HIRE Technologies Inc (CVE:HIRE) announced Wednesday it is teaming up with US HR technology company Atlas ID for the exclusive distribution rights to Atlas’ COVID-19 risk mitigation software in Canada.
Toronto-based HIRE will also invest US$200,000 in Atlas by way of a 10% convertible note, the company said in a statement.
The software allows individuals to self-report COVID-19 symptoms and receive real-time test results with the discretion to choose when and with whom to disclose the results.
HIRE will launch the platform in Canada in order to provide businesses with a solution to implement employee testing for COVID-19 and safely maintain operations during the pandemic.
"This partnership provides HIRE with a breakthrough technology solution to a very real issue - ensuring the health and safety of workplaces and businesses as we endure the pandemic,” HIRE CEO Simon Dealy said in a statement.
“The technology is truly a game-changer and allows HIRE to deliver significant and unique value to our customers. We're thrilled to extend these powerful capabilities into Canada through an exclusive partnership to help businesses create a safer working environment for their employees, and in turn, a safer interface with their customers."
Atlas CEO Ali Davar told investors the company was “thrilled” to partner with HIRE.
“We see HIRE and their portfolio companies as a unique and compelling opportunity," Davar said in a statement.
“HIRE has created a true win-win platform for its advisors, consultants and its customer base, one that aligns well with Atlas ID's mission to be a part of an ecosystem that supports secure and private transmission of health and employment data for all employers."
Terms of investment
As for HIRE’s strategic investment, the $200,000 convertible note matures on September 30, 2022 and bears an interest rate of 10% per annum, compounded annually and payable in cash any time after the date of maturity. Outstanding principal and accrued, unpaid interest on the note may automatically convert into equity of Atlas at the company’s option based on a price calculated by the future equity financing price of the company’s securities.
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