VICE UPDATES DEVELOPMENT OF PROPRIETARY ARTIFICIAL INTELLIGENCE APP FOR OBESTIY, WEIGHT-LOSS AND ADDICTION
VANCOUVER, BC, Sept. 19, 2023
VANCOUVER, BC, Sept. 19, 2023 /PRNewswire/ - Vice Health and Wellness Inc. ("Vice" or the "Company") (CSE: VICE) (FSE: Z24) (OTC: VICFF) is thrilled to announce a substantial progress update on its newly formed, 100% owned and proprietary, Vice Versa AI (initial news release August 17, 2023). This purpose-built app is poised to redefine weight loss and addiction management.
Vice is working to enhance the health and wellness sector through its companion app, which aims to provide users with tools for sustainable weight loss and obesity management. Going beyond conventional methods, the app aims to provide personalized support and tools for balanced eating, exercise, and progress tracking, fostering habit formation and prioritizing overall well-being.
The Company anticipates its core features such as nutrition tracking, exercise monitoring, intelligent notifications, and advanced AI algorithms, will enrich users' approach to health. The Company continues to plan and build—out user-friendly interface, seamless integration with Android and iOS platforms, and an AI-driven recommendation system that forms the heart of the application.
Maijec Lis, CEO and Director of Vice, stated " We are nearing a pivotal moment in the evolution of healthcare management. Our Vice Versa AI Application is designed to enhance personalized strategies for weight and addiction management, providing an unparalleled level of tailored support for users. We will continue to keep stakeholders informed with timely updates as we advance our strategic initiatives in artificial intelligence, pharmaceutical-grade solutions, and nutraceutical products".
Since inception, the Vice development team has reached significant milestones, laying the groundwork for the next stages of product development. This includes building a diverse and highly skilled team, comprehensive research to define product requirements, technical feasibility assessments, designing a scalable system architecture, and beginning implementation to craft a seamless user experience.
Vice is entering these markets at a pivotal time. The Global Obesity Treatment Market, according to Market.us, is projected to reach US$ 15,087 Million by 2032 from an estimated US$ 5,649.5 Million in 2022. This incredible growth, with a CAGR of 10.6% (2021-2026), is driven by rising obesity rates and the subsequent surge in chronic diseases.1 Vice's mission to provide effective obesity treatment solutions is more crucial than ever.
Vice is strategically positioned to target and capture market-share in the health and wellness, obesity, weight loss, and addictions segments—some of the world's largest addressable health and wellness markets. With Vice's AI at the helm, the Company aims to serve a global audience seeking sustainable solutions for weight management and addiction recovery.
Vice Health and Wellness Inc. is a dynamic publicly traded company dedicated to fostering healthier lifestyle choices by offering a diverse range of products that empower consumers to enhance their mental and physical well-being. As an ever-growing community of like-minded individuals and organizations, we believe in the power of collective small steps leading to remarkable transformations. Our product line features low-sugar, plant-based gummy products, and we are actively spearheading innovations in alignment with emerging trends in the health and wellness sector. By prioritizing weight loss and harnessing the potential of AI-powered health and wellness applications, which leverage state-of-the-art artificial intelligence algorithms, we aim to provide individuals with unparalleled advice, personalized recommendations, unwavering support, and transformative solutions on their journey to ultimate well-being. Our exceptional applications intend to offer a multitude of treatment benefits, empowering users to embark on a transformative path toward optimal health.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint- ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward- looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
Simultaneously, the global weight management market is experiencing remarkable expansion. As per a report by Facts & Factors, it was valued at USD 224.27 billion in 2021 and is expected to surge to USD 405.4 billion by 2030, boasting an impressive CAGR of 6.84% (2022-2030) 2. This growth is fueled by the global obesity epidemic, emphasizing the urgent need for innovative solutions.
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