Lord Global inks deal with KeyOptions to bring new AI-based COVID-19 rapid screening technology to international markets
Thursday, 10 September 2020 Lord Global Corporation (OTCMKTS:LRDG) subsidiary 27Health Inc has signed an administrative and financing agreement with KeyOptions to bring COVID-19 testing units around the world. Virolens is a highly scalable screening device based on nano-cellular microscopes with holographic imaging and artificial intelligence software technology that utilizes a non-intrusive saliva swab test to detect the presence of the COVID-19 virus within 20 seconds. The agreement, announced Thursday, secures the rights to bring the Virolens COVID-19 testing units to Australia, Latin America, South East Asia, Turkey and a number of other geographies, according to the company. Initial trial orders are secured with launch customers worldwide, including the London Heathrow Airport, the firm said in a statement. READ: Lord Global Corporation enters into a strategic partnership with 81 Logistics Group Joseph Frontiere, CEO of Lord Global Corporation and 27Health Inc, told shareholders he was “humbled” to be able to work with KeyOptions and their partners in potentially ameliorating the pandemic and the subsequent global economic crisis. “A 20-second saliva based test, utilizing artificial intelligence, that identifies this virus, will enable children to go back to school on a fulltime basis, people to attend sporting venues of their choice and the economy to rebound significantly,” Frontiere said in a statement. “This product is part of 27Health’s mission to identify products and companies that will benefit from the structural changes that the pandemic has caused. An artificially intelligent, mobile laboratory that will identify this pandemic and future pandemic diseases is a game changing product. The economic opportunity afforded to our company is limitless.” KeyOptions CEO Rick Wylie added that he was “proud” and “excited” to partner with 27Health to deliver the Virolens technology into new markets. The terms of the agreement call for 27Health to receive a significant amount of KeyOption’s Virolens revenues and a portion of the amount of the operating margin. For this, Lord Global said it is issuing a convertible preferred that converts into a vested 1.5 million shares of common stock after six months, with an additional 1.5 million shares that would vest after one year, based upon certain milestones, with a 4.99% blocker. Shares of Lord Global jumped 3.8% on Thursday over the counter to trade at $8.41. Patrick Graham also contributed to this report Contact Angela at [email protected] Follow her on Twitter @AHarmantas
Alabama State University has managed to keep COVID-19 infections at zero despite rising cases on college campuses. University president, Quinton Ross, Jr, joined Cheddar to discuss new technology that scans for coronavirus symptoms.