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Remark Holdings Announces $6 Million Contract to Deploy an Additional 15,000 AI Driven Terminals for its Pharmacy Patient Terminal System in 2019
LAS VEGAS, May 14, 2019 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (AI) solutions and digital media properties, today announced a $6 Million contract for 2019 to deploy an additional 15,000 AI Driven Terminals for its Pharmacy Patient Terminal System.
Building upon the successful initial deployment of its AI-driven pharmacy terminal network in Sichuan province in the fourth quarter of 2018, upon which 5,000 Terminals were delivered and recognized as revenue, Remark is expanding its deployment to 30 cities, and 15,000 additional stores, covering more than 10,000 doctors and medical teams and serving over 40 million patients, while issuing more than 100,000 prescription every day. There are approximately 480,000 pharmacies in total in China.
Remark is providing the membership management system, including facial ID and back-end service platform to support the online-pharmacy terminal network. When patients talk with a doctor via an in-store terminal, Remark's membership system will acquire the patient's face, identify the patient and deliver his or her medical history, including previous prescriptions. The system will then automatically provide corresponding doctors with the patient's portrait analysis, allowing the doctors to diagnose the patient and issue a prescription.
"Our AI-based pharmacy terminal system represents a highly innovative use of our technology in addressing China's overburdened healthcare system from the standpoint of simplifying everyday doctor/patient interactions and speeding the diagnosis and prescription process," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "We're well underway in deploying our AI-backed retail terminal system and demonstrating the power of our highly accurate facial identification and retail management technology. As we continue to scale our terminal footprint towards more locations, we expect recurring value-added services revenue to grow as well. This is just one example of our ability to develop highly tailored and accessible AI solutions for multiple industries, with the goal of solving specific issues, driving efficiencies and fostering more informed and successful business and institutional ecosystems."
Remark's terminal system allows pharmacies to fully take advantage of the platform and tools to directly prescribe medications to patients after online consultation, supporting a streamlined process and increased revenue. For patients, the terminal system is exempted from the complicated procedures of queuing in hospitals, achieving medical convenience and delivering primary care service at the patient's fingertips. For the government, all prescription drug information and sales records are stored in the system, which helps to strengthen management of drug purchase and sales and combat sales of recycled drugs in order to ensure medication safety.
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
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