(PRESS RELEASE) VANCOUVER, BC — Binovi Technologies Corp. (“Binovi” or the “Company’) (TSX-V:VISN) (OTCQB:BNVIF) (GR:2EYA)a leader in neuro-vision performance technology, announces 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
“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.” — Adam Cegielski, CEO
About Samurai Computer Aided Vision Therapy
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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.
