Proactive Investors - Run By Investors For Investors

MyFiziq signs binding term sheet with Evolt360 Technologies

Evolt is a technology driven health and wellness company that is powering connected and digital health and tracks detailed changes in the quality of activity, body, composition and nutrition as well as sophisticated data and analytics.
Fitness jogger
MyFiziq shares last traded at 29.5 cents per share.

My Fiziq Ltd (ASX:MYQ) has signed a binding term sheet with Evolt360 Technologies, allowing the MyFiziq platform to integrate into the Evolt platform and customer application.

Evolt is a device and machine-based body scanning technology purchased and supported by health, fitness and wellness companies including but not limited to Life Fitness distributors, F45, Anytime Fitness and KPMG.

The units cost between $12,000 and $20,000 and are positioned on site with trained staff to run the assessments for their members and employees, which cost about $30-$50 per scan depending on the type of scan performed.

MyFiziq chief executive officer Vlado Bosanac said: “The partnership with Evolt is going to be a very interesting and disruptive move on Evolt’s behalf.

READ: MyFiziq executes binding term sheet for $6 million capital raising

“Most companies in the standalone scanning and machine device space see MyFiziq as a threat with our ability to deliver a similar and unique offering from a customer’s mobile device.

“Evolt saw an opportunity to work with MyFiziq and extend both their ability to monetise but more importantly extend their monitoring capabilities into the home of its customers.

“Evolt has medical device approval which will bring a great deal of interest to both companies as we co-promote this unique and comprehensive capability to multiple business verticals, both current and new.”

READ: MyFiziq updates technology performance and data protection features

MyFiziq is expected to be an integral part of Evolt’s offering and a key point of difference to other platforms allowing a direct to consumer advantage.

Evolt is focused on partnering with companies, facilities and organisations that are looking to grow their revenue stream via a true value add for their members and consumers.

Under the binding term sheet, Evolt will target its current 500,000 active users to achieve an initial 100,000 subscribers onto the joint offering in the first 12 months.

View full MYQ profile View Profile

MyFiziq Ltd Timeline

Newswire
December 08 2017

Related Articles

Restaurant diners
April 11 2019
The company's website and phone app aims to help restaurants fill spare capacity by offering discounts potential diners during quieter periods
G Medical's Prizma device
January 22 2019
The mobile and e-health company is set for first production from its facility in Guangzhou, China.
immotion vr racing game
February 06 2019
The out-of-home VR hardware and content maker turned over more than £1mln in the second half of 2018 with ‘only’ 150 or so headsets in operation, but it wants that figure to climb to over 1,000 by the end of this year

© Proactive Investors 2019

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use