Vancouver, British Columbia – March 10, 2022 – 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/
ON BEHALF OF THE BOARD OF DIRECTORS:
For investor inquiries or further information, please contact:
Jerry Trent, Chief Executive Officer Principal Technologies Inc.: Office@principal-technologies.com
For media inquiries, please contact: Brittany@Exvera.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.
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