VANCOUVER, BC, March 10,
2022 /CNW/ - Principal Technologies Inc. (the
"Company") (TSXV: PTEC.P), which is building a diverse portfolio of
investments in healthcare technology companies, is pleased to
announce that it has completed an investment in Vision Surgery AI,
a leading artificial intelligence (AI) technology company.
Vision Surgery AI's technology uses advanced computer vision and
AI to monitor surgical teams and operating room equipment in
real-time to ensure that each medical procedure is performed
correctly, and that all patient vitals are constantly monitored and
maintained within the appropriate ranges.
Vision Surgery AI was developed by the team that for decades has
been providing state-of-the-art AI and computer vision solutions to
clients such as the German government, which uses it for airport
and train station security. This powerful technology is now being
deployed in the healthcare sector with Vision Surgery AI, to
improve the safety and precision of surgical procedures, which
could ultimately save lives.
"This technology will make it possible to overcome the typical
trade-offs that occur between cost and quality of care. It is
capable of reducing the human error that can result in fatal
outcomes, while also cutting costs by better utilizing medical
staff. It also has the potential to significantly reduce insurance
premiums," said Jerry Trent, CEO and
President of Principal Technologies. "This has the potential to
improve the health and safety of patients, while also improving
hospital operations. The majority of accidental deaths and injuries
during surgery are due to human error, which could be related to
something as simple as the surgeon having low blood sugar. This is
the kind of small but crucial detail that this technology can
monitor via its highly advanced technology."
Mr. Trent predicts that the data that is gathered by this
technology has the potential to enhance what is possible for future
medical innovations as well.
As a part of the transaction, Mr. Trent will be joining Vision
Surgery AI's board of directors, which also includes:
- Jörn Halbauer, an IT expert, entrepreneur, and Vision Surgery
AI Co-Founder, Halbauer previously founded a major software
conglomerate and also held executive positions with companies such
as Allianz SE.
- Karim Tamir, an investor,
entrepreneur, and Vision Surgery AI Co-Founder, Tamir previously
also held a variety of executive positions with companies such as
Allianz Capital Partners and Nordic Capital.
- Dr. Ulrich Stöckle, a key opinion leader and top expert in
robotics with Charite hospital in Germany, Stöckle serves as Vision Surgery AI's
Chairman.
"We believe that the team's extensive experience in the
insurance industry is a key asset. Insurance companies play a major
role in decisions around which technologies will be deployed in
hospitals, and which become mandatory," added Mr. Trent. "We were
able to participate in this round at a very favorable valuation of
$20M (USD) based on the value that we
are able to bring to the table through our substantial connections
and industry expertise."
Principal Technologies has acquired a 10% interest that will be
jointly owned with co-investors via a EUR 3
billion AUM Liechtenstein-based asset management fund.
Principal Technologies owns 10% of that interest.
About Principal Technologies Inc.
Principal Technologies Inc. (TSXV: PTEC.P), is building a
diverse portfolio of investments in healthcare technology companies
with a focus on those with global distribution potential, that have
achieved regional success. Principal Technologies will also focus
on companies that have IP capable of enhancing medical treatment
quality and efficiency, cost efficiency, optimization of the
patient pathway, and implementation of point of care technologies.
In addition to providing growth capital, the company also aims to
support the growth of its portfolio with the expertise of its
management team, board, and advisers.
Learn more: https://principal-technologies.com/
Cautionary Note Regarding Forward-Looking Information
This news release contains statements which constitute
"forward-looking statements" and "forward-looking information"
within the meaning of applicable securities laws (collectively,
"forward-looking statements"), including statements regarding the
plans, intentions, beliefs and current expectations of the Company
with respect to future business activities and operating
performance. Forward-looking statements are often identified
by the words "may", "would", "could", "should", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" or
similar expressions and includes information regarding: (a)
expectations regarding whether the Transaction will be consummated
including whether the conditions to the consummation of the
Transaction; (b) the timing for completing the Transaction, if at
all, and the conditions to such transaction; and (c)
expectations for other economic, business, and/or competitive
factors.
Investors are cautioned that forward-looking statements are
not based on historical facts but instead reflect the
Company's management's expectations, estimates or projections
concerning future results or events based on the opinions,
assumptions and estimates of management considered reasonable at
the date the statements are made. Although the Company believes
that the expectations reflected in such forward looking statements
are reasonable, such statements involve risks and uncertainties,
and undue reliance should not be placed thereon, as unknown or
unpredictable factors could have material adverse effects on future
results, performance or achievements of the resulting issuer. Among
the key factors that could cause actual results to differ
materially from those projected in the forward-looking statements
are the following: the ability to consummate the Transaction; the
ability to obtain requisite regulatory and shareholder approvals
and the satisfaction of other conditions to the consummation of the
Transaction on the proposed terms and schedule; the potential
impact of the announcement or consummation of the Transaction on
relationships, including with regulatory bodies, employees,
suppliers, customers and competitors; changes in general economic,
business and political conditions, including changes in the
financial markets; changes in applicable laws and regulations both
locally and in foreign jurisdictions; compliance with extensive
government regulation; the risks and uncertainties associated
with foreign markets; and the diversion of management time on the
Transaction. These forward-looking statements may be affected by
risks and uncertainties in the business of E&E, the Company and
general market conditions, including COVID-19.
Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, believed,
estimated or expected. Although the Company has attempted to
identify important risks, uncertainties and factors which could
cause actual results to differ materially, there may be others that
cause results not to be as anticipated, estimated or intended and
such changes could be material. E&E and the Company do not
intend, and do not assume any obligation, to update the
forward-looking statements except as otherwise required by
applicable law.
Completion of the Transaction is subject to a number of
conditions, including but not limited to TSXV acceptance.
There can be no assurance that the Transaction will be completed as
proposed or at all.
Investors are cautioned that, except as disclosed in the
filing statement prepared in connection with the Transaction, any
information released or received with respect to the Transaction
may not be accurate or complete and should not be relied upon.
Trading in the securities of the Company should be considered
highly speculative.
Neither TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) accepts responsibility
for the adequacy or accuracy of this news release.
ON BEHALF OF THE BOARD OF DIRECTORS:
SOURCE Principal Technologies Inc.
