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AHI to combine with Cubert Inc to launch FitScan


Published 10-JUN-2021 09:32 A.M.


3 minute read

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Advanced Human Imaging Limited (ASX:AHI) has signed a binding term sheet with Toronto-based Digital Health provider Cubert Inc that has developed FitTrack a preventative health screening app (FitTrack).

Available in the March quarter of 2022 across iOS and Android platforms, the new integrated functionality will be called FitScan and will enable its users to privately check, track, accurately assess overall wellness and predict potential health risks, all from their smartphone.

FitTrack users will be able to combine their FitScan results with FitTrack’s easy-to-use Health Scores, marking FitTrack’s continued evolution to a complete holistic health solution for consumers across both software and hardware.

FitScan’s technology will encompass two core elements integral to understanding an individual’s health, FaceScan and BodyScan.

FaceScan is a non-intrusive and easy-to-use scan for measuring key health metrics, including heart rate, blood pressure, respiratory rate, as well as risks associated with cardiovascular disease, heart attacks and strokes.

FitScan’s BodyScan Assessment will combine innovative technology and state of the art image processing techniques that return over ten unique insights such as body circumference, body composition, and risk indicators for obesity and type-2 diabetes.

By delivering a comprehensive and complete overview of personal health and wellbeing, FitScan provides an innovative approach to remote health monitoring and preventative care.

Results from scans can be securely exported to a physician or doctor instantly through a personal device, empowering FitTrack’s customers to take control of their personal health journey starting at home.

The new software will seamlessly integrate into FitTrack’s existing ecosystem, which includes an app and multiple hardware devices, to deliver a complete and holistic perspective of health, wellness and progress.

54 - AHI.PNG

Commercial, licensing and support agreements

Under the terms of the binding term sheet, AHI has a right to terminate the agreement if FitTrack fails to reach a minimum user number of 200,000 in the first 12 months from commercial launch.

The main aspects of the commercial agreement between the parties revolve around the integration process, encompassing software development, end-user license agreements and the provision of general support and data processing.

AHI doesn’t expect any immediate material financial return from its collaboration with Cubert Inc, but there is an anticipation that income from licenses and other fees from commercial arrangements could evolve in the future.

Discussing these developments, chief executive Vlado Bosanac said, “Jeff and his team at FitTrack have taken a sensible approach to the development and marketing timelines to successfully finalise the product integration and launch with a targeted date of the March quarter, 2022.

"FitScan will be a valuable addition to the product suite FitTrack has developed.

"With over a million committed users of their devices, we will be a highly complementary addition to the data already being captured.

"Adding physical dimensions along with body composition to the FitTrack application will drive deeper engagement with existing users, whilst opening up the use case to a broader audience that has not yet purchased a FitTrack device.

"FitTrack has a genuine interest in helping people live healthier and longer lives, and self-awareness is the first most critical step in this journey.

"Using FitScan in conjunction with the FitTrack training and wellness plans will deliver this outcome for their users, at the same time as providing real-time actionable data for the FitTrack team to engage, monitor and assist their users in reaching their health goals.’’

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S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.

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