Binovi Completes Motion Tracking Software Acquisition

Rhea-AI Summary

Binovi Technologies Corp. has completed the acquisition of Samurai Motion Tracking Software for CAD$2,516,000, issuing 31,450,000 common shares. This acquisition enhances Binovi's education platform by integrating Computer Aided Vision Therapy (CAVT), which includes 12 therapy procedures, into its existing system. This will help diagnose and train K-12 students with visual issues affecting reading skills. The CAVT technology is aimed at addressing a significant market need, as one in four people experience visual difficulties beyond acuity.

Positive

• Acquisition enhances Binovi's educational offerings, increasing market competitiveness.
• CAVT integration provides a unique platform for diagnosing and training visual issues in students.
• Addressing visual issues impacts student performance positively, potentially leading to increased adoption.
• Market for visual issue solutions is expected to grow significantly.

Negative

• Issuance of 31,450,000 shares may dilute existing shareholders' equity.
• Integration challenges may arise, impacting operational efficiency.

VANCOUVER, BC / ACCESSWIRE / April 30, 2021 / Binovi Technologies Corp. ("Binovi" or the "Company') (TSXV:VISN)(OTCQB:BNVIF)(GR:2EYA) a leader in neuro-vision performance technology, is pleased to announce that further to its news release dated April 16, 2021, the Company has completed the acquisition of all the issued and outstanding share capital of Samurai Motion Tracking Software (the "Acquisition") and thereby the assets of computer aided vision therapy ("CAVT").

Acquisition complements Binovi's education offering

CAVT contains 12 therapy procedures for developing saccadic eye movements, span of recognition, and visual sequential memory skills that are essential for fast and accurate reading. Integration of CAVT with Binovi Connect and the Company's screening tool, VERA, will create a unique end-to-end platform to help diagnose and train K-12 students with visual issues beyond acuity that have been shown to impact their reading ability.

Management Commentary

Adam Cegielski, CEO of Binovi, stated, "The CAVT technology suite adds unique capabilities to our educational offering. The end-to-end integration that this acquisition enables us to complete, truly differentiates Binovi from its competition in a market that is anticipated to show spectacular growth. We know that one in four people struggle with visual issues beyond acuity that impact their lives. The ability to assess young children and offer school boards the tools to address reading issues will have an enormous impact on the lives of many. This is a global and noble pursuit with great commercial applicability, and we are proud to be the leader in this field."

About Samurai Computer Aided Vision Therapy

Originally created by Dr. Gary Vogel CAVT is an extensive software package for developing eye tracking skills, visual thinking & processing skills, as well as binocular vision skills. The CAVT suite consists of four primary modules: Track & Read, Visual Information Processing Skills (VIPS), Visual Thinking, and Computer Vergences. These modules include activities and exercises to be completed by patients using a computer, originally in an optometrist/vision therapy office setting, and later at home with data being reported manually to the patient's care team.

Acquisition Terms

In consideration for the Acquisition, Binovi issued 31,450,000 common shares of the Company (the "Consideration Shares") at a deemed price of CDN$0.08 per Consideration Share to the underlying shareholders of Samurai for an aggregate consideration of CDN$2,516,000.00 (the "Purchase Price"). No finder's fees were paid in connection with the Acquisition and no new directors or officers were added to the Company management team in connection with the Acquisition.

Debt Settlement

In addition to the above, the Company announces that subject to the approval of the TSX Venture Exchange, it intends to settle USD$16,138.81 in outstanding indebtedness to an arms-length party (the "Creditor") through the issuance of an aggregate of 305,197 common shares (the "Debt Shares") at a deemed price of CAD$0.065 per share (the "Debt Settlement"). The Creditor has agreed to accept Debt Shares using the Bank of Canada closing rate on April 29, 2021 of CAD$1.2292. The Debt Shares issued under the Debt Settlement will be subject to a hold period of four months and one day from the date of issuance.

For additional information on the Company, please visit https://www.binovi.com/binovi-connect

@BinoviVISN - Twitter & Instagram

About Binovi Connect

Binovi is digitizing the delivery of healthcare by providing users access to all points of their individual performance from their phone, tablet or desktop computer. Designed for vision optimization and the enhancement of skills related to cognitive performance, Binovi provides measurable results in less time, and with less effort. As a SAAS based solution, the Binovi Connect App is supported by specialized expert knowledge, unique data insights and supporting hardware to deliver customized, one-on-one cognitive training and learning protocols ideal for K-12 Students, Vision Care Specialists, and Sports Performance testing and training. Binovi is currently used in over 20 countries.

On behalf of the Board of Directors

Adam Cegielski
Founder | CEO

Sam Mithani
Chief Technology Officer

Investor Relations
Email: invest@binovi.com
Toll-free: 1 (844) 866-6162

https://www.binovi.com/investor-reports/

Forward looking information:

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Binovi Technologies Corp.

View source version on accesswire.com:
https://www.accesswire.com/643435/Binovi-Completes-Motion-Tracking-Software-Acquisition

FAQ

What is the significance of the acquisition by Binovi Technologies?

The acquisition of Samurai Motion Tracking Software enhances Binovi's educational offerings by integrating advanced vision therapy technology, providing a comprehensive solution for addressing visual issues in students.

What technology is included in the Computer Aided Vision Therapy acquisition?

The acquisition includes 12 therapy procedures designed to improve saccadic eye movements, visual memory skills, and other essential reading abilities.

How much did Binovi Technologies pay for the Samurai acquisition?

Binovi Technologies issued 31,450,000 common shares at a deemed price of CAD$0.08 per share for a total consideration of CAD$2,516,000.

What is the expected impact of the acquisition on Binovi's market position?

The acquisition is anticipated to strengthen Binovi's market position by differentiating its offerings and expanding its reach in the growing field of visual therapy.

When was the acquisition of Samurai Motion Tracking Software completed?

The acquisition was completed on April 30, 2021.