Binovi to Acquire Computer Aided Vision Therapy (CAVT)
Vancouver, BC, Binovi Technologies Corp. (“Binovi” or the “Company’) (TSX-V:VISN) (OTCQB:BNVIF) (GR:2EYA)a leader in neuro-vision performance technology, is pleased to announce that it has entered into an arm’s length share purchase agreement (the “Agreement“) with the shareholders of Samurai Motion Tracking Corp. (“Samurai“) whereby the Company has agreed to acquire all of the issued and outstanding share capital of Samurai (the “Acquisition“). Headquartered in Vancouver, British Columbia, Samurai is a software-based vision therapy company providing computer aided vision therapy resources.
“This acquisition demonstrates Binovi’s commitment to continually evolve our technology offering with adoptable resources to our SaaS stack. We are excited to bring the proven technology developed by Samurai to our growing user base of vision professionals, especially as we position ourselves for expansion into the K-12 education sector. Acquiring CAVT brings industry-recognized and relied-upon software to the Binovi Platform.”Adam Cegielski, Binovi CEO
About Samurai Computer Aided Vision Therapy
Originally created by Dr. Gary Vogel, Computer Aided Vision Therapy (CAVT) is an extensive software package for developing eye tracking skills, visual thinking & processing skills, and 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.
Terms of the Acquisition
In consideration for the Acquisition of all the issued and outstanding share capital of Samurai, the Company has agreed to pay an aggregate consideration of CDN$2,516,000.00 (the “Purchase Price”) payable by the issuance of 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.
The Acquisition is subject to TSX Venture Exchange approval and the Company anticipates that the Acquisition will constitute an “Expedited Acquisition” under the policies of the TSX Venture Exchange. The Company may pay a finder’s fee in connection with the Acquisition and no new directors or officers will be added to the Company management team in connection with the Acquisition.