Binovi Technologies Corp (CVE:VISN) (OTCQB:BNVIF) (FRA:2EYA) has completed its previously announced C$2.5 million all-stock acquisition of Samurai Motion Tracking Software and thereby its computer-aided vision therapy (CAVT) technology. The company issued 31.4 million shares at a price of C$0.08 per share to the underlying shareholders of Samurai.
CAVT is an extensive software package for developing eye tracking skills, visual thinking and processing skills, as well as binocular vision skills. It contains 12 therapy procedures for developing saccadic eye movements (read: rapid, abruptly changing), span of recognition and visual sequential memory skills that are essential for fast and accurate reading, the company said.
Integration of CAVT with the Binovi Connect app 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, Binovi said.
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"The CAVT technology suite adds unique capabilities to our educational offering,” CEO Adam Cegielski said in a statement. “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."
The CAVT suite consists of four primary modules: Track & Read, Visual Information Processing Skills, Visual Thinking and Computer Vergences, the company said. The modules include activities and exercises to be completed by patients using a computer, first in an optometrist or vision therapy office setting and later at home.
Additionally, Binovi announced plans to settle US$16,138.81 of debt to an arm's-length party by issuing 305,197 common shares at a price of C$0.065 per share.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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