VANCOUVER, BC, Nov. 29, 2021 /CNW/ - Minerva Intelligence
Inc. (TSXV: MVAI) ("Minerva" or the "Company"), an artificial
intelligence software company focused on building decision support
tools for climate risk, mineral exploration and mining, is pleased
to announce that it has been awarded a contract for
the Canadian Coastal Zone Information System project sponsored
by Public Services and Procurement Canada ("PSPC") through the
Innovative Solution Canada (ISC) challenge stream. The project
titled, From Sea to Sea to Sea, A Coastal Special Data
Infrastructure for Canada, led
by Public Services and Procurement Canada, was awarded to Minerva
Intelligence for their proprietary Climate Risk technology to
identify how different hazards can affect the coastline such as
storm surge and sea level rise.
This is the first phase of a multi-phase project overseen by the
Innovative Solutions Canada program, a research and development
program headed by the Canadian Government. Phase 1 will be adding
revenue of approximately $135,000 for
Minerva Intelligence. Upon successful completion of the project,
Minerva may be in contention for Phase II of the project that will
build out the application for all of Canada and may be valued at up to $1,000,000.
PSPC is seeking to develop an integrated coastal information
portal of various sources and data types into one place along with
required built-in computational tools, which will be used as a
reliable one-stop decision support system for risk assessment and
infrastructure design. This expert systems solution may be
critical in decision making during emergency measure operations and
disaster management in case of an extreme climate event.
One of the major challenges that PSPC is facing is the
availability and reliability of complex coastal datasets to provide
timely and cost-effective solutions to clients. For example, there
are various offshore wave data available which need to transform to
nearshore through modelling and validating for each project, which
is cost-intensive and time consuming.
Another major challenge is predicting climate change
vulnerability and risk assessment. To date, most studies on climate
change in coastal environment are limited to sea level rise which
is again widely varied depending on climate change scenarios and
geographic locations. Extreme waves and storm surges will be more
frequent and intensified in the future due to climate change and
reliable information on these are necessary for risk assessment and
mitigation.
This contract is exactly the kind of problem Minerva is built to
solve. As governments globally recognize the challenges and risks
that arise from climate change, it appears the Canadian government
is taking steps to understand what prospective risks they face in
the event of unforeseen changes in the environment," said
Scott Tillman, CEO of Minerva
Intelligence. "Minerva's technology is evidently a clear-cut
candidate to help address these risks, providing unparalleled
insights into a dynamic environment and how they can affect core
geographic regions throughout Canada. While this is the first step in the
initial project, we are confident that Public Services and
Procurement Canada will recognize the inherent value in our
technology and our ability to map out the entire country of
Canada to provide a thorough
understanding of the climate risks faced. We are very excited
to take this project and leverage its broader utility into
Minerva's emerging climate solutions."
About Minerva Intelligence Inc.
Minerva Intelligence Inc. is a software development company
based in Vancouver, Canada, with a
subsidiary office in Darmstadt, Germany. Our proprietary technology is
empowering organizations to make defensible decisions in the face
of climate change.
Although Minerva's applications focus on the search for critical
metals and the assessment of physical climate risk, their
technology has application in diverse industries and domains.
Minerva's common shares are currently listed on the TSX Venture
Exchange (symbol MVAI). For further details, please refer to
their website www.minervaintelligence.com or follow
Minerva on Twitter or LinkedIn.
Cautionary Note Regarding Forward-Looking
Statements
Forward Looking Information: This news release includes
certain information that may be deemed "forward-looking
information". Forward-looking information can generally be
identified by the use of forward-looking terminology such as "may",
"will", "expect", "intend", "estimate", "anticipate", "believe",
"continue", "plans" or similar terminology. All information in this
release, other than information of historical facts, including,
without limitation, the availability of financing to the Company
are forward-looking information that involve various risks and
uncertainties. Although the Company believes that the expectations
expressed in such forward-looking information are based on
reasonable assumptions, such expectations are not
guarantees of future performance and actual results
or developments may differ materially from those in the
forward-looking information. Forward-looking information is based
on a number of material factors and assumptions. Factors that could
cause actual results to differ materially from the forward-looking
information include changes in project parameters as plans continue
to be refined, future metal prices, availability of capital and
financing on acceptable terms, general economic, market or business
conditions, regulatory changes, delays in receiving approvals, and
other risks detailed herein and from time to time in the filings
made by the Company with securities regulatory authorities
in Canada. Mineral exploration and development of mines is an
inherently risky business. Accordingly, actual events may differ
materially from those projected in the forward-looking information.
For more information on the Company and the risks and challenges of
our business, investors should review our continuous disclosure
filings which are available at www.sedar.com. Readers
are cautioned not to place undue reliance on forward-looking
information. The Company does not undertake to update any
forward-looking information, except in accordance with applicable
securities laws.
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release.
SOURCE Minerva Intelligence Inc.
