MyFiziq announces integration of BCT and Active8me
In addition to last week's definitive agreement negotiated with Active8me Pty Ltd, MyFiziq Limited’s (ASX:MYQ) 50% owned joint-venture partner Body Composition Technologies Pty Ltd (BCT), has now signed definitive agreements with Active8me Pty Ltd, which will see the integration of the BCT platform into the Active8me health and wellness platform.
The agreements are identical in nature with the exception of the differing business verticals as BCT operates in the insurance, medical and government research segments.
The BCT Commercial Contract is the main commercial agreement between the parties pursuant to which BCT agrees, inter alia, to grant a licence to Active8me to use BCT’s licensed software development kits and related intellectual property to integrate them into the Active8me platform/technology.
In return, Active8me has agreed to pay certain user fees, data storage fees, support fees and incidental support fees to BCT.
The BCT Software Development Kit, End User License Agreement, BCT Support Agreement and BCT Data Processing Agreement are support agreements related to the BCT Commercial Contract.
BCT does not expect any immediate material financial return as a result of entering into the contracts.
However, as the Active8me platform which is integrated with the BCT SDKs is rolled out in Asia, BCT expects to start generating licence and other fees from the commercial arrangement, the financial returns of which cannot be forecast at this time.
The initial term of the contract is 12 months, renewable for consecutive further terms of two years unless terminated under various clauses contained in the contract.
Body Composition Technology private, cost-effective and accurate
Body Composition Technologies (BCT) is focused on developing a cost effective, easily accessible and reliable smartphone-based body composition and anthropometric measurement tool for governments, insurers, medical organisations and the medical research markets.
The group strives to deliver a private, cost effective and accurate method for our users to identify, classify and monitor some of the primary markers of chronic diseases such as type 2 diabetes, coronary heart disease and stroke.
This early screening, assessment and long-term monitoring of the primary markers of chronic disease, is essential for reducing the spiralling healthcare costs and improving the quality of life for billions of people worldwide.
The group works with its partners to give them better engagement and understanding of their consumers/populations whilst empowering them through the technology to make better health decisions which in turn should deliver better health outcomes and lower mortality rates.