Singular Health Group Ltd (ASX: SHG, "Singular Health", or the "Company"), is pleased to advise that it has received a $170,000 purchase order and payment schedule from FlowCentric Technologies Pty Ltd ("FlowCentric Technologies") to conduct a pilot program using Singular Health's GeoVR software.
Highlights
- Singular Health to receive payment of $170,000 to undertake pilot project to commercialise GeoVR software.
- Initial proof of concept demonstrated ability to use Volumetric Rendering Platform ("VRP") to process geological data and overlay drilling data.
- Pilot program to investigate creation of digital twin above ground assets, sub- surface resource definition and near-real time transfer of resource planning data.
The pilot program aims to develop a prototype, commercially viable product, with an integrated special database that utilises imaging and predictive technologies for mining and exploration leveraging the Company's proprietary Volumetric Rendering Platform ("VRP").
FlowCentric Technologies, established in 2000, is a software development company delivering Business Process Management software to over 350,000 users and servicing a number of Tier 1 resources companies globally.
Singular Health entered into a Binding Heads of Agreement with FlowCentric in June 2020 to establish a 50/50 joint venture for the purpose of developing and utilising advanced imaging and predictive technologies, leveraging the Company's VRP, into a software application (GeoVR) that can be used in mining and exploration activities.
Singular Health and FlowCentic are in the process of agreeing the terms of full for joint venture documents and propose to incorporate a new company, in which they will each hold 50% of the issued shares, to hold intellectual property and pursue commercial opportunities using the GeoVR resources specific software.
The Company will receive payment of the $170,000 sum for the pilot program via staged payments over the coming five-month period. Upon payment of the full $170,000 sum Singular Health will be obligated to transfer all title and intellectual property relating to the GeoVR software into the new joint venture company.
Kevin Hudson, Managing Director of FlowCentric Technologies Australia said:
"At FlowCentric, the ability to process vast volumes of data for our clients and integrate their various business processes is core to our services. GeoVR presents an exciting opportunity to visually combine our client's data in a readily understood medium, and to provide a great understanding of a mine's value chain from exploration through to operations."
Thomas Hanly, CEO of Singular Health said:
"Whilst we remain focused on our core vision of Developing Better Health Literacy, this pilot program with FlowCentric Technologies presents a great opportunity to deploy our proprietary Volumetric Rendering Platform for use in the mineral resources sector. FlowCentric is a logical partner for Singular Health with their large number of existing business relationships in South Africa and Australia with leading geological software providers and resource companies.
"Furthermore, forming joint ventures with established businesses to build new verticals is critical to ensuring that we remain focused on our medical applications whilst also providing access to domain specific expertise and established client bases. The revenue earned from this pilot program also reinforces the Company's objective of advancing the commercialisation of its technology.
"We're excited about future developments for the Company as we commence our journey as an ASX listed company."
