Binovi Technologies Corp (CVE:VISN) (OTCQB:BNVIF) is keeping its eye firmly on the billion-dollar education technology market for its vision technology, it said in a recent corporate update.
The Toronto- and New York-based company said the education market represented a “massive opportunity” for its vision platforms.
The sector is estimated to grow from its current US$12.7 billion to around US$25.2 billion by 2026, according to data provided by the company.
READ: Binovi Technologies announces early-bird purchase incentive for its next-generation Binovi Touch Elite
Binovi is focusing specifically on the K-12 student group as one of the three core focus areas for its vision screening software.
"Clinical practice guidelines published by the American Optometric Association attest to our profession's long-standing history of helping children with learning related vision problems,” Binovi’s director of global education Leonard Press said in a statement.
“The acquisition of research-based and computerized vision screening software (VERA), as well as a robust portfolio of computer-aided vision therapy modules (CAVT) complementing our foundational tools, enables Binovi Technologies to forge new collaborative relationships between optometry and education."
Sandra Stoddard, a member of Binovi’s scientific advisory board, is leading a scientific research program with an Alberta school board with the goal of establishing the positive impact the Binovi Platform can have on students with vision issues, beyond acuity, in relation to their ability to read.
"Identifying issues is incredibly important, but without a remedial solution, little will change,” Stoddard told investors.
“Binovi has developed an incredible remedial solution that is unique in its scope and effectiveness and that, we believe, has the potential of making an important contribution towards elevating reading readiness skills and positively impacting the lives of many. We know from experience that individuals typically experience a significant and measurable positive impact following a 12-week program, allowing us to conduct the study in months rather than years. This accelerated timeline will enable us to publish results relatively quickly.”
Best-in-class vision platform
Binovi is a best-in-class neuro-visual performance platform designed to test, analyze, track, and report on individual cognitive performance. It combines hardware, software, specialized expert knowledge, and unique data insights to deliver customized, one-on-one training and learning protocols ideal for K-12 Students, Vision Care Specialists, and Sports Performance testing and training.
Separately, the company said it received approval from the TSX Venture Exchange for the shares for debt transaction, to settle the aggregate of US$16,138.81 in indebtedness to an arm's-length creditor of the company, through the issuance of 305,197 common shares of the company at a deemed price of $0.065 per debt share. The debt shares issued pursuant to the debt settlement are subject to a statutory hold period of four months and one day from the date of issuance.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas