VANCOUVER, BC / ACCESSWIRE / October 5, 2023 / Blackhawk Growth Corp. (CSE:BLR);(Frankfurt:0JJ) (the "Corporation" or "Blackhawk"), is pleased to report on the progress of its asthma attack prediction project, Asthmatic AI after visiting with scientific collaborators this past week.
Whilst the Company progresses with the pre-transaction requirements to complete the Hardenbrook Group acquisition, we are pleased to provide an update on Hardenbrook's portfolio company Asthmatic AI. Asthma is a long-term disease that causes inflammation and swelling of the airways. This results in the narrowing of the airways that carry air from the nose and mouth to the lungs. Asthma symptoms can be triggered by allergens like dust or pet dander, certain foods, environmental factors and exercise. Asthma can be deadly and there is no cure for it (in the US ten people die from asthma every day). According to the Asthma and Allergy Foundation of America, asthma is one of the most common and costly diseases in the United States. From 2008-2013 the average annual economic cost of asthma was more than $81.9 billion in the US including medical costs and loss of work and school days, with a significant burden to the health care cost of families dealing with asthma.
Life AI Corp's scientific collaborators have started recruiting subjects and are collecting data to build machine-learning models and AI algorithms for reliable asthma attack prediction and prevention.
Life AI Corp is working on several new globally scalable health tech-focused AI companies that are conducting research at a leading research institution, collecting data and creating machine learning models for new product development in a variety of health domains.
Justin Hanka, Chief Executive Officer of Blackhawk Growth Corp said "We are pleased to see the progress of this exciting project unfold. Asthma is a debilitating condition which causes broad health, societal, emotional, and financial distress to families. We are excited by the hope that these asthma attack prediction models integrated to wearables will offer to individuals and families dealing with the condition".
Life AI Corp is conducting leading research in asthma attack prediction and prevention, early detection of autism and prediction of negative mood states such as depression and anxiety for early prevention and intervention. It is also developing a learning model for human performance optimization and longevity. With enough clinical data, Health AI models can be productized and integrated to digital devices such as smart watches and mobile devices to accurately support health monitoring, deliver health interventions and promote health optimization and longer living.
Blackhawk is also pleased to announce that it has amended and restated investment agreement with Riverfort Global Opportunities PPC LTD ("RiverFort"). The outstanding amount has been fixed to CAD$2,207,500 with no additional interest or fees to accrue during an extended 36-month term. The outstanding balance has been reduced by $1,000,000 in consideration of Blackhawk novating the loan agreement with MindBio Therapeutics Corp to RiverFort. Interest is payable in the event of default of loan terms.
RiverFort may convert any portion of the loan at CAD $0.05. This restructure enables Blackhawk to release itself from any immediate short-term liabilities to RiverFort and reduces the dependency on repayment of the existing debt that was accrued and to be repaid by MindBio Therapeutics Corp following the successful spin-out earlier this year.
About Hardenbrook Group Hardenbrook Group, is an investment company that leverages a merchant banking model and works with world-class research-intensive organizations including large tier 1 universities to identify valuable intellectual property to invest, commercialize and take public on stock exchanges in North America. Its portfolio company Life AI Corp is conducting clinical health research and product development across several domains and is working toward a spin out and public listing in 2024.
About Blackhawk Growth
Blackhawk is an investment holding company looking to create substantial value for its shareholders through the acquisition and development of high-growth companies.
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For more information on Hardenbrook: https://www.hardenbrook.group.
For more information on Life AI Corp: https://www.lifeaicorp.com
Contact
Justin Hanka. Chief Executive Officer
61433140886
Cautionary Note Regarding Forward-Looking Statement
All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, event or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
SOURCE: Blackhawk Growth Corp.
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