PAINCHEK LTD — Capital/Financing Update 2020

Oct 27, 2020

ASX ANNOUNCEMENT 28 OCTOBER 2020

==> picture [182 x 42] intentionally omitted <==

PainChek ® to enter Canadian homecare market in partnership with AlayaCare

HIGHLIGHTS

• Opens an opportunity for PCK to be part of the $5 billion in home health and support services market in Canada

• AlayaCare to provide lead generation and marketing support to PainChek

• Sales and implementation to commence upon regulatory clearance of PainChek in Canada

• Agreement is an extension of PainChek’s partnership with AlayaCare in Australia

• Agreement can be further extended to cover the US upon FDA clearance for PainChek

PainChek® Ltd (ASX: PCK) (“PainChek®” or “the Company”), developer of the world’s first smart phone-based pain assessment and monitoring application, is pleased to announce it has extended its Australian partnership agreement with Montreal-based home health care software provider AlayaCare that will allow PainChek to enter the Canadian homecare market.

AlayaCare is a provider of revolutionary cloud-based home health care software which serves 500 global clients. It has an end-to-end solution spanning clinical documentation, back office functionality, client and family portals, remote patient monitoring, and mobile care worker functionality. It is focused on innovation and delivering home care of the future.

The Canadian market presents another sizeable market opportunity for PainChek, having grown to over $5 billion[1] in annual operating revenue for home support services and home health care services as the population both ages and veers away from long term care facilities. It is estimated that 1 million[2] Canadians are receiving care in a home or community-based setting, while there’s an estimated 500,000 Canadians living with dementia.

AlayaCare VP of Strategy and Corporate Development Neil Grunberg said:

“We’re delighted to be able to bring PainChek’s best-in-class, unique pain assessment tool to our clients in Canada, adding to the relationship we’ve established in the Australian market. PainChek is another high-quality, better outcomes feature for our cloud-based home health software solution that spans clinical, scheduling, billing, advanced reporting and more.”

1 - - https://www150.statcan.gc.ca/n1/daily quotidien/190731/dq190731c eng.htm

2 https://www150.statcan.gc.ca/n1/pub/82-003-x/2018009/article/00001-eng.htm

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com

PainChek® CEO Philip Daffas said:

“We’ve had an excellent working relationship with AlayaCare in the Australian market for both the residential aged care and homecare sectors, and we are eager to take this to the Canadian homecare market. This is an exciting and complementary business model for PainChek, allowing us to work with AlayaCare’s clients to assess the need for the PainChek offering and be able to contract and implement it remotely. It is a cost-effective, rapid and flexible business model built for modern day healthcare.”

In this initial phase, AlayaCare will provide lead generation and marketing support to PainChek in the Canadian market, while PainChek remains responsible for direct sales, implementation, training and technical support to the Canadian client base. AlayaCare will receive fees from PainChek for integration of the PainChek technology into the home care software platform in line with the Australian market agreement.

Active selling to clients in the Canadian market will commence upon regulatory clearance of PainChek from Health Canada, expected prior to the end of 2020.

This release has been authorized for release by CEO Philip Daffas.

For more information:

Ian Hobson Philip Daffas Company Secretary, PainChek CEO, PainChek ianhobson@bigpond.com philip.daffas@painchek.com +61 8 9388 8290 0406 537 235

About PainChek®

PainChek® Ltd is an Australian based company that develops pain assessment technologies.

PainChek® is a smart phone based medical device using artificial intelligence to assess and score pain levels in real time and update medical records in the cloud. PainChek® records a short video of the person’s face and analyses the images that indicate pain and records them.

Next, the caregiver uses PainChek® to record their observations of other pain related behaviours that complete the assessment. Finally, PainChek® calculates an overall pain score and stores the result allowing the caregiver to monitor the effect of medication and treatment over time.

PainChek® is being rolled out globally in two phases: first, PainChek® for adults who are unable to effectively verbalise their pain such as people with dementia, and second, PainChek® for Children who have not yet learnt to speak.

The PainChek® Shared Care Program is a PainChek® licensing model which enables a professional carer to share their resident or patient data securely with other healthcare professionals or designated homebased family carers for ongoing pain assessments or clinical data review.

To find out more, visit www.painchek.com

ABN 21 146 035 127 P: +61 8 9388 8290 401, 35 Lime Street, E: info@painchek.com Sydney, NSW, 2000 W: painchek.com

About AlayaCare:

AlayaCare's unique platform offers a complete technology solution to manage the entire client lifecycle including referrals and intake, scheduling, coordination, client health records, clinical documentation, care worker management, billing and payroll, reporting, remote patient monitoring, and a mobile caregiver app in one integrated, highly robust and secure, cloud-based system. AlayaCare is providing the platform for home and community care organizations to propel towards innovation and home care of the future. AlayaCare was founded in 2014. www.alayacare.com

To find out more, visit www.alayacare.com

ABN 21 146 035 127 401, 35 Lime Street, Sydney, NSW, 2000

P: +61 8 9388 8290 E: info@painchek.com W: painchek.com