Binovi Announces Closing of Vima Transaction, Appointment of Scientific Advisory Board Member, and Engagement of Hybrid Financial
[Toronto, New York] Binovi Technologies Corp., (Binovi) (TSX-V:VISN | OTCQB:BNVIF), a leader in neuro-vision performance technology, is pleased to announce the closing of the transaction previously announced on July 10, 2020 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.
Pursuant to the transaction, Binovi will issue 18,900,000 common shares at a deemed price of C$0.30 to the shareholders of the private entity owning VIMA Rev Strobe Lenses, and 378,000 common as an administration fee to a consultant of the Company in connection with the transaction. The acquisition of the VIMA portfolio of products is subject to perpetual, world-wide ongoing sales royalty based on the gross sale of VIMA products. A US$50 per unit royalty shall apply on the first 5,000 units sold, US$40 per unit for the next 5,000 units sold and US$30 per unit thereafter.
Appointment of Dr. Sam Mithani, PhD to the Scientific Advisory Board
Binovi announces that it has appointed Dr. Sam Mithani, PhD, the Company’s CTO, to the Company’s Scientific Advisory Board. Dr. Mithani will work alongside Chief Scientific Officer Dr. Leonard Press, OD, FAAO, FCOVD and Scientific Advisory Board members Dr. Jason Dyck, PhD; Dr. Sandra Stoddard, B.Ed, M.Ed, PhD; and Dr. John Flanagan, OD, PhD, FAAO, to ensure the application of the scientific principles and goals of the board within the Binovi Platform.
Hybrid Financial to Provide Marketing Services
The Company also announces that it has retained Hybrid Financial Ltd. (“Hybrid”) to provide marketing services, which will include initiatives to heighten market and brand awareness of the Company and broaden the Company’s reach within the investment community. Hybrid has been engaged by the Company for an initial term of six months beginning May 1, 2020 (the “Initial Term”) which may be renewed for additional three-month terms thereafter, at the discretion of the Company in accordance with the agreement. Hybrid will be paid a monthly fee of C$22,500 plus applicable taxes during the Initial Term. The agreement is subject to the approval of the TSX Venture Exchange. Additionally, Hybrid has committed to purchase common shares of the Company in future financings for a period of six months.
Hybrid is a sales and distribution company that actively connects issuers to the investment community across North America. Using a data driven approach, Hybrid provides its clients with comprehensive coverage of both American and Canadian markets. Hybrid has offices in Toronto and Montreal.
Furthering the Company’s ongoing efforts to realign and rebrand as Binovi Technologies Corp., the Company announces the acquisition of the “binovi.com” domain name, indirectly through the acquisition of a private Alberta company holding the domain. This solidifies the Company’s branding position and will allow for the continued development and expansion of market share and brand recognition within the vision therapy, sports performance, and education spaces moving forward. As consideration for the acquisition, the Company will issue 1,200,000 common shares at a deemed price of C$0.20 per share to the sole shareholder of the entity holding the domain. The acquisition is subject to the approval of the TSX Venture Exchange.
OTC Symbol Change to ‘BNVIF’
The Company announces that FINRA approved a change in the Company’s stock symbol trading on the OTC Markets. Effective July 16, 2020, the Company’s common shares trade on the OTC Markets under the new symbol “BNVIF”. There is no action required by current shareholders in connection with this change. As well, the Company continues to trade on the TSX Venture Exchange under the symbol “VISN”.
Stock Option Grant
Binovi has granted 350,000 stock options to an officer of the Company with an exercise price of C$0.25 per share for a 5-year period, subject to approval of the TSX Venture Exchange.
The Company announces that further to its news release dated April 28, 2020, it will make its second issuance of shares under its online marketing and awareness program with Agora Internet Relations Corp. (“AGORACOM”). Pursuant to this second tranche, the Company will issue 57,702 common shares of the Company at a deemed price of C$0.235 subject to a hold period expiring November 7, 2020. AGORACOM’s program includes a “CEO Verified” Discussion Forum. The forum serves as the Company’s primary social media platform to interact with both shareholders and the broader investment community in a fully moderated environment.
The Binovi HUB can be found at agoracom.com/ir/BinoviTechnologies
For additional information on the Company, please visit eyecarrot.com/investors