DataMeds AI Settles Litigation Extinguishing $19 Million in Liabilities
News related to:DataMeds AI, Inc · 1 min read
DataMeds AI, Inc., a healthcare company leveraging artificial intelligence and blockchain technology, has resolved a significant legal dispute, extinguishing approximately $19 million in liabilities and retiring 364,099 common shares. The settlement, reached in relation to the May 11, 2023, Wellgistics, LLC Membership Purchase Interest Agreement, marks a substantial milestone for the company.
According to Gerald E. Commissiong, Interim Co-CEO of DataMeds AI, the resolution of this litigation is a positive step for the company.
As part of the settlement, DataMeds AI paid a total of $450,000 in cash for the Settlement Agreement. The company has filed additional information on the settlement on Form 8-K on the Securities and Exchange Commission website: www.sec.gov/ix?doc=/Archives/edgar/data/0002030763/000149315226043169/form8-k.htm
DataMeds AI, Inc., formerly Wellgistics Health, Inc., is a leading Health IT company that focuses on the vertical integration of technology, pharmacy, pharmaceutical-adjacent, and telemedicine business units to deliver a better healthcare experience for consumers. Headquartered in Tampa, Fla., the company incorporates the artificial intelligence platform EinsteinRx and blockchain-enabled smart contracts platform PharmacyChain into its Health Lives Here mobile application. Its Corexa Health subsidiary provides pharmacy and pharmacy services, including the distribution of products developed by Tollo Health, LLC.
The settlement is part of the company's ongoing efforts to address and resolve outstanding legal issues, allowing it to concentrate on its core mission of improving healthcare delivery and patient outcomes. This resolution is expected to enhance the company's focus on its strategic initiatives, including the development and expansion of its technology platforms and business units.
The company's Health Lives Here mobile application integrates various technologies to provide a comprehensive healthcare experience. By combining artificial intelligence and blockchain, DataMeds AI aims to streamline healthcare delivery and improve patient data management. The settlement is a significant step in the company's journey to achieve these goals, as it alleviates financial burdens and allows the company to invest more resources into its technological advancements.