HIRE Invests in Atlas ID and Launches COVID-19 Risk Platform for Canadian Businesses
- HIRE announces a strategic investment in Atlas ID of $200,000 USD via a 10% convertible note.
- HIRE concurrently establishes an exclusive distribution agreement for Canada.
- Atlas ID is an HR technology company that powers a private and secure COVID-19 risk mitigation platform for employers.
- Atlas ID enables individuals to voluntarily self-report COVID-19 symptoms
- Employees receive real-time COVID-19 test results
- Employees choose when and with whom to share results
Toronto, Ontario and Vancouver, British Columbia--(Newsfile Corp. - September 30, 2020) - HIRE Technologies Inc. (TSXV: HIRE) (the "Company" or "HIRE") announces an arm's length strategic investment into and partnership with Atlas ID to bring the company's COVID-19 risk mitigation platform to employers in Canada.
HIRE will market Atlas ID's software platform, which provides employers with a complete solution for securely and effectively implementing employee testing for COVID-19, alongside solutions for staffing, IT, and HR consulting to help companies safely reopen and maintain operations amid 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. The technology is truly a game-changer and allows HIRE to deliver significant and unique value to our customers," said Simon Dealy, HIRE's CEO. "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 ID's platform coordinates the entire employee testing process, using a proprietary software to connect companies with labs that conduct and securely deliver their employees' COVID-19 results. The platform enables individuals to choose when and with whom to share those results, thereby putting employees in control of their sensitive data and providing employers a high fidelity way of accessing such information solely with employee consent.
"We're thrilled to be partnering with HIRE. We see HIRE and their portfolio companies as a unique and compelling opportunity," said Ali Davar, CEO of Atlas ID. "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."
As it builds and connects employers and labs, Atlas ID plans to extend this open approach by connecting with additional strategic partners to further expand its risk mitigation platform into new geographies and markets. For more information on Atlas ID, visit atlasid.com.
About the Convertible Note
The USD $200,000 convertible note has a maturity date of September 30, 2022, and will bear interest at 10.0% per annum, compounded annually and payable in cash, at any time after September 30, 2022. All outstanding principal, and (at Atlas ID's option) all accrued but unpaid interest on the convertible note, may automatically convert into equity securities of Atlas ID at a price calculated based on the future equity financing price of Atlas ID securities. The note may also convert into securities of Atlas ID at the option of the Company or upon an Atlas ID liquidity event. No finder's fees were paid in connection with the strategic investment.
About Atlas ID
Atlas ID is an HR technology company that powers a private and secure COVID-19 Risk Mitigation Platform for employers. The platform enables individuals to voluntarily self-report symptoms, receive COVID-19-related test results, and choose when and with whom to share those results, thereby putting employees in control of their sensitive data. With its tamper-proof, fraud-resistant, and end-to-end encrypted technology, Atlas ID is a part of the ecosystem of solutions that helps companies safely reopen and maintain operations amid the pandemic. The company has received strong backing from a team of more than two dozen HR, security, and privacy experts. For more information, please visit atlasid.com.
About HIRE Technologies Inc.
HIRE Technologies is building a network of staffing, IT, and HR consulting firms. We help our partners navigate the changing world through growth solutions, focusing on digital transformation. Our partnership model emphasizes the identity and independence of our brands and provides the resources, support, and expertise to take their businesses further. We offer valuable advice and insights to our clients while delivering innovative solutions, enhancing their HR teams, and connecting them with the best people for their business. For more information, please visit hire.company.
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Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This news release contains forward‐looking statements and forward‐looking information within the meaning of applicable securities laws. These statements relate to future events, business plans or future performance. All statements other than statements of historical fact may be forward‐looking statements or information. The forward‐looking statements and information are based on certain key expectations and assumptions made by management of HIRE and Atlas ID. The forward-looking statements, while considered reasonable by HIRE, are inherently based upon assumptions that are subject to significant risks and uncertainties, including, but not limited to, assumptions relating to future business plans and expectations. Although management of HIRE believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward‐looking statements and information since no assurance can be given that they will prove to be correct. Since forward‐looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks related to the current COVID-19 pandemic, changes in legislation and general changes in the economic and political conditions. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward‐looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward‐looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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