AI/ML Innovations Inc. Announces Acquisition of Naiad Labs' Product Division

AI/ML Innovations Inc., a prominent name in the Artificial Intelligence/Machine Learning industry, has officially signed a Letter of Intent to acquire the Product Division of Naiad Labs Inc. This acquisition, announced on May 2, 2024, involves crucial healthcare assets including the 'Long ECG Neural Net' and the 'Neural Network Store.' These assets are expected to enhance the efficiency of long ECG readings and provide AI-driven services more expansively within the healthcare sector.

The 'Long ECG Neural Net' technology, capable of analyzing 48-hour ECG files in under five minutes, marks a significant improvement over traditional methods that require weeks. Additionally, the deal includes the 'Neural Network Store,' an online platform allowing developers to utilize various AI systems for file analysis. This acquisition not only broadens AI/ML's product offerings but also integrates with their existing 'Follow Your Heart' products, potentially offering greater synergy in smart sensor and wearable technologies.

AI/ML will compensate Naiad with 6,700,000 common shares and additional royalty arrangements tied to the revenues from these technologies. The final agreement, targeted for completion by May 30, 2024, is conditional upon due diligence, board approval, and regulatory sanctions. Notably, the acquisition does not involve any Finder's Fee and will not alter the control dynamics within AI/ML Innovations Inc.