TORONTO, ON and NEW YORK, NY / ACCESSWIRE / July 10, 2020 / Binovi Technologies Corp., (formerly Eyecarrot Innovations Corp) (Binovi) (TSX-V:VISN)(OTCQB:EYCCF), a leader in neuro-vision performance technology, is pleased to announce it has signed a binding share purchase agreement to acquire a private entity which owns VIMA Rev Strobe Lenses, its related patents [US 2016/0275805 A, US 2016/0300506 A1, US 2017/0229041 A1], associated intellectual property, and available inventory, to further bolster its neuro-vision technology stack as the Company continues to execute upon its global commercialization strategy. The transaction will further strengthen the Company's acquisition history, representing continuous investment growth within human performance software and technology.
"As the demand for our products increases, we must be insight-driven, data-optimized, and hyper-focused on consumer behavior. This is how we serve at scale. The acquisition of VIMA will contribute to the fulfillment of our commercialization strategy," stated Adam Cegielski, Binovi CEO.
Developed by Nike's (NKE) former Global Director of Vision Science and his team of sport science experts, the VIMA Rev Strobe Lenses are an integrated strobe training system that stimulates neuro-cognition through vision training. The lightweight, durable eyewear has been refined over three decades offering two styles; one for sport and one for tactical (ballistics) disciplines such as competitive shooting, military, and first responders. Each style pairs with an iOS- and Android-compatible app, allowing users to individualize training experiences while remaining hands-free.
VIMA's technology will seamlessly integrate into the Company's Binovi Product Platform. Vision training stimulates "perceptual learning," as it relates to the brain's ability to improve perception through neuro-vision training. The intended result is to enhance the brain's visual processing speed and accuracy through various exercises. These performance improvements represent fine tuning of existing processing skills.
The acquisition and integration of the VIMA Rev Strobe Lenses under the Binovi umbrella provides Binovi an additional toolset to expand its offering through being able to enhance performance of the visual system. With over 1000 VIMA Rev strobes in the market the Company plans to engage existing customers, while attracting new clients to Binovi product offerings. Current VIMA Rev strobe users include the NHLs Colorado Avalanche, the NBAs Golden State Warriors, Chicago Bulls, Milwaukee Bucks and Mamba Sports Labs, a Kobe Bryant Enterprise. Additionally, the US Seal Team 6 Military Installation and the US Army Rangers utilize the strobe technology.
"VIMA's proven technology will integrate seamlessly into our flexible platform, adding a new vector for data capture and further enhance our already rich dataset. It will also allow us to broaden our offering for both vision therapy and elite performance markets, and at the same time provide new insights, increasing our value to our clients as we develop innovative protocols combining VIMA Rev's and our technology," commented Sam Mithani, Binovi CTO.
As consideration for the acquisition, Binovi will issue an aggregate of 18,900,000 common shares, equivalent to approximately $4.2M USD, at a deemed price of $0.30 CAD to the shareholders of the private entity owning VIMA Rev Strobe Lenses, subject to the approval of the TSX Venture Exchange.
The Company further announces it intends to complete a non-brokered private placement offering of up to 20,000,000 units (the "Units") at a price of $0.25 per Unit (the "Offering") for aggregate gross proceeds of up to $5,000,000, subject to the approval of the TSX Venture Exchange. Each Unit will consist of one common share in the capital of the Company (a "Common Share") and one-half share purchase warrant. Each whole warrant (a "Warrant") will entitle the holder thereof to purchase one additional Common Share at an exercise price of $0.45 per Common Share for a period of 24 months, subject to an acceleration clause whereby if the closing price of the Company's shares is equal to or greater than $0.90 per share for a period of five consecutive trading days (at any time following the expiry of the four month resale restriction period), the Company, may, by notice to the warrant holder, reduce the remaining exercise period of the warrants to not less than 30 days from the date of such notice. The proceeds of the Offering will be utilized for the further development of the Company's products and for general working capital purposes.
Corporate Updates in 2020:
- Watch Now! Aurora Cannabis Founder, Terry Booth, Is Taking Eyecarrot Vision Therapy Global
- Serial Entrepreneur and Former Aurora Cannabis CEO, Terry Booth, Joins Eyecarrot as Executive Chairman
- Eyecarrot Affirms Appointment of Dr. Leonard Press as Chief Scientific Officer
- Eyecarrot Appoints Dr. Jason Dyck and Dr. Sandra Stoddard to the Scientific Advisory Board
- Eyecarrot Sports Vision Partnership with Eli Wilson Goaltending Redefines How 50,000 Aspiring Goalies See the Game
- Eyecarrot Announces Vision Training Partnership Agreement with the Dallas Stars
For additional information on the Company, please visit https://www.eyecarrot.com/investors/
About VIMA Rev Strobe Lenses
VIMA Rev Strobe Lenses enhance sensory skills by removing milliseconds of visual information. As the Rev lenses strobe, the brain is forced to work with less visual information stimulating hyper-efficient decision making and reaction. The strobe lens technology is easily applied to sports performance, rehabilitative and smart learning educational environments.
Binovi is a human performance technology company that has developed Binovi, a hardware and software-centered platform. Binovi combines hardware, software, specialized expert knowledge, and unique big data insights in order to deliver customized one-on-one training and treatment. Binovi is designed for vision optimization and the enhancement of cognitive skills related to human performance. We are working together under a common banner to help neuro-optometry, vision rehabilitation, and vision performance professionals gain measurable results in less time, and with less effort.
Founder | CEO
Sam Mithani PhD
Chief Technology Officer
Toll-free: 1 (844) 866-6162
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.
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