Singapore's Claritas to enter North American market via CAD$5 million licensing agreement

KUALA LUMPUR, Sept 22 -- Singapore-based Claritas HealthTech Pte Ltd (Claritas) and Labrador Technologies Inc (Labrador) have entered into an exclusive arm’s length software licence purchase agreement.

According to a statement, Claritas will enter the North American market via CAD$5 million agreement, dated June 28. (CAD$1 = RM3.105)

Pursuant to the terms of the Agreement, Labrador will issue sufficient shares such that the Proposed Transaction will constitute a Reverse Takeover (RTO) of Labrador under the policies of the TSX Venture Exchange (TSXV).

Upon the closing of the Proposed Transaction, it is expected that Labrador will continue to be a Technology Issuer on the TSXV and will be renamed as Claritas HealthTech Inc.

“With our iRAD platform successfully tested and continuing to be deployed across Asia, the next natural step is for Claritas to establish a presence in North America on account of the size and requirements of its medical imaging market,” said Claritas Co-founder and COO, Devika Dutt.

“The completion of the RTO will allow for the rapid deployment of our technology across North America, thereby furthering our mission to enable physicians globally to make more informed diagnostic decisions for the betterment of patients”.

Claritas is actively looking for potential takeover candidates in the telemedicine and virtual healthcare sectors, both in the regional and North American markets.

Besides the medical image processing and enhancement product iRAD, the company will soon be releasing several AI tools that will help clinicians in rapid and accurate detection of abnormalities.

-- BERNAMA