MyFiziq Limited (ASX: MYQ) (“MyFiziq” or the “Company”) is pleased to announce that it has signed its first Binding Term Sheet to expand the newly developed CompleteScan platform capabilities with Asia Pacific corporate wellness platform WellteQ into the $10 Trillion-dollar global telehealth, corporate wellness and insurance market.
Under the commercial terms, CompleteScan will be integrated into WellteQ’s personalised digital wellness and analytics platform in readiness for January 2021. The integrated offering will be first offered to existing corporate customers including Willis Towers Watson APAC, NIB, Bupa Australia, Toll Logistics, Credit Suisse and DBS Bank to name a few before a wider reach into prospective clients and markets outside of APAC.
With the current COVID 19 pandemic, digital health platforms such as WellteQ are becoming a highly sought-after engagement, triage and monitoring tool for the public healthcare, corporate and insurance sectors. The use of video consultations is quickly becoming the norm with providers and their patients. These sectors are looking for new and innovative ways to engage, screen and manage people remotely with more personalised and timely health interventions. WellteQ provide a unique solution that will now combine its personalised digital wellbeing coach for mental health, nutrition and physical wellness capabilities with the power of CompleteScan.
“Not one of our corporate wellness industry peers possesses such comprehensive capabilities as that of our WellteQ and Complete Scan integration. Using just your smartphone we can assess, continuously monitor, coach and if needed triage a user into virtual care via telehealth. This extends our continuum of care and therefore user and client value substantially.”
WellteQ analyses multiple facets of health and activity with multiple engagement protocols from mental wellbeing to activity tracking. The holy grail of this activity for the providers is the ability to not only assist in better health outcomes and productivity, but to augment the change and be able to deliver a visual tool that shows the return and change their users are achieving, so they too can understand the value the combined platforms will bring.
Vlado Bosanac, Chief Executive Officer of MyFiziq, said:
“This will be a world first as multiple organisations worldwide are positioning themselves with offerings to the telehealth, insurance industry and the corporate wellness space. Combining our new CompleteScan technology with WellteQ will be a paradigm shift in both tracking and analytic capabilities across multiple market segments. The WellteQ solution is a perfect fit for CompleteScan and the multiple verticals WellteQ has expanded into. It’s a great first deployment for CompleteScan, when looking at the corporate register WellteQ bring to this partnership. This is an exciting new pathway to increase revenue for both organisations”
Scott Montgomery, Chief Executive Officer of WellteQ said:
“Not one of our corporate wellness industry peers possesses such comprehensive capabilities as that of our WellteQ and Complete Scan integration. Using just your smartphone we can assess, continuously monitor, coach and if needed triage a user into virtual care via telehealth. This extends our continuum of care and therefore user and client value substantially.
We set out to bring affordability and accessibility to preventative care and through this integration can deliver our on-demand insights and personalised coaching system, all for the annual price of a single Dr consult.
Healthcare has changed for the better and its technology collaborations like this that continue that evolution”.
The terms of the binding term sheet and pricing are disclosed as follows.
Summary of Material Terms:
| Item | Summary/Details |
|---|---|
| Parties | MyFiziq Limited (MYQ)
NuraLogix Corporations (NuraLogix) WellteQ Limited (WellteQ) |
| Conditions Precedent | None |
| Agreement | Binding Term Sheet |
| Formal Agreements to be concluded | The main commercial agreement between the parties pursuant to which MYQ, and NuraLogix agree, to grant WellteQ the right to use and sell the CompleteScan capabilities and related intellectual property to integrate them into the partner platform/technology.
Under the terms of the binding term sheet, all of the aforementioned agreements will be concluded no later than 2nd November 2020. |
| User Target | Under the terms of the binding term sheet, WellteQ will use its best endeavours to target 250,000 active users within the first 12 months. |
| Pricing Agreed | Pricing has been agreed under the binding term sheet and is provided below. |
| Initial Terms | 1 year, which term shall be renewed for consecutive further terms of 2 years each (unless terminated at least 30 days prior to expiry of the term). |
| Governing Law | California |
Under the terms of the binding term sheet, MyFiziq will be paid the following volume-based pricing by WellteQ
| Users | CompleteScan Scan Pricing |
|---|---|
| Volume 0 - 50,000 active users | US$5.49 per month per user |
| Volume 50,001 - 100,000 active users | US$4.69 per month per user |
| Volume 100,001 - 200,000 active users | US$4.10 per month per user |
| Volume 200,001 - 500,000 active users | US$3.49 per month per user |
| Volume 500,001 - 1,500,000 active users | US$2.89 per month per user |
| Volume > 1,500,001 active users | US$1.80 per month per user |
| Single scan *(Corporate & Insurance) | US$4.99 initial scan |
| Single Scan additional **(Corporate & Insurance) | US$3.99 each additional scan |
*This announcement has been approved by the board of MyFiziq Limited.
wellteq Digital Health Inc. is a leading global provider of personalized digital health and wellness
solutions across the continuum of care.
To learn more, visit https://wellteq.co/
Download the wellteq Corporate Presentation:
https://wellteq.co/about/investors/
wellteq Investor Contact:
Glen Akselrod
Bristol Investor Relations
E: glen@bristolir.com
T: (905) 326-1888
MyFiziq has developed and patented a proprietary dimensioning technology that enables its users to check, track, and assess their dimension using only a smartphone privately and accurately.
Our goal is to assist our partners by empowering their consumers with this capability. This in return gives our partners the ability to assess, assist, and communicate outcomes with their consumers when navigating day to day life. Whether this is a personal journey to better health, understanding the risk associated with their physical condition, tracking the changes they are experiencing through training, dieting, or under medical regimes. or simply wanting to be correctly sized for a garment when shopping online. The MyFiziq technology delivers this seamlessly, privately, and cost-effectively in under one minute.
Our partner benefits from our (SAAS) Software as a service pricing solution, that reduces with scale. Integration is made easy with the MyFiziq modular system, based on multiple (SDK’s) software development kits, allowing a partner to select the functions, measurements, and displays to suit their individual needs.
MyFiziq has developed this capability by leveraging the power of Computer Vision, Machine Learning, and patented algorithms, to process these images on secure, enterprise-level infrastructure, delivering an end-to-end experience that is unrivaled in the industry. MyFiziq simplifies the collection of measurements and removes the human error present in traditional methods.
For more information please visit: www.myfiziq.com
For more information contact:
Vlado Bosanac,
Chief Executive Officer
MyFiziq Limited
E: admin@myfiziq.com
Steven Richards,
Chief Financial Officer
MyFiziq Limited
E: admin@myfiziq.com
NuraLogix is a pioneer of Affective Artificial Intelligence (AI) which is the combination of affective computing and artificial intelligence. The company has developed the world’s first cloud based Affective AI Engine, DeepAffex™, which utilizes the company’s proprietary facial imaging technology, Transdermal Optical Imaging(TOI™), to predict a wide array of human physiological and psychological affects using nothing more than the video camera found on any smartphone. Using this technology, the company developed the world’s first smartphone app, Anura™, that can inform you about your general health and wellness in 30 seconds.
The company’s objective is to use its technology to improve the lives of people everywhere.
For more information please visit: www.NuraLogix.ai
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