Hapbee Signs MOU With LocoMobi World For Development Of Driver Safety Application

Rhea-AI Summary

Hapbee Technologies (OTCQB: HAPBF) announced a non-binding Memorandum of Understanding (MOU) with LocoMobi World Inc., aiming to develop a driver safety and performance application using Hapbee's bio-stream technology. This innovative application is designed to enhance driver awareness without the use of stimulants by integrating bio-signals delivered through in-vehicle systems. The collaboration targets the automotive market, promoting safer driving experiences, especially in distracted-driving scenarios. The MOU sets the foundation for future agreements on software development and licensing related to this initiative.

Positive

• Partnership with LocoMobi World to develop innovative driver safety application.
• Potential to improve driver awareness using bio-stream technology.
• Focus on market need addressing distracted driving, with significant accident statistics highlighted.

Negative

• None.

Supports Expansion Strategy of Building Hapbee into Third Party Applications

VANCOUVER, BC, Feb. 21, 2023 /PRNewswire/ - Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) ("Hapbee" or the "Company") is pleased to announce it has signed a non-binding Memorandum of Understanding (the "MOU") with LocoMobi World Inc. – a Smart City technology company specializing in innovative parking, tolling and mobility solutions for the future. 

The MOU is the first step in jointly developing an innovative driver safety and performance application (the "Application"). As stipulated in the MOU, part of Hapbee's contribution to developing the Application is enabling drivers to utilize the Company's bio-streams, such as Focus, Alert, and Boost, to enhance awareness and safety without having to ingest stimulants.

The Company believes some of its performance-related Signals have safety benefits for drivers. For example, one feature contemplated for development in the MOU is driver-selected or automated Hapbee Signal delivery via in-vehicle seats. Conceptually, the automatic Signal delivery would be triggered by biometric data collected from sensors in the steering wheel or driving patterns recognized by vehicle sensor data. If the Application is successfully developed, Hapbee and LocoMobi World aim to provide the automotive industry with a safe and innovative platform that helps drivers maintain focus to make our roads and highways safer. 

According to the U.S. Department of Transportation National Highway Traffic Safety Administration¹, "Eight percent of fatal crashes, 14 percent of injury crashes, and 13 percent of all police-reported motor vehicle traffic crashes in 2020 were reported as distraction-affected crashes."

"This next-generation driver safety solution offers broad impact in both consumer and industrial applications," said Grant Furlane, CEO of LocoMobi World. "A chemical and stimulant-free solution built directly into the vehicle that delivers increased focus and alertness during long drives has obvious benefits to long-distance trucking, competitive racing and even early morning commutes."

The Application is intended to be part of LocoMobi World's AI-based mobility portal, which embeds directly into vehicles. Named one of the Top 30 Fastest Growing Tech Companies in 2021 by the Silicon Review, LocoMobi World enhances e-commerce by transforming a vehicle into a mobile wallet.

"Collaborating with LocoMobi World provides a fantastic opportunity to explore a new potential application for Hapbee's technology that targets the global challenge of improving driver safety," added Yona Shtern, CEO of Hapbee. "Building Hapbee's technology directly into vehicles and integrating with driver biometrics and vehicle data is an exciting prospect for our technology. It could represent a compelling long-term growth vector for Hapbee."

About The MOU

The MOU establishes the basic terms for the joint development, licensing and distribution of software between Hapbee and LocoMobi World. The two technology companies expect to negotiate specific terms relating to, but not limited to, licensing agreements, intellectual property ownership, statements of work, and development cost sharing. 

About Hapbee

Hapbee is a digital wellness technology company that aims to help people take control of how they sleep, perform and feel. Hapbee's digital wellness library of Wellness Routines utilizes patented ultra-low radio frequency energy (ulRFE^®), designed to help optimize users' sleep, productivity and focus, recovery, and downtime. Hapbee devices and subscriptions are available for purchase at Hapbee.com and through a growing network of select distributors.

You can learn more about how Hapbee works at www.hapbee.com/science

About LocoMobi World Inc.

LocoMobi World Inc. is a cloud-based Smart City technology company specializing in parking, tolling, transit, storage, asset tracking, fleet and threat management solutions. LocoMobi World Inc. has reinvented how people travel throughout the transportation infrastructure in terms of parking, curbside, drive-thru and security. Recently, LocoMobi World was announced as a strategic partner in Project Arrow – the automotive industry's first Canadian-made, zero emission concept vehicle.

ON BEHALF OF THE BOARD

"Yona Shtern"

Yona Shtern, Chairman and Chief Executive Officer

1. https://crashstats.nhtsa.dot.gov/Api/Public/ViewPublication/813309

Forward-Looking Statements 

Certain statements included in this news release constitute forward-looking information or statements (collectively, "forward-looking statements"), including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend", "may", "should" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts but reflect current expectations regarding future results or events. This news release contains forward-looking statements. These forward-looking statements are based on current expectations and various estimates, factors and assumptions and involve known and unknown risks, uncertainties and other factors. Any statements pertaining to the anticipated filing date for the Filings, as well as statements pertaining the expected timeline for the halt to be lifted are forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Such statements and information are based on numerous assumptions regarding the Company's ability and intended timing to complete its Filings.

Forward-looking statements contained in this news release are expressly qualified by this cautionary statement, and are subject to various risks, uncertainties and assumptions which include, but are not limited to, those described in Hapbee's annual information form dated May 2, 2022, as well as those described in Hapbee's other disclosure documents, copies of which are available on SEDAR at www.sedar.com, and could cause actual events or results to differ materially from those projected in any forward-looking statements. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law. Readers should not place undue reliance on the Company's forward-looking statements.

Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/hapbee-signs-mou-with-locomobi-world-for-development-of-driver-safety-application-301751736.html

SOURCE Hapbee Technologies Inc.

FAQ

What is Hapbee's latest partnership announcement?

Hapbee has announced a partnership with LocoMobi World to develop a driver safety application.

What is the purpose of the MOU between Hapbee and LocoMobi?

The MOU aims to develop a driver safety and performance application using Hapbee's bio-stream technology.

How does Hapbee plan to enhance driver safety?

By utilizing its bio-stream technology to increase driver awareness and alertness without stimulants.

What technology will be integrated in the driver safety application?

The application will integrate Hapbee's bio-signals delivered via in-vehicle systems triggered by biometric data.

What are the expected benefits of the collaboration with LocoMobi?

The collaboration aims to provide a safer driving experience, potentially reducing distraction-related accidents.