Vancouver - Advent-AWI Holdings Inc. ('Advent' or the 'Company') (TSXV: AWI) is pleased to announce that it has entered into a commercial agreement 'Commercial Agreement') with DynoSense Corp. ('DynoSense'), a California-based company, pursuant to which Advent, through a wholly-owned Hong Kong subsidiary ('HK Subsidiary'), will sell and distribute certain health Products and Services (defined and further described below) in Hong Kong and Macau (the 'Territory') under a licence granted to it by DynoSense.
Under the terms of the Commercial Agreement, Advent will pay CAD$1,000,000 to DynoSense on or before June 30, 2020, half of which constitutes the advance payment for inventory of certain Products. The initial term of the Commercial Agreement will be five years, and may be renewed for an additional five 1-year terms thereafter, subject to certain revenue targets being met at the time of each renewal. The Commercial Agreement is subject to acceptance by the TSX Venture Exchange.
DynoSense has created digital therapeutics which smartly apply clinical data technologies to modify behavior and improve health outcomes for its users. The Products and Services licenced to Advent and the HK Subsidiary are comprised of handheld health scanners which are wirelessly connected with cloudbased artificial intelligence via user-friendly and channel-customized software and mobile applications, which in turn are supported by personalized, care-centric services. The devices monitor certain vital signs and health conditions of the user (eg., heart rate, blood pressure, blood oxygen saturation levels, respiratory lung analysis, body temperature and body composition) and send the information via the cloud to the user's medical care professionals who are then able to read and interpret the user's medical information and from that provide advice and guidance to the user with respect to their medical condition at any given time. The Products and Services licenced to Advent and the HK Subsidiary include the products and technology described above as well as corresponding IT support services.
It is a term of the Commercial Agreement that in the event the business is successful in the Territory, as reasonably determined by DynoSense, then DynoSense may grant Advent a priority over establishing a separate, but similar, arrangement in Canada for the purpose of conducting a business similar to the business in Hong Kong.
Mr. Francis Mak, FCA (England and Wales), CA (B.C. Canada) and CPA (Hong Kong), has been a Chartered Accountant for 30 years. He was formerly a director in PwC's Advisory Services Department in Canada and Hong Kong for over 10 years. Presently in his post public-practice career, Mr. Mak's primary focus is on creating value for Breakthrough Technologies via setting up strategic cooperation for their commercial deployments. Mr. Mak has extensive experience in transactional robotic systems and O2O (Online-To-Offline) business models. Mr. Tommy Lui has more than 30 years international business experience in Asia and North America, in various industries ranging from medical equipment, logistics and supply chain, IT and telecom to toys, electrical appliances and construction. He has served as a senior executive in large multinational corporations like Li & Fung, Carlson Group and Jardine Group, as well as for small start-up companies. Mr. Lui is presently CEO of DynoSense in Greater China. His last employment before joining DynoSense in 2019 was working for Fung Group as Executive VP of North Asia of idsMED Group (a regional medical equipment distributor), and CEO of a joint venture between idsMED and a leading Telemed provider.
Alice Chiu, Advent's President & CEO, stated 'We are excited for Advent to be entering into this distribution arrangement with DynoSense. We believe that this opportunity will strategically build on Advent's current mobile and internet business by expanding into the mobile- and internet-driven digital health device sector, an industry which we felt was an important up-and-coming industry when we first started negotiating this transaction many months ago, and which we feel has become even more critical in recent months with the current pandemic crisis.'
Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances.
In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company's control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or to revise them to reflect the occurrence of future unanticipated events.
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ADVENT-AWI HOLDINGS INC. 
