MedBright AI Proclaims Closing of Funding in Limmi Healthcare AI Platform

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VANCOUVER, British Columbia, Dec. 28, 2023 (GLOBE NEWSWIRE) — MedBright AI Investments Inc. (the “Firm” or “MedBright”) (CSE:MBAI, OTCQB:MBAIF, FSE:1V7) right this moment introduced that additional to its press releases dated September 8, 2023 and October 17, 2023, Vinergy Acquisition Corp., a completely owned US subsidiary of MedBright (“MB Acquisition Co.”), has issued 350 widespread shares of MB Acquisition Co. (the “MBAC Shares”) to Mentorhead Integrated, a Delaware company, dba Limmi (“Limmi”)‎ pursuant to the mental property license and possibility settlement dated October 16, 2023, as amended and restated December 20, 2023 (the “IP License and Choice Settlement”). Pursuant to the IP License and Choice Settlement, Limmi granted to Vinergy Licensing Corp., a completely owned US subsidiary of MedBright (the “MB Licensing Co.”), sure rights to the Limmi’s Synthetic Intelligence FDA & HIPAA Platform (the “Limmi AI Platform“) in alternate for the MBAC Shares, such MBAC Shares topic to the alternate rights as described beneath.

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Every MBAC Share is exchangeable, on the election of Limmi, to accumulate MedBright Class A Shares (as outlined beneath) on a one (1) MBAC Share for one-hundred thousand (100,000) MedBright Class A Share foundation, topic to the next circumstances:

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Lastly, within the occasion that MB Licensing Co. workouts the Choice (as outlined beneath), the ultimate 200 MBAC Shares shall develop into exchangeable into MedBright Class A Shares.

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Choice

Pursuant to the IP License and Choice Settlement, Limmi additionally granted to MB Licensing Co. the binding and irrevocable choice to buy the Limmi AI Platform (the “Choice”) on the sooner of: (a) October 16, 2025; and (b) 90 days after a written request by Limmi for MB Licensing Co. to train the Choice.

Efficient December 11, 2023, MedBright created a brand new class of non-voting widespread shares of the Firm (the “MedBright Class A Shares”). The MedBright Class A Shares have the identical attributes because the widespread shares of the Firm (the “Widespread Shares”), besides that the MedBright Class A Shares usually are not listed on the Canadian Securities Alternate, don’t carry the best to vote, and are convertible into Widespread Shares on a one-for-one foundation, topic to sure circumstances, together with a prohibition on a holder of MedBright Class A Shares from changing such shares into Widespread Shares if it might lead to such holder holding greater than 9.9% of the Widespread Shares.

Approval of the particular decision of shareholders of MedBright authorizing an modification of the Firm’s Discover of Articles beneath the Enterprise Companies Act (British Columbia) to create the MedBright Class A Shares was obtained on the annual and particular assembly of the Firm held on December 1, 2023.

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In reference to the transactions famous above, MedBright has agreed to pay an arm’s size finder 1,000,000 Widespread Shares. The Widespread Shares to be issued in reference to the transactions are being issued at a deemed worth of $0.18 per Widespread Share, being the discounted market worth of the Widespread Shares on the date of execution of the letter of intent between MedBright and Limmi. These shares will likely be issued on April 16, 2025, at which level will likely be topic to a maintain interval of 4 months and at some point.

This transaction will complement MedBright’s present funding roadmap, specializing in the U.S. healthcare AI element. The Firm’s funding is made in compliance with the Firm’s funding coverage, which focuses on investments in non-public or public firms, principally within the well being care expertise sector, with robust mental property, distinctive administration and excessive progress potential and with a specific deal with synthetic intelligence well being care applied sciences.

About MedBright AI Investments Inc.

MedBright is a capital allocator centered on investing in healthcare expertise firms. The staff at MedBright prides themselves on unparalleled entry to alternatives, in addition to structuring distinctive and advantageous investments. MedBright’s mission is to assemble a portfolio of synergistic investments to generate superior returns for shareholders. MedBright will deal with important near-term and midterm high-quality alternatives with robust return potentials whereas sustaining dedication to governance.

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MedBright AI Investments Inc. 
Alnoor Nathoo, Interim Chief Govt Officer
(587) 899-6967
Electronic mail: buyers@medbright.ai

Cautionary Assertion Concerning “Ahead-Trying” Data

Sure statements contained on this press launch represent “forward-looking info” as such time period is outlined in relevant Canadian securities laws. The phrases “could”, “would”, “might”, “ought to”, “potential”, “will”, “search”, “intend”, “plan”, “anticipate”, “imagine”, “estimate”, “count on” and related expressions as they relate to the Firm, together with: the anticipated advantages of the Limmi AI Platform; the proposed acquisitions of capital inventory of Limmi by the Firm, the money funds proposed to be made by the Firm in consideration due to this fact and the anticipated timing and quantities thereof; the intention that the proposed funding will allow the Firm to fund further synthetic intelligence platform instruments particular to the healthcare providers market; the flexibility of Limmi to attain sure developmental and industrial milestones; and the potential train of the Choice are supposed to determine forward-looking info. All statements apart from statements of historic reality could also be forward-looking info. Such statements replicate the Firm’s present views and intentions with respect to future occasions, and present info out there to the Firm, and are topic to sure dangers, uncertainties and assumptions, together with: the flexibility of Limmi and the Firm to understand the advantages of the Limmi AI Platform; the flexibility of the Firm and Limmi to attain the assorted milestones essential to set off obligations and rights beneath the definitive agreements; and the chance that the Firm will be unable to train the Choice or that train of the Choice will likely be uneconomical. Many components might trigger the precise outcomes, efficiency or achievements that could be expressed or implied by such forward-looking info to range from these described herein ought to a number of of those dangers or uncertainties materialize. Examples of such danger components embrace, with out limitation: credit score; market (together with fairness, commodity, overseas alternate and rate of interest); liquidity; operational (together with expertise and infrastructure); reputational; insurance coverage; strategic; regulatory; authorized; environmental; capital adequacy; the overall enterprise and financial circumstances within the areas by which the Firm’s investees function; the flexibility of the Firm to execute on key priorities, together with the profitable completion of investments and strategic plans; issue integrating newly acquired companies and belongings together with the Limmi AI Platform; the flexibility to implement enterprise methods and pursue enterprise alternatives; disruptions in or assaults (together with cyber-attacks) on the Firm’s info expertise, web, community entry or different voice or knowledge communications techniques or providers; the failure of third events to adjust to their obligations to the Firm or its associates; the influence of recent and modifications to, or software of, present legal guidelines and rules; granting of permits and licenses in a extremely regulated companies of investee’s; the general troublesome litigation surroundings, together with within the U.S.; elevated competitors; elevated funding prices and market volatility attributable to market illiquidity and competitors for funding; in addition to these danger components mentioned or referred to within the Firm’s disclosure paperwork filed with the securities regulatory authorities in sure provinces of Canada and out there at www.sedar.com. Ought to any issue have an effect on the Firm in an surprising method, or ought to assumptions underlying the forward-looking info show incorrect, the precise outcomes or occasions could differ materially from the outcomes or occasions predicted. Any such forward-looking info is expressly certified in its entirety by this cautionary assertion. Furthermore, the Firm doesn’t assume duty for the accuracy or completeness of such forward-looking info. The forward-looking info included on this press launch is made as of the date of this press launch and the Firm undertakes no obligation to publicly replace or revise any forward-looking info, apart from as required by relevant legislation.

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The securities issuable by MedBright as contemplated herein haven’t been, and won’t be, registered beneath the U.S. Securities Act or any U.S. state securities legal guidelines, and is probably not provided or offered in america or to, or for the account or advantage of, United States individuals absent registration or any relevant exemption from the registration necessities of the U.S. Securities Act and relevant U.S. state securities legal guidelines. This launch shall not represent a proposal to promote or the solicitation of a proposal to purchase securities in america, nor shall there be any sale of those securities in any jurisdiction by which such supply, solicitation or sale could be illegal.

Neither the Canadian Securities Alternate nor its Market Regulator (as that time period is outlined within the insurance policies of the Canadian Securities Alternate) accepts duty for the adequacy or accuracy of this press launch.

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