Datametrex Awarded $945,094.00 Contract from Defence Innovation Program

Date : 10/03/2019 @ 11:00AM
Source : GlobeNewswire Inc.
Stock : DataMetrex AI Limited (DM)
Quote : 0.03  0.01 (50.00%) @ 8:18PM
DataMetrex AI share price Chart

Datametrex Awarded $945,094.00 Contract from Defence Innovation Program

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Datametrex AI Limited (the “Company” or “Datametrex”) (TSXV: DM, FSE: D4G) is pleased to announce that it has successfully been awarded the second contract of a multi phase R&D program through the Department of National Defence’s Innovation for Defence Excellence and Security (IDEaS) program . The Company will be receiving approximately $945,094.00 CAD for Component 1b, to further develop Nexalogy SMART, Social Media Automated Reporting Technologies, while also expanding its fake news and narrative detection technologies. This brings the total value of this opportunity to approximately $1,144,594.00 CAD. If the Company is successful completing this project, it could be eligible for additional funding to continue the development of the product. 

IDEaS supports the development of solutions from their conceptual stage, through prototype testing and capability development. The program includes several elements that promote collaboration between innovators, provides developmental resources and provides opportunities to interact with DND’s science and military members. Through which all innovators are on an even playing field to solve specific defence and security challenges. For more info about the program, see here: https://www.canada.ca/en/department-national-defence/programs/defence-ideas.html

“This is a solid validation of the work Nexalogy is doing to help secure the safety of Canadians from cyber threats. Working with the Canadian government to build new tools that will be utilised by the military and then be applied to the corporate environment is a key driver for technical advancement in our country.” says Andrew Ryu, Chairman and CEO of the Company.

For more information on this project or to learn how Datametrex can assist your organization in social media discovery, Fake News Filters and BOT detection please go to:www.nexalogy.com

About Datametrex

Datametrex AI Limited is a technology focused company with exposure to Artificial Intelligence and Machine Learning through its wholly owned subsidiary, Nexalogy (www.nexalogy.com).

For more information about the IDEaS program please visit: Canada.ca/defence-ideas

For further information, please contact:

Jeff Stevens - President & COOPhone: (416) 482-3282Email: jstevens@datametrex.com

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws.  All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.

Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

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