Binovi to Acquire Computer Aided Vision Therapy (CAVT)

Rhea-AI Summary

Binovi Technologies Corp. (OTCQB:BNVIF) announced its acquisition of Samurai Motion Tracking Corp. for CDN$2,516,000 through the issuance of 31,450,000 common shares at CDN$0.08 each. This acquisition aims to enhance Binovi's technology offerings within its SaaS platform, especially for K-12 education. The Computer Aided Vision Therapy (CAVT) software developed by Samurai includes tools for improving eye tracking and visual processing skills. The transaction awaits TSX Venture Exchange approval.

Positive

• Acquisition of Samurai enhances Binovi's technology offerings and expands into the K-12 education sector.
• CAVT software suite provides proven technology for vision therapy, potentially increasing user engagement.

Negative

• Financial strain from the acquisition cost of CDN$2,516,000 may affect short-term cash flow.
• The issuance of 31,450,000 shares could lead to shareholder dilution.

VANCOUVER, BC / ACCESSWIRE / April 16, 2021 / Binovi Technologies Corp. ("Binovi" or the "Company') (OTCQB:BNVIF) (TSX-V:VISN) (GR:2EYA) a leader in neuro-vision performance technology, is pleased to announce that it has entered into an arm's length share purchase agreement (the "Agreement") with the shareholders of Samurai Motion Tracking Corp. ("Samurai") whereby the Company has agreed to acquire all of the issued and outstanding share capital of Samurai (the "Acquisition"). Headquartered in Vancouver, British Columbia, Samurai is a software-based vision therapy company providing computer aided vision therapy resources.

"This acquisition demonstrates Binovi's commitment to continually evolve our technology offering with adoptable resources to our SaaS stack," commented Adam Cegielski, Binovi CEO. "We are excited to bring the proven technology developed by Samurai to our growing user base of vision professionals, especially as we position ourselves for expansion into the K-12 education sector. Acquiring CAVT brings industry-recognized and relied-upon software to the Binovi Platform."

About Samurai Computer Aided Vision Therapy

Originally created by Dr. Gary Vogel, Computer Aided Vision Therapy (CAVT) is an extensive software package for developing eye tracking skills, visual thinking & processing skills, and 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

Terms of the Acquisition

In consideration for the Acquisition of all the issued and outstanding share capital of Samurai, the Company has agreed to pay an aggregate consideration of CDN$2,516,000.00 (the "Purchase Price") payable by the issuance of 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.

The Acquisition is subject to TSX Venture Exchange approval and the Company anticipates that the Acquisition will constitute an "Expedited Acquisition" under the policies of the TSX Venture Exchange. The Company may pay a finder's fee in connection with the Acquisition and no new directors or officers will be added to the Company management team in connection with the Acquisition.

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/640780/Binovi-to-Acquire-Computer-Aided-Vision-Therapy-CAVT

FAQ

What is the significance of Binovi's acquisition of Samurai Motion Tracking Corp?

The acquisition enhances Binovi's technology offerings for vision therapy and positions the company for expansion in the K-12 education sector.

What is the financial impact of the acquisition for Binovi Technologies?

Binovi will pay CDN$2,516,000 through the issuance of 31,450,000 shares, which could impact cash flow and result in shareholder dilution.

What technology will Binovi integrate from Samurai?

Binovi will integrate the Computer Aided Vision Therapy (CAVT) suite, which includes modules for improving eye tracking and visual processing skills.

When is the acquisition expected to be completed?

The acquisition is subject to approval from the TSX Venture Exchange, with completion anticipated following this approval.

How does this acquisition affect Binovi's future market position?

The acquisition positions Binovi to leverage Samurai's proven technology, potentially increasing its market presence in the vision therapy and educational sectors.