Binovi Announces Board and Management Changes
Company Also Provides Update on Default Announcement Pursuant to National Policy 12-203 – Management Cease Trade Orders
Focus shifting from technology development to commercial growth and revenue generation
Board now majority independent with renewed governance mandate
[Toronto, New York] Binovi Technologies Corp., (Binovi) (TSX-V:VISN | OTCQB: BNVIF) today announced that, effective immediately, Ms. Tania Archer has been appointed as Interim CEO of the Company, succeeding Mr. Cegielski who stepped down from his positions as CEO and board member. Mr. Cegielski has agreed to stay involved with the Company as an advisor to ensure a smooth transition period. Additionally, Mr. Sam Mithani, CTO, has stepped down from his position as Board member. Dr. Jason Dyck, currently on the Company’s scientific advisory board and Ms. Archer have been appointed to the Company’s board.
“Since inception, Adam and Sam have worked hard to develop an integrated technology portfolio to put Binovi on pole position in the burgeoning vision therapy space. With this herculean effort behind us and the Company’s solutions gaining significant traction across their target markets, it was felt that a leadership change was required to guide Binovi as it expands its commercial operations. Tania, who has been with the company for a little over two years now, has proven herself as an exceptional talent in terms of sales, marketing, operational leadership, and we are very pleased she has agreed to take on the role as Interim CEO. The board will now initiate the process towards appointing a permanent CEO, as well as implement certain changes we consider as key to strengthen our governance.”Terry Booth, Chairman of the Board
Ms. Archer currently appointed as Interim CEO, also holds the appointment of Interim COO, managing the day-to-day, operations of Binovi, including Global Marketing and Strategic Partnership oversight. Archer joined the company in 2019. Before that, she has held leadership roles within the Archer Investment Group, Waddell and Reed, SwimEx and CBS Outdoor, in which she was integral in the activation of initiatives designed to drive growth. Tania’s contributions to Binovi have 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. Ms. Archer has secured partnerships with the Dallas Stars (NHL), Sporting Kanas City (MLS), KU Jayhawks Football (NCAA), Eli Wilson Goaltending (Hockey), Oklahoma State Baseball (NCAA) and the Babe Ruth League on Binovi’s behalf. Ms. Archer is an Athlete Alumni of the University of Alabama, Canadian Olympic Team Trialist and Queen Elizabeth II Diamond Jubilee Medal Recipient.
”I am honored and excited to take on this new role and help guide the Company as we accelerate growth and expansion. Binovi is uniquely positioned to capitalize on numerous revenue generating opportunities in a market where momentum is driving a rapidly growing interest in vision therapy solutions. Our unique end-to-end platform provides Binovi with the go-to solution to help the huge number of people suffering from vision issues beyond acuity. As well, our technology can provide athletes with the 1-2% edge that makes the difference between winning and losing. Finally, our efforts in the educational space are geared towards making a change in the life of millions of children whose chances in life are impacted negatively through their vision related reading difficulties. The study Dr. Stoddard, who is on our scientific advisory board, is about to commence with an Alberta school board, we believe, will identify the clear correlation between visual issues, reading ability and the positive impact of the Binovi system, opening a vast market for our solutions. We will be able to leverage these findings and engage more fully with the many educational institutions we are in talks with. In the meanwhile, we will focus on completing our internal reorganization and implement the structures needed to carry our growth and properly service our expanding customer base.”Tania Archer, Interim CEO
“In the interim, I will work closely with the board and management team to complete our internal reorganization and more closely align our structure and staffing with our initiatives in optometry, sports and education, with a laser focus on accelerating revenue growth. Binovi has a powerful opportunity to unlock human potential in so many areas related to the visual system and neuroscience. We are pleased Adam has agreed to remain available to the Company as an advisor. We wish him well in his future endeavors.”Terry Booth, Chairman of the Board
The Company is providing this bi-weekly update on the status of the management cease trade order granted on June 29, 2021 (the “MCTO”) by its principal regulator, the British Columbia Securities Commission under National Policy 12-203 – Management Cease Trade Orders (“NP 12-203”), following the Company’s announcement on June 30, 2021 (the “Default Announcement”) that it was unable to file its audited annual financial statements for the year ended February 28, 2021, and accompanying management’s discussion and analysis, annual information form and related certifications (collectively, the “Documents”) on or before June 28, 2021, as required under applicable securities laws. The MCTO does not affect the ability of investors who are not insiders to trade in the securities of the Company.
While the Company’s annual audit is ongoing, due to the Company’s auditors requiring additional time to complete their audit, the Company now expects to file the Documents on or before July 27, 2021. The Company continues to work closely with its auditor to remedy the default status and file the Documents as soon as possible.
The Company reports that: (i) Adam Cegielski has resigned as CEO and is replaced by Ms. Tania Archer as Interim CEO. Furthermore, Mr. Cegielski and Mr. Sam Mithani have both resigned as Directors from the Company’s board. Furthermore, Dr. Jason Dyck and Ms. Archer have been appointed to the Company’s board of directors.; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Documents is continuing, each of which will be issued in the form of a press release; (iii) there has not been any other specified default by the Company under NP 12-203, and, except as set forth below, no such other default is anticipated; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.