Track topics on Twitter Track topics that are important to you
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 08/01/17 -- Victory Square Technologies Inc. ("Victory Square" or the "Company") (CSE: VST)(CSE: VST.CN)(CNSX: VST)(OTC PINK: VSQTF)(FRANKFURT: 6F6)(WKN: A2AKL8), is pleased to announce that, pursuant to an Investment Agreement executed between Victory Square Health Inc. ("Victory Square Health"), a wholly-owned subsidiary of the Company, and Insight Diagnostics Inc. ("Insight"), Victory Square Health has acquired 25% of the issued and outstanding shares of Insight in exchange for an investment of $100,000 and 5% of the common shares of Victory Square Health (the "Purchase Price").
"We appreciate the position that Insight Diagnostics has gained on the strength of its work in personalized health and Type II diabetes, in particular," said Shafin Diamond Tejani, Chief Executive Officer of Victory Square. "We are excited by the opportunity to partner with them as leaders in this space. This is an acquisition that is fully aligned with our newly created subsidiary, and we can now continue to build on the foundational work to date by the team at Insight."
Insight is developing a personalized diagnostic solution for the improved management and prevention of Type II diabetes and will operate as a frontline affiliate of Victory Square's new health-focused subsidiary, Victory Square Health. Insight CEO Dean Sutton will retain his operating responsibilities and will assume a senior role within Victory Square Health.
"Our team at Insight is delighted to be partnering with Victory Square Technologies and its Victory Square Health subsidiary," said Dean Sutton. "We're certainly inspired by the big picture vision and we're energized by the opportunity to not only continue to develop Insight, but to contribute to Victory Square's vision for making a difference in personalized health."
Insight Diagnostics originally developed core technology at the University of Waterloo and it was further developed at Simon Fraser University in the Venture Connection Program. A PhD student and computer engineering team partnered with Dean Sutton to develop the technology into a business, which benefitted from two of Canada's top startup accelerators, Wavefront Accelerator and Creative Destruction lab, where stringent curriculums and market validating processes were instrumental to the development of Insights commercially viable plan.
"With the close of this transaction, Victory Square Health will have the ability to leverage the data and partnerships that Insight and their leadership bring to the table," added Tejani.
TERMS OF THE ACQUISITION
The Purchase Price consists of a $25,000 cash investment payable upon execution of the Investment Agreement plus $75,000 payable in services to be agreed upon by the parties. The end result of the transaction will be the Company's indirect ownership of 25% of Insight through its subsidiary, Victory Square Health, with Insight holding 5% of Victory Square Health.
ABOUT INSIGHT DIAGNOSTICS INC.
Going a step beyond traditional glucometers and diabetes management apps, Insight Diagnostics has developed blood, saliva-genetic and microbiome tests for those at risk of diabetes or have Type II. These uniquely tailored test panels provide patient-specific information on how their body responds and reacts to diet and lifestyle factors that affect their condition. Paired with a mobile app developed in partnership with BC Diabetes, the tests and health dashboard integrate with existing devices and systems, connect information directly to the patient EMR, and allows for direct and secure 2-way facetime calls with caregivers. The solution adds targeted information and insights to patients and caregivers, while improving accessibility, behaviour, data collection and management.
ABOUT VICTORY SQUARE TECHNOLOGIES INC.
Victory Square Technologies (VST) is venture builder that creates, funds and empowers entrepreneurs predominantly focused on Blockchain Technology, Virtual Reality, Artificial Intelligence, Personalized Health, Gaming and Film. As a technology incubator, Victory Square invests in game-changing entrepreneurs who are provided access to VST education programs, global mentorship networks, distribution partners, creative workspaces, resources and other forms of operational support to help them scale internationally. For more information, please visit www.victorysquare.com.
ABOUT THE CANADIAN SECURITIES EXCHANGE (CSE)
The Canadian Securities Exchange, or CSE, is operated by CNSX Markets Inc. Recognized as a stock exchange in 2004, the CSE began operations in 2003 to provide a modern and efficient alternative for companies looking to access the Canadian public capital markets. The CSE has not reviewed, nor approved or disapproved the content of this news release.
This news release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Victory Square. Forward-looking information is based on certain key expectations and assumptions made by the management of Victory Square, including future plans for acquisitions. Although Victory Square believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information as Victory Square can give no assurance that such forward-looking statements will prove to be correct. Forward-looking statements contained in this news release are made as of the date of this news release. Victory Square disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.Contacts: Victory Square Technologies Inc. Howard Blank Director 604-928-6066 NEXT ARTICLE
Collaborations in biotechnology
Commercial and academic collaborations are used throughout the biotechnology and pharmaceutical sector to enhance research and product development. Collaborations can take the form of research and evaluation agreements, licensing, partnerships etc. ...