BYND Cannasoft CEO Delivers Update Amidst Promising Milestones
ASHKELON, Israel and VANCOUVER, British Columbia, Aug. 03, 2023 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) ("BYND Cannasoft" or the "Company") today announced that Yftah Ben Yaackov, Chief Executive Officer and Director, shared a comprehensive update on the Company's progress, highlighting significant recent milestones and unveiling promising prospects for the future.
Since acquiring Zigi Carmel Initiatives & Investments LTD., BYND Cannasoft has been planning the development of three products for the sexual wellness market, including our A.I.-based EZ-G device, an A.I.-based smart treatment device for men, and an A.I.-based smart treatment device for women.
Our EZ-G device can potentially treat specific issues in the female reproductive system and incorporates technological advancements as a sex toy, providing a more realistic experience. The EZ-G device prototype, equipped with sensors such as pressure, temperature, conductivity, and heart rate sensors, aims to identify specific factors that enhance users' pleasure. Through AI, the device transmits and receives data from these sensors, capturing information about the condition of the sexual organs, including moisture levels and muscle contractions' pressure variations. The male treatment device utilizes artificial intelligence and machine learning algorithms to control its operational parameters based on the user's physiological parameters. The user, or a partner, can control the device with a smartphone app. Data collected by the device's sensors can be uploaded to the cloud, where user preferences will be stored to create a customized experience. Our smart female treatment device is an AI-based device for external use capable of treating certain phenomena in female sexual organs.
In a July 25, 2023 press release, we announced several milestones that we intend to achieve on the development of our groundbreaking EZ-G device during the second half of 2023.
Securing Intellectual Property Rights:
To protect our innovations and maintain our competitive edge, BYND Cannasoft subsidiary Zigi Carmel Initiatives & Investments LTD has filed multiple patents related to our AI technology to protect the IP owned by the company. These patents include:
- US Provisional Patent Application number 63450503 covering its smart female treatment device's mechanical structure, operation, and controlling aspects.
- US Provisional Patent Application with serial number 63/297,009 covering its EZ-G device's monitoring and controlling aspects.
- A PCT application number PCT/IL2023/050016 based on BYND Cannasoft's prototype of the EZ-G device currently being developed and its operational aspects as a learning adult device. The PCT application claims priority from the US Provisional application and covers an adult device with a structure and one or more moving and vibrating elements.
- A patent application with the World Intellectual Property Office, also known as WIPO. The patent application for our AI-based EZ-G device is listed as Publication Number WO/2023/13195. It relates explicitly to adult toys utilizing one or more sensors for controllable operation and liquid administering mechanism.
Completion of Laboratory Testing Phase for EZ-G Device Optimization:
BYND Cannasoft recently celebrated the successful completion of the laboratory testing phase of our groundbreaking project, the EZ-G device. As mentioned in our press release dated July 10, 2023, the laboratory testing phase aimed to optimize the various sensors in this innovative device. Completing this project phase within a remarkably efficient timeline showcases the company's dedication to innovation and technological prowess.
Expanding Global Reach:
BYND Cannasoft has been working diligently to establish a strong international presence. We recently announced that we have successfully closed a firm commitment underwritten public offering with gross proceeds to the company of approximately $2.6 million before deducting underwriting discounts and other estimated expenses payable by the company. The base offering consisted of 1,733,334 common shares at a price to the public of $1.50 per share. We intend to use the net proceeds from this offering primarily for product design and manufacturing, sales and marketing campaigns, patent prosecution, and working capital. This funding milestone reflects the market's confidence in our technology and its potential, and it will enable us to accelerate our efforts to deliver cutting-edge solutions to consumers across the globe.
Israeli Ministry of Health License:
BYND Cannasoft received a license to engage in medical cannabis without direct contact with the substance from the Medical Cannabis Unit at the Ministry of Health of the State of Israel. This license allows trading in medical cannabis products through an agreement with a licensed cannabis grower in Israel. The medical cannabis products market in Israel currently has about 150,000 users with an annual sales volume of about half a billion dollars. BYND Cannasoft intends to capture a market share of about 3%, worth about $15 million in sales, within a year of putting its products on store shelves. As an Israeli-based company whose shares trade in the US and Canada, we are committed to driving positive change in the medical cannabis landscape through meaningful research and collaboration with esteemed institutions.
Yftah Ben Yaackov, CEO and Director of BYND said, "Our journey at BYND Cannasoft is shaping up to be nothing short of remarkable. We are driven by a passion for innovation and a commitment to positively impacting the women's health and medical cannabis space. Our latest achievements, from securing key patents to completing the initial testing on our groundbreaking EZ-G device, have only strengthened our resolve to continue pushing the boundaries of what is possible in this industry."
Mr. Ben Yaackov continued, "As we expand our global footprint and collaborate with esteemed partners and institutions, we remain dedicated to our mission of advancing women's health, medical cannabis research, and driving sustainability. We extend our heartfelt gratitude to our team, shareholders, and partners for their unwavering support as we embark on this transformative journey."
About BYND Cannasoft Enterprises Inc.
BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets "Benefit CRM," a proprietary customer relationship management (CRM) software product enabling small and medium‐sized businesses to optimize their day‐to‐day business activities such as sales management, personnel management, marketing, call center activities, and asset management. Building on our 20 years of experience in CRM software, BYND Cannasoft is developing an innovative new CRM platform to serve the needs of the medical cannabis industry by making it a more organized, accessible, and price-transparent market. The Cannabis CRM System will include a Job Management (BENEFIT) and a module system (CANNASOFT) for managing farms and greenhouses with varied crops. BYND Cannasoft owns the patent-pending intellectual property for the EZ-G device. This therapeutic device uses proprietary software to regulate the flow of low concentrations of CBD oil, hemp seed oil, and other natural oils into the soft tissues of the female reproductive system to potentially treat a wide variety of women's health issues. The EZ-G device includes technological advancements as a sex toy with a more realistic experience and the prototype utilizes sensors to determine what enhances the users' pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. The data will be transmitted and received from the device to and from the secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction.
For Further Information please refer to information available on the Company’s website: www.cannasoft-crm.com, the CSE’s website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and on SEDAR: www.sedar.com.
Gabi KabazoChief Financial OfficerTel: (604) 833-6820e‐mail: ir@cannasoft-crm.com
For Media and Investor Relations, please contact:
David L. Kugelman(866) 692-6847 Toll Free - U.S. & Canada(404) 281-8556 Mobile and WhatsAppdk@atlcp.comSkype: kugsusa
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from those in forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause the Company’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Such statements reflect the Company's current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause actual results to differ materially from the statements made, including unanticipated regulatory requests and delays, final patents approval, and those factors discussed in filings made by the company with the Canadian securities regulatory authorities, including (without limitation) in the company's management's discussion and analysis for the year ended December 31, 2022 and annual information form dated March 31, 2023, which are available under the company's profile at www.sedar.com, and in the Company’s Annual Report on Form 20-F for the year then ended that was filed with the U.S. Securities and Exchange Commission on April 27, 2023. Should one or more of these factors occur, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward‐looking statements, except as required by law. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change. Shareholders are cautioned not to put undue reliance on such forward‐looking statements.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.