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- Singular Health Group (SHG) has received a $170,000 payment from FlowCentric Technologies to develop their pilot program using GeoVR software
- The program aims to develop a prototype with an integrated special database that utilises imaging and predictive technologies for mining and exploration, leveraging the company’s proprietary volumetric rending platform
- Singular Health will receive income for the pilot program via staged payments over the coming five-month period
- Upon full payment, the company will transfer all title and intellectual property relating to the GeoVR software into the new joint venture company
- Singular Health is up 1.22 per cent, trading at 41.5 cents
Singular Health Group (SHG) has received a $170,000 payment from FlowCentric Technologies to conduct a pilot program using GeoVR software.
The pilot program aims to develop a prototype with an integrated database that utilises imaging and predictive technologies for mining and exploration, leveraging the company’s proprietary volumetric rending platform (VRP).
Singular Health entered a binding heads of agreement with FlowCentric in June 2020 to establish a 50/50 joint venture. The aim was to develop and utilise advanced imaging and predictive technologies, leveraging the company’s VRP into a software application (GeoVR) that can be used in mining and exploration activities.
Singular Health will receive the payment for the pilot program via staged payments over the coming five-month period. Upon full payment, the company will transfer all title and intellectual property relating to the GeoVR software into the new joint venture company.
“Whilst we remain focused on our core vision of developing better health literacy, this pilot program with FlowCentric Technologies presents a great opportunity to deploy our proprietary Volumetric Rendering Platform for use in the mineral resources sector,” said CEO of Singular Health, Thomas Hanly.
“FlowCentric is a logical partner for Singular Health with its large number of existing business relationships in South Africa and Australia with leading geological software providers and resource companies.”
The two companies are now in the process of agreeing to the terms of joint venture documents and plan to incorporate a new company in which they will each hold half of the issued shares.
Singular Health is up 1.22 per cent, trading at 41.5 cents at 1:17 pm AEDT.
