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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.

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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.

Quick facts: MyFiziq Ltd

Price: 0.32 AUD

ASX:MYQ
Market: ASX
Market Cap: $32.99 m
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