Houston (ASX:HWH) makes slew of updates to its strategic development

Highlights

  • Houston We Have has announced its decision to rename itself as ECHO IQ LIMITED.
  • Elizabeth (Izzy) Whitelock has stepped down as CEO of the Company and Executive Chairman Andrew Grover will become interim Managing Director.
  • After the name change, Houston will be listed with a new ticker name EIQ on ASX.

ASX-listed Predictive analytics and Artificial Intelligence company Houston We Have (ASX:HWH) announced a number of updates to its strategic development on Wednesday. Today’s announcement revealed that in support of the clear business emphasis on health and medical technology, as well as the commercial potential presented by the acquisition of that business, the Houston intends to adopt the name ECHO IQ LIMITED, so that the name of the listed parent company reflects this focus.

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Houston has maintained that its decision to increase its exposure to the health sector commenced with the acquisition of Prometheus in 2019. This business supplies data analytics solutions to 17 of Australia’s 34 health funds. Further, this strategic shift was advanced with the acquisition of Alerte Echo IQ Pty Ltd. in June 2021.

The Company has stated that this name change is subject to shareholder approval at the Annual General Meeting to be held on November 29, 2021.

In an important revelation in today’s update, the Company also informed about a new agreement between ECHO IQ Pty Ltd and National Echo Database of Australia (NEDA). Under the terms of the agreement, ECHO IQ will be given 7 years’ exclusive access (with an option for a further 10 years) to novel deidentified health data from selected participating laboratories, to enhance the echo data access agreement in place for commercial purposes.

The stock HWH was spotted trading at AU$0.160 per share at 3:00 PM AEDT.

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Bottom Line:

The Company has revealed that ECHO IQ will remain focused on designing and implementing disruptive new cardiac-diagnostic technologies powered by big data and artificial intelligence. In addition, Houston is also prioritising the development of new solutions, addressing a broader range of cardiac conditions with a global commercial focus, where the US is an early and significant market to be addressed.

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