-data savvy personnel to discover new insights and clean unstructured text.
"This is a tremendous opportunity for Canntop to build upon Imex's existing relationships and previous contracts with various Government Agencies. We believe there will be tremendous demand by various groups for clear, concise and actionable social data analysis surrounding the Cannabis sector," says Andrew Ryu, CEO and Chairman of the Company.
Under the Agreement, Imex will issue CDN $180,000 of IMEX shares to the Datametrex for the right to utilize their Canntop platform and service offering for an initial 30-month auto-renewal contract. The issuance of IMEX shares is subject to regulatory exchange approval and conditions. In addition, Imex will pay Datametrex 15% royalty fee to Canntop for all revenue generated from the platform.
"We are very excited to be partnering with Canntop as they have demonstrated that their leading-edge cannabis social intelligence platform will help governments, law enforcement and health & safety organizations understand cannabis usage, challenges and concerns and create actionable plans to address them", said Robert Klein, CEO of Imex, "GOVCANN is being designed to assist governments educate, communicate and engage their communities which we believe is critical to the development of the responsible, safe cannabis industry in Canada, and by partnering with Canntop, we will be providing governments with key intelligence they need to address this burgeoning market".
About Datametrex AI Limited
Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiaries, Nexalogy (www.nexalogy.com) and Canntop AI (www.canntop.com) and Implementing Blockchain technology for secure Data Transfers through its investee company, Graph Blockchain (www.graphblockchain.com).
About Imex Systems
Imex Systems Inc. is a Canadian software products and solution provider to Governments, Municipalities and Public Authorities in Canada and internationally. Imex primarily focuses on E-Government and the Smart Cities market that also include the integration to payment processing. The company helps public sector entities to provide "Any Time, Any Where, Any Device and Any Channel" convenience for citizens to access government services and help with digital transformation of government operations and streamline revenue. Imex's various product and service offerings include: i-Gov - a Digital Government Platform for all levels of governments, which provides all the pre-built components for building an effective Digital Government and supporting payment processing through multiple channels; iCity - a Smart City Solution; and miGov - a Mobile Government Framework.
This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities laws. Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Forward-looking information in this news release include, but are not limited to, statements with respect to: increased sales from existing customers and new customers and the potential opportunities to be created from the joint venture with BGC related to mobile payments and cyber security. Forward-looking information necessarily involve known and unknown risks, including, without limitation : the need for approvals from the relevant government body; future capital needs and uncertainty of additional financing; the competitive nature of the industry; the effects of product development and need for continued technology change; and those risks set out in the Company's public documents filed on www.sedar.com.
Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to revise or update any forward-looking information other than as required by law.
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SOURCE Imex Systems Inc.
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