Binovi Technologies Corp. (BNVIF.QB) (VISN.V)

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Binovi provides Corporate Update

Revenue Growth, New COO, Move into the U.S., Key Educational Study to Commence, End-to-End Solution, New Product Launch

 

New York, NY – May 6, 2021 – Binovi Technologies Corp. (OTCQB: BNVIF) (TSX-V: VISN), (“Binovi” or “the Company”) today provided the following corporate update:

 

Continued Revenue Growth – 24% YoY – Despite challenges related to the COVID-19 pandemic, such as supply chain disruption and reduced in-person visits to therapists, the Company continues to see revenue growth. Binovi will issue its full year audited results towards the end of July, but is proud to share that it has streamlined its sales efforts, strengthened its product offering, and experienced greater traction with the general market on the benefits of the Company’s technology offering, resulting in a 24% increase in revenues over the same quarter in the prior year.

 

Adam Cegielski, CEO of Binovi, stated, “I am very proud of our team’s ability to deliver continued growth despite the heavy impact of COVID-19. Especially encouraging is the substantial pipeline of new opportunities we are building, as well as the growing market awareness of non-acuity related vision issues, which we see reflected in increased organic demand for our solutions. We continue to work on various initiatives in the sports, education, and vision therapy market segments, and believe that Binovi is exceptionally well-positioned to capitalize on the numerous opportunities we have identified across these markets.”

 

Internal Reorganization – Tania Archer appointed Interim COO – Tania Archer, with the Company since early 2019, has been appointed Interim COO. Ms. Archer previously headed Global Sales & Marketing, and was responsible for Strategic Partnerships. In her new role, she will be tasked with an internal reorganization that is aimed at streamlining the Company’s sales execution efforts, in addition to overseeing operational matters while continuing to lead global marketing and sales generation efforts. The Company continues to run targeted sales campaigns on its various product and solutions offerings that are meeting with great interest. The focus of the reorganization is ensuring that the Company will achieve the highest possible conversion ratio on these leads and accelerate growth going forward. Pending successful reorganization brought on by the collaborative efforts of the senior leadership team, Ms. Archer will assume appointment to COO.

 

Ms. Archer stated, “Our sales campaigns have been extraordinarily successful. Despite the impact of the COVID-19 pandemic, we are seeing continued strong demand for our offerings. As an early-stage company, it is crucial that we are structured to maintain this momentum and be able to carry growth. To this end, we will be implementing an internal reorganization so that we are able to capitalize on our successful sales efforts and provide our customers with the high level of care that they have come to expect from Binovi.”

 

Prior to joining Binovi, Ms. Archer spent more than 15 years contributing to professional sports and the promotion of sports sciences, including the strategic development of sport alignments within leading corporations. She brings a wealth of commercialization and strategic development experience to Binovi through leadership roles held with companies such as SwimEx, Waddell and Reed, CBS, and the Archer Investment Group Inc. In her previous roles, Ms. Archer was integral to the planning and fulfilment of initiatives designed to drive growth.

 

Since joining the Company, she has engineered key industry partnerships, activated sales conversion initiatives, assisted Investor Relations marketing, and developed and implemented vertical expansion strategies and contributed to M&A targeting. These activities resulted in a more than doubling of Q3 2020 revenues, as well as the continued growth into Q4 despite the significant impact from pandemic-related issues.

 

A highly accomplished former track & field athlete, Ms. Archer, who trialed for the Canadian Olympic team, is a University of Alabama Athlete Alumna, and a 2012 recipient of the Queen Elizabeth II Diamond Jubilee Medal. Additionally, she was nominated among the Top 25 Most Influential Canadians by the Globe and Mail, which included the likes of hockey great Wayne Gretzky, accomplished musician Bryan Adams, and honorary Canadian, the late Nelson Mandela.

 

Establishing U.S. Operations – Due to approximately 80% of Binovi’s revenues coming from the U.S., the availability of grants to Binovi for educational and other projects, as well as the sheer size of this market, the Company has decided to establish operations in the United States. Binovi is incorporating a wholly owned subsidiary, to be based in Missouri. The Company, through its executives and certain strategic partners, has deep roots in Missouri and has strong connections to the state’s educational institutions and sports organizations. Missouri will serve as the hub for Binovi to engage in a more proactive manner with the myriad opportunities the Company is working on developing.

 

Ms. Archer added, “We have identified numerous opportunities in the U.S., the pursuit of which requires a local presence. Establishing ourselves in the U.S., we believe, will enable us to significantly accelerate growth, including being able to participate in state and federal projects that otherwise would not be accessible to us. Furthermore, this will be a low-cost endeavor due to the availability of grants for business development and project related purposes.”

 

In addition to spearheading the Company capitalizing on the significant K-12 opportunity, the U.S. office will also play a pivotal role in managing the Company’s U.S. strategic partnerships, including those with various professional athletes and sport organizations.

 

Educational Research – Key to Unlocking Huge Market – Dr. Sandra Stoddard, member of the Scientific Advisory Board at Binovi, will head up a scientific research program with an Alberta school board. The objective of the research will be to establish, beyond any doubt, the positive impact the Binovi system has on students with visual issues beyond acuity in relation to their ability to learn how to read. With approximately 53 million students enrolled in K-12, the education market in the U.S. has very significant potential for Binovi,

 

Dr. Stoddard stated, “All research in this fields points at the substantial benefits of visual therapy, such as increased cognitive and physical performance. However, no study to date has followed the rigorous protocol that we will apply to this study, which includes control and placebo groups. This study is aimed at providing conclusive, scientific evidence of the benefits visual therapy has on children’s cognitive performance in general once and for all, with a focus on reading in particular. We know from experience that individuals typically experience a significant and measurable positive impact following a 12-week program. This will enable us to conduct the study in months rather than years. This accelerated timeline will enable us to publish results relatively quickly. This, we believe, will provide Binovi, with evidence-based data to engage with governmental and other stakeholders to roll out our programs at a much larger scale than has been the case to date.

 

Globally, one in four people suffer from visual issues other than acuity that historically have not been diagnosed nor treated. The impact of these issues can be dramatic: studies conducted have identified the impact on students’ ability to learn how to read. Research has shown a strong correlation between third grade reading proficiency and high school drop-out rates. Another study found that found 88% of students who failed to earn a high school diploma were struggling readers in grade 3 (Fiester, L. 2010). Yet another study found that those who were not reading proficiently by third grade were almost four times more likely to leave school without earning their diploma (Hernandez, 2011). The impact of this is significant, for both individuals and the economy in general, due to the strong correlation between students dropping out of high-school, and incarceration rates, unemployment, and other negative impacts.

 

Dr. Stoddard added, “Improving children’s reading proficiency by grade three will not only have a massive impact on their chances of success in life, it will also have a major positive economic impact on society at large. We anticipate the study to commence in September and run through to the end of the calendar year, with results released through peer reviewed publications shortly thereafter. This is one of the most exciting projects I have been involved in during my career, and I have high expectations of the benefits Binovi’s technology and therapy programs can bring to a large and underserved segment of the population.”

 

Companies like Microsoft (Nasdaq: MSFT) continue to innovate their education offerings by pairing immersive learning resources and education-focused applications for each student and teacher. In similar fashion, Binovi is looking to solve many of the challenges in the shifting educational landscape, by improving reader readiness, through its proprietary software and hardware resources, ultimately improving student outcomes.

 

Binovi’s End-to-End Integrated Platform Unsurpassed in Industry – The recently announced acquisition of Samurai CAVT (“CAVT”), complements Binovi’s existing offerings for vision therapy application.  Computer Aided Vision Therapy is a strong suite of products that will help Binovi connect with the educational market through optometric-guided initiatives.

 

Binovi‘s Dr. Leonard Press commented, “The recent acquisitions of VERA (binovi.com/vera) and CAVT create a platform that is unsurpassed in the industry. Its end-to-end integration from screening/diagnostics through to customized and adaptable therapy, supported by Binovi’s hardware and software solutions, provide therapists and educators with a comprehensive toolset that previously was not available on the market through one centralized source. In addressing major issues for students struggling with vision-based reading difficulties, Binovi’s solution is uniquely positioned to make a huge impact on students’ lives.”

 

With feedback reporting implemented through Binovi’s interconnected offerings, the Company is building a database with patient outcomes that will enable it to further fine-tune its offerings.  Binovi Connect will be at the cutting edge of providing doctors and therapists with predictive algorithms to adjust and customize patient specific programs.

 

Dr. Press Continues Successful Run Educating Behavioral Optometrists – Driving Market Development – Binovi Academy delivers optometrists and vision therapists with the information, scientific validation, and toolsets to enhance their practices. Academy has been a key driver behind the success of the Company’s Sanet Vision Seminar Series, with commentary by Dr. Leonard Press. For years, doctors and therapists from all over the world have been coming to attend the seminar presented by one of the field’s undisputed leaders, Dr. Robert Sanet. With COVID-related travel restrictions, as well as the Company’s development of its educational modules, demand for online programming is strong. Binovi Academy, with production quality unmatched in its market space, has unique and original offerings in primitive reflex development and optometric phototherapy.

 

Tania Archer, Interim COO, added, “Providing people with the tools, data and information has led to therapists across the globe more fully embracing the advantages of the Binovi system. Through our educational efforts, we are reaching new potential customers and are able to introduce them to the various benefits of the Company’s offerings. We intend to further develop our Academy offering and more closely integrate the program with our commercial efforts to increase conversion rates among attendees.”

 

The Sanet Vision Seminar Series, combined with educational modules on Optometric Phototherapy/Syntonics and Primitive Reflexes, provides optometrists and vision therapists with a holistic approach to enhanced vision development and performance, while at the same time strengthening cognitive processes.  This has tremendous power in the burgeoning fields of neuro-rehabilitative optometry and in sports vision training. The Primitive Reflex module was created by the world-renowned occupational therapist and certified optometric vision therapist Patti Andrich, establishing strong foundations between professionals specializing in the building blocks of movement/cognitive and sensory engagement. The Syntonics module was created by one of Europe’s leading practitioners, lecturers, and authors in Optometric Phototherapy, Stefan Collier, rounding out the international flavor to our offerings.

 

Dr. Press added, “The Binovi educational modules (ePubs) for Optometrists and Vision Therapists are unparalleled in their scope and quality for each of their respective topic areas. This creates incredible early-mover strength in a market that is developing rapidly.  The recent surge in demand for cloud-based education and delivery of services positions Binovi’s end-to-end solutions to pave the way for incredible opportunity.  This will help people across the globe address issues that are gaining broader attention and awareness in a variety of fields. Combined with the Company’s educational activities, Binovi is well-poised to capitalize on this momentum and enter a new phase of growth. Enabling people to tackle issues and improve their day-to-day performance as well as quality of life in a major way is a global and noble pursuit, and I am proud to be affiliated with the visionaries behind the Company.”

 

Binovi Academy forms the educational hub of the Binovi Platform. Working with a pool of knowledgeable experts and industry leaders and influencers, we have created a collection of interactive, multi-media e-books that bring rich content and an engaging experience to users. This expert knowledge is supplemented and integrated with software and hardware applications.  Binovi Academy content includes testing and therapy protocols which serve as the basis for Binovi Pro’s pre-set activities, as well as custom test configurations for Binovi Touch, and more. Binovi Academy helps tie together the four pillars of the Binovi Platform and aims to bring as much new information, tools, and techniques to users as possible.

 

Binovi Touch Elite – Early Release – The Company continues to develop new products that further its leadership in the visual therapy and performance space. Binovi Touch Elite is now ready for early release and the Company is starting to take early-bird pre-orders for this new iteration of its flagship hardware offering. Binovi Touch Elite makes Binovi’s hardware even easier to work with. Benefiting from a complete physical redesign, Elite is lighter, smaller, and has a new, flexible wall mount. Despite a reduction in size, which makes the new device portable, a very important feature customers had been asking for. Elite provides the same level of software performance as the legacy Binovi Touch.

 

Sam Mithani, CTO at Binovi, stated, “We listened to our customers and completely redesigned Binovi Touch’s hardware. Binovi Touch Elite, we anticipate, will not only generate repeat business from existing customers, but will reduce barriers to adoption due to its portability and new functionality. We are just commencing production of Elite. Despite the disruptive impact of COVID on supply chains, we will be able to meet customer demand in this early release and anticipate rolling out more comprehensive sales campaigns once greater production volumes are available.”

 

The Company continues to progress on other product developments, including balance boards, new screen-based functionality, and web-based applications.

 

About Binovi Technologies Corp

 

Binovi is a best-in-class neuro-visual performance platform designed to test, analyze, track, and report on individual cognitive performance. Binovi combines hardware, software, specialized expert knowledge, and unique data insights to deliver customized, one-on-one training and learning protocols ideal for K-12 Students, Vision Care Specialists, and Sports Performance testing and training. Designed for vision optimization and the enhancement of skills related to cognitive performance, Binovi provides measurable results in less time, and with less effort. Binovi is currently in 20 countries.

 

Terry Booth

Chairman

 

Adam Cegielski

President | CEO

 

Tania Archer

Interim COO

Investor Relations

Email: invest@binovi.com

Toll-free: 1 (844) 866-6162

 

For additional information please visit https://www.binovi.com/investor-reports/

 

@BinoviVISN – Twitter & Instagram

 

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

Binovi Completes Motion Tracking Software Acquisition

Vancouver, BC – 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.

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About Binovi Technologies

Binovi is a best-in-class neuro-visual performance platform designed to test, analyze, track, and report on individual cognitive performance. Binovi combines hardware, software, specialized expert knowledge, and unique data insights to deliver customized, one-on-one training and learning protocols ideal for K-12 Students, Vision Care Specialists, and Sports Performance testing and training. Designed for vision optimization and the enhancement of skills related to cognitive performance, Binovi provides measurable results in less time, and with less effort. Binovi is currently in 20 countries.
Our goal is to deliver the market’s most advanced solutions, supported by recognized optometry leaders, to help vision therapy teams treat their patients and to help trainers improve athletic performance. Binovi was created to enhance the ways in which optometrists work with their patients to improve their vision and vision-related skills.

Who is Binovi?

We are a dedicated team working together to create a comprehensive software-based solution. Our goal is to help our clients gain measurable results in less time, and with less effort.

 

Our Mission and Vision

 

We are a dedicated team that provides comprehensive software-based solutions. Working together, we help clients get measurable results in less time, and with greater efficiency.

 

We are at the leading edge of a new wave, leading the charge in vision therapy and sports vision through innovative technical solutions and valuable content, supported by recognized leaders in the profession.

 

Why was Binovi Founded?

 

1 in 4 people worldwide live with issues related to their vision that go beyond visual acuity. Despite this, ophthalmic treatment primarily focuses on visual acuity issues and disease management, leaving many visual performance issues undiagnosed or mistreated. Binovi was founded to bring attention to these issues, and to help those treating them by providing the tools necessary to bring treatment into the 21st century. A broader vision is vital in how we view the world around us, and we are focused on the importance of developing, protecting, and perfecting that vision.

 

Binovi Pro is the central hub of our Binovi platform.

 

Combine our extensive library with your own custom activities to create and prescribe individualized home therapy plans that sync automatically with Binovi Coach.

 

Binovi for Sports Vision Training

 

While much of the research in sports in the last few decades has focused on nutrition and bio-mechanics, the work has been done largely without changes to the visual system, leaving potential performance improvements on the table. Sports Vision Training is how we can help tailor that visual system, and those that rely on it, to improve performance in athletes across all sports, and all positions.

 

Binovi Touch

 

A purposeful and powerful tool for vision therapy and vision training, Binovi Touch is the result of over 30 years of experience in over 20 countries around the world on children, athletes, and seniors resolving issues from development, to performance, to rehabilitation.

 

Binovi Coach

 

A coach ignites passion, motivates, and works with people to help them achieve their goals.
Binovi Coach encourages and empowers patients to confidently complete their prescribed home therapy with clarity and guidance.

 

SOURCE  https://binovi.com/

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