EvokAI Creative Labs Acquires Extended Reality AI-Powered Company Neurocarrier Oy

VANCOUVER, BC / ACCESSWIRE / June 16, 2023 / EvokAI Creative Labs Inc. (TSXV:OKAI) ("EvokAI" or the "Company"), a leading MedTech AI-powered company dedicated to the development of transformational and innovative technologies for the healthcare sector, is pleased to announce that it has completed the acquisition (the "Acquisition") of NeuroCarrier Oy ("NeuroCarrier"), a Finnish MedTech company that combines cognitive neuroscience, extended reality ("XR") and artificial intelligence ("AI") technologies for enhanced performance screening and spatial perception of a person as well as risk behavior. The Acquisition was previously announced on June 1, 2023.

"We are excited to welcome the talented team of researchers and engineers from NeuroCarrier to the EvokAI family. Their groundbreaking research and cutting-edge technologies in cognitive neuroscience perfectly complement our ongoing efforts to revolutionize the field of cognitive computing and redefine the boundaries of human-machine interaction," said Alejandro Antalich, CEO and Director of EvokAI Creative Labs.

"NeuroCarrier's unique combination that merges the power of AI algorithms, extended reality and eye movement with deep understanding of human cognition allows EvokAI to create highly intuitive and immersive experiences, unlocking new possibilities for various industries, including healthcare, rehabilitation, risk behavior prediction, sports, gaming, and more."

"Key Features and Differentiators that make EvokAI unique:

• Immersive Experiences: EvokAI offers an unparalleled level of immersion, blurring the boundaries between the digital and physical worlds. Through its advanced technologies, users can engage in realistic simulations and interact with virtual environments to assessing cognitive performance in ways that were previously unimaginable.
• Customizable Solutions: Understanding that each industry has unique requirements, EvokAI provides fully customizable solutions tailored to specific needs. Whether it's designing personalized rehabilitation programs or creating interactive training modules, our platform adapts to the diverse demands of our customers.
• Seamless Integration: EvokAI's solutions seamlessly integrate with existing infrastructures and technologies, making the adoption process smooth and hassle-free. By eliminating compatibility issues, we ensure a faster time to market and quicker realization of benefits for our customers.
• Unmatched Performance: Our cognitive computing platform leverages state-of-the-art AI algorithms and advanced neuroscientific principles to deliver unparalleled performance. This enables faster decision-making, precise data analysis, and superior user experiences, setting us apart from competitors in the market," concluded Antalich.

Pursuant to the terms of the Acquisition, the Company acquired 100% of the issued and outstanding securities of NeuroCarrier in consideration of the issuance of an aggregate of 2,202,000 common shares of the Company ("EvokAI Shares") to former securityholders of NeuroCarrier. The EvokAI Shares issued in connection with the Acquisition are subject to a contractual hold period expiring June 15, 2024. Up to an additional 367,000 EvokAI Shares may be issuable to the former securityholders of NeuroCarrier upon NeuroCarrier reaching MDR (European Medical Device Regulation) Class I approval on or before November 16, 2023. No finder's fees were paid or applicable in connection with the Acquisition.

About EvokAI Creative Labs Inc.

EvokAI is a MedTech AI-powered company dedicated to the development of transformational and innovative technologies for the modern healthcare sector. We deploy machine learning models to search medical data and uncover insights to help improve health outcomes, patient experiences, drug development, preclinical and clinical decisions and provide more accurate diagnoses. EvokAI tailors its AI algorithms across the whole healthcare system, from hospitals, private clinics, research institutions, pharmaceutical companies, contract research organizations, to medical professionals, patients, healthy individuals aiming at preventing any kind of disease and beyond, protecting the aging genome.

On behalf of the Board of Directors of EvokAI Creative Labs Inc.

Alejandro Antalich
CEO & Director

For more information, please contact:

EvokAI Creative Labs Inc.
Alejandro Antalich
Chief Executive Officer
Email: hello@evokailabs.com
Phone: +358 50 5512 848

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Generally, any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information or statements. The forward-looking information or statements in this news release may relate, among other things, to: the anticipated benefits of the Acquisition to the Company and its shareholders; the future growth potential of the Company on a post-Acquisition basis; the intention to scale operations; the accretive nature of the Acquisition, including expected synergies thereof; and future financial performance.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors, among other things, include: the expected results from the completion of the Acquisition; business integration risks; fluctuations in general macroeconomic conditions; fluctuations in securities markets; the Company's limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the technology industry; unproven markets for the Company's product offerings; lack of regulation and customer protection; the need for the Company to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; network security risks; the ability of the Company to maintain properly working systems; foreign currency trading risks; use and storage of personal information and compliance with privacy laws; use of the Company's services for improper or illegal purposes; global economic and financial market conditions; uninsurable risks; changes in project parameters as plans continue to be evaluated; and those factors described under the heading "Risks Factors" in the Company's filing statement dated March 27, 2023 available on SEDAR. Although the forward-looking statements contained in this news release are based upon what management of the Company believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders that actual results will be consistent with such forward-looking statements, as there may be other factors that cause results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. The Company does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.

SOURCE: EvokAI Creative Labs Inc.