Consolidata COVID-19 Product and Corporate Update
OTTAWA, July 07, 2020 (GLOBE NEWSWIRE) — Leonovus Inc. (“Leonovus” or the “Company”) (TSXV: LTV) today provides an update regarding its Consolidata product and the overall business.
In March 2020, the Company recognized that it’s Smart Filer and Vault technologies could become a unified data capture, storage and analytics solution (Consolidata) for the evolving COVID-19 crises. Dr. Jane Philpott, and Dr. Michael Wolfson identified the lack of a cohesive national/provincial information solution/repository for COVID-19 and other public health data.Consolidata uses our Smart Filer technology, which transparently moves or copies COVID-19 data to a centralized data repository and analytics platform. Because its software is technology agnostic, Consolidata easily installs in any hospital, nursing home, clinic, research facility, policy group, university, college – indeed any location. The software rapidly ‘discovers’ COVID-19 files, and with its policy engine, automatically copies the essential data to the repository. Incorporating our Vault technology also makes Consolidata a highly secure data storage solution. All COVID-19 data, unstructured and structured, is now in one location. This data is collated and categorized continuously from each of these data sources, keeping it fresh, focused and organized; such data curation is critical to ensure meaningful analytics based on Artificial Intelligence (“AI”) and Machine Learning (“ML”). To provide advanced dashboards and immediately actionable insights on COVID-19 data, we plan to integrate with Intouch Insight Inc., which has robust retail dashboards, survey, mobile and reporting capabilities. Retail analytics is based on location-based data, and so is COVID-19. Since the end of April 2020, Leonovus has submitted Consolidata proposals to federal, provincial and territorial governments. In most cases, a paid trial installation is the proposed first step. We believe that HMOs, regional, state and federal governments elsewhere could also use the solution. Acceptance and timing of these proposals are unknown given, the tumultuous market conditions.As part of our previously announced BCIP project, the Department of Justice continues to evaluate Smart Filer and Vault. The product evaluation trial process will continue until late Q3 2020. Preliminary discussions regarding a full product launch beginning in Q4 2020 have already started.“Leonovus Smart Filer (“LSF”) technology provides big data analysis (“BDA”), a data discovery and analysis foundation, offering automated, policy-based data set consolidation and curation. The development of LSF in March 2019 with the initial release and testing of the product in late 2019. Because of COVID-19, according to Reportlinker, the global analytics market is expected to grow to USD 33.8 billion by 2021. Our Consolidata project targets this market, and our Vault technology is also a critical part of some multi-cloud installations as customers will require hyper-secure data storage. For Leonovus to provide a complete BDA solution, we need to add advanced analytics, dashboards, AI/ML to our technology portfolio,” said Michael Gaffney, Chair and CEO, Leonovus Inc.“There are three ways to acquire core AI and ML capabilities for our Consolidata product; through partnerships, like we are doing with Intouch Insight Inc., through internal product development, or the acquisition of AI/ML companies or technology. All three will become part of our corporate strategy. Revenue generation and new equity funding are required to achieve these goals,” said Gaffney.Our Consolidata solution is not limited to the Public Health/COVID-19 market. It is a generic big data solution for unstructured and structured data, as demonstrated by product evaluations currently underway. The addition of AI/ML to the solution will dramatically increase its power and market reach.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.This news release contains “forward-looking statements”. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods.Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as required by applicable securities laws, we undertake no obligation to update any forward-looking statement publicly, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.For more information, please contact:
George Pretli, Chief Financial Officer