Binovi Technologies Corp Provides Highlights of its Investor Conference Call Held August 11, 2020, and Announces Late Filing of Annual Financial Statements
[Toronto, New York] Binovi Technologies Corp., (Binovi) (TSX-V:VISN | OTCQB:BNVIF), a leader in neuro-vision performance technology, today shared the key highlights from its Investor Conference call held Tuesday August 11th, 2020. The call, led by Chairman Terry Booth, CEO Adam Cegielski and Scientific Advisor Dr. Sandra Stoddard PhD, formally announced the Company’s expansion in to the K-12 education sector, drawing attention to the great impact that professional-lead neuro-vision therapy and training can have on learning and reducing the global education gap.
“The plan in place for the next year truly exemplifies the shift necessary to grow the Binovi Platform to a Global and Noble product. Our team has worked tirelessly to develop and drive the commercial success of the platform, and the expansion into k-12 education is a natural evolution of the company’s capabilities to enhance cognitive performance through vision training. The efforts reflect our long-term business strategy and goals.”Terry Booth, Binovi Chairman.
Key Highlights from Binovi Investor Call:
Terry: “By targeting K-12, we’re aiming to get Binovi into over 15,000 schools in Canada and over 130,000 schools in the United States.”
Sandra: “I think [the rate of adoption] will skyrocket once we have the data in place about using Binovi. There’s so much research that proves already that vision therapy does improve developmental domains, the reading skills of kids, but we want to be able to show unequivocally that Binovi Touch works.”
Adam: “There are a lot of good tools out there, and there are a lot of companies that have built tools and they’re selling their tools and they’ve done a good job on how they’ve built those tools and how they market those tools; they’ve been very focused and they’ve had market penetration success; We are a platform, a platform that can continuously add technology and expand. We’ve taken a more global approach in our product development.”
Sandra: “Reading at grade level by grade 3 is the highest predictor for high school completion. We know that when kids complete high school it leads to so many more positive outcomes for them. In our field, we know that when kids don’t graduate, it’s close to 90% of kids that aren’t graduating weren’t able to read by grade 3.”
Sandra: “Close to 80% of children that do have learning disabilities in the area of reading meet the criteria for accommodation convergence problems, which literature has shown to lead to issues with accuracy, comprehension, or fluency. We also know that the earlier that we can intervene with individuals, the earlier we can remediate the problem.”
Sandra: “I am incredibly excited about utilizing this platform to really confirm that, if we can intervene early and help kids utilize vision therapy and remediate the vision difficulties, I’d like to be able to prove that it does have an impact on reading performance. If we can demonstrate that intervening early with these individuals can not only improve their ready ability but also improve their ability to attend; lots of kids that have been diagnosed with Attention Deficit Hyperactivity Disorder (ADHD) also have vision deficits, so the potential for to globally impact these young kids, not only from a reading perspective but from those attentional learning skills needed to be successful in life, this could be a game-changer for the education field.”
Adam: “Over a billion people suffer from binocular issues.”
Terry: “This is way bigger than cannabis; this is a huge opportunity for investors but also schools, kids, and athletes. This is something that affects millions of people.”
Sandra: “Increasing the number of high school graduates in Canada by just 1% can save $7.7B; we see that not completing high school leads to higher rates of incarceration, lower levels of employment, more health issues.”
Ease of Use
Terry: “Vision training can take as little as 15 minutes per day, supported at home.”
Adam: “The infrastructure exists with support staff in schools and the goal is to use technology to link in with someone at the schools to be a centralized person within the school to work with teachers and simplifying the implementation.”
Sandra: “Having been through a walkthrough of the Binovi Platform for vision therapy, I can say that it is very very easy to use. We’d probably have to make some changes to make it motivational to some of the younger kids, but it is easy to use, all platforms can be integrated into the Binovi Platform, so my data collection can be tracked using Binovi. iPads are familiar, so I can easily see it being adopted into the education system.”
Adam: “Telehealth is a significant reality in the North American marketplace today; it’s really a by-product of the advancement of technology and where we are today. We’ve traditionally been dealing with technology solutions that are impacting us in different ways. I think it’s a unique opportunity now to converge all this technology into one spot. The education environment has never seen such dramatic changes in such a short period of time.”
Adam: “Our CTO, Dr. Mithani, has been working extensively on understanding the necessary pieces that Binovi has to have in place, and to be honest we’ve been on top of this substantially even before COVID hit. We’ve been working towards these things.”
Terry: “In our early discussions, Adam already had the plans in place to make sure that this was available through a telehealth platform. We needed to make this available to people from their homes, and it’s become a far bigger piece of the puzzle.”
“Binovi has the opportunity to be the global leader in how we shape the vision and brains of future generations. Looking ahead, we have implemented a number of initiatives to ensure the Company’s continued growth, and to generate the best possible performance results during these unique times. We are fortunate to support dedicated product users, while relying upon the experience and knowledge of our team to lead us to the next summit.”Adam Cegielski, Binovi CEO
The expansion into education is in stride with the Company’s “Global and Noble” initiatives directed towards accelerating the development of reading fundamentals.
Recent 2020 News Releases:
- Binovi Transforming K-12 Global Education Through Guided Classroom Technology Resources
- Terry Booth Schedules Investor Conference Call to Discuss Binovi’s New Direction
- White House Fellow (1990-91), Eric Phillips, Joins Binovi Technologies as Strategic Advisor
- Binovi Technologies Secures VIMA Rev Strobe Lenses Through a Strategic Product Acquisition and Announces Private Placement
Late Filing of Annual Financial Statements
The company also announces today that it anticipates additional delays in filing its financial statements for the year ended February 29, 2020 and the related management’s discussion and analysis (“MD&A”) and certifications (the “Annual Filings”). The Company has filed an application with the relevant securities authorities requesting that they issue a management cease trade order (an “MCTO”).
As previously announced, the Company had relied upon the blanket relief provided by the Canadian Securities Administrators (the “CSA”) in response to the COVID-19 pandemic to extend the filing deadline for the Annual Filings. Due to ongoing complications in collection of certain required data and documentation to complete the audit of the Company caused by COVID-19, the resulting restrictions in travel and limited access to facilities, the Company does not expect to be able to file the Annual Filings by their respective extended deadlines. The Company will work with its auditors to complete the audit of the Company’s consolidated financial statements, and expects to file the Annual Filings by August 31, 2020.
Pursuant to National Policy 12-203 Management Cease Trade Orders (“NP 12-203”), the Company is requesting that an MCTO be issued. If granted, the MCTO will restrict all trading by the Company’s Chief Executive Officer and Chief Financial Officer, and such other directors, officers and persons as determined by the applicable regulatory authorities, in the Company’s securities. There is no certainty that such order will be granted.
An MCTO will not affect the ability of persons other than the directors, officers and insiders to trade in the Company’s securities. An MCTO will remain in effect until the Annual Filings are filed or until it is revoked or varied. If an MCTO is not granted, the applicable regulatory authorities may issue a cease trade order against the Company for failure to file the Annual Filings within the prescribed time period.
Until the Company completes the Annual Filings, the Company will comply with the alternative information guidelines set out in National Policy 12-203 – Cease Trade Orders for Continuous Disclosure Defaults for issuers who have failed to comply with a specified continuous disclosure requirement within the times prescribed by applicable securities laws. The guidelines, among other things, require the Company to issue bi-weekly default status reports by way of a news release so long as the Annual Filings have not been filed.