BYND CANNASOFT ENTERPRISES INC.
SIGNS AGREEMENT FOR THE ACQUISITION OF ISRAELI-BASED ZIGI CARMEL
INITIATIVES & INVESTMENTS LTD. IN A SHARE SWAP AGREEMENT VALUED
AT US $28 MILLION
ZC owns the patent pending
intellectual property for a CBD-based therapeutic device combined
with software designed to treat phenomena related to women's health
issues by regulating the flow of low-concentration CBD oils into
the soft tissues of the female reproductive system
Vancouver, British Columbia (September 19, 2022) -- InvestorsHub
NewsWire -- BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN)
(CSE: BYND)
("BYND" or the
"Company") announced today that it has signed a share purchase
agreement to acquire 100% ownership of Zigi Carmel Initiatives
& Investments Ltd. ("ZC") which holds the patent pending intellectual
property for a
therapeutic device (the
"EZ-G
device") that uses low
concentrations of CBD oils, such as hemp seed oil and other natural
oils, to treat certain women's health issues. Under the terms of
the share purchase agreement, the Company will issue to ZC's
owner 7,920,000
common shares at a deemed price per
share of $4.735 (subject to closing the transaction by October 10,
2022) and pay US $100,000 to cover his legal expenses. The closing
of the transaction is subject to certain customary conditions. BYND
expects the transaction to close this month.
The EZ-G device is a unique,
patent-pending device that, combined with proprietary software
(provisional application), regulates the flow of low-concentration
CBD oils into the soft tissues of the female reproductive system.
According to research[1]
conducted across the globe, treatment
with low-concentration CBD oils can relieve candida, dryness,
scars, and many other female health issues.
BYND intends to pursue
the final registration of the patent and establish a marketing and
sales system for the EZ-G device. The Company's 'Go to Market'
strategic plan is based on combined B2B and B2C sales. Numerous
studies have shown CBD interacts with the endocannabinoid system, a
master regulatory system with receptors all around the body. By
activating these receptors, CBD can have health benefits that help
make sex more approachable and pleasurable by reducing stress,
enhancing one's mood, promoting body comfort, and treating vaginal
issues. According to the Brightfield Group, a cannabis industry data research
firm, sales of CBD products could reach $11
billion[2] by
2027. A recent Zion
Market Research study[3] indicates
the market size of global gynecology devices was worth $10.8
billion in 2021 and is estimated to exceed $19.5 billion by 2028
with a compound annual growth rate (CAGR) of approximately 10.3
percent.
No regulatory filings relating to the
device have been made in the United States and the Company has no
intention of marketing the device in any jurisdiction until it has
been cleared by the applicable regulator, including the Food and
Drug Administration in the United States.
Yftah Ben Yaackov, CEO and a Director
of BYND, said, "From the moment we complete the purchase of ZC, we
plan to hit the ground running by initially securing any required
regulatory approval from the appropriate authorities. We will
continue to pursue the registration of the patent, which contain
over 100 claims, prototype production and start validation tests,
and contract with suppliers for the production of the device and
the oils used in the EZ-G device.
"The demand for a unique device
combined with software, such as the EZ-G device, stems from the
increasing occurrence of chronic conditions and the rising adoption
of self-health management. Using a device at home is a very
cost-effective treatment, and it opens up a vast channel for
millions of women". Mr. Ben Yaackov continued, "We hope to use the
knowledge we have gained in the medical cannabis field to
significantly improve the quality of life of women suffering from
symptoms such as those mentioned above."
About BYND Cannasoft Enterprises
Inc.
BYND is an integrated software/cannabis company, based in
Israel.
CRM Software
BYND owns and markets a proprietary customer relationship
management (CRM) software product, known as "Benefit CRM". BYND's
Benefit CRM software enables 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. BYND's next-generation Benefit CRM platform
is now ready for BETA testing.
Cannabis CRM
Building on its 20 years of experience in CRM software, BYND has
recently begun development of an innovative new CRM platform,
designed specifically to serve the needs of the medical cannabis
industry. This new platform will be the first of its kind for the
medical cannabis field and the Company is confident it will
transform the industry into a more organized, accessible, and price
transparent market. Data and information collected through the
operation of the Cannabis Farm (see below) and the products it
produces will allow BYND to test its new Cannabis CRM platform and
adjust the platform as necessary. Additionally, operating the
Cannabis Farm and selling medical cannabis will bring in additional
revenue to further support BYND during the initial roll-out years
of its cannabis CRM platform.
Cannabis Farm
BYND is in the process of securing approval for the transfer of a
primary growing license for growing medical cannabis in Israel and
intends to construct a 3.7 acre farm facility near Ashkelon Israel,
to grow medical cannabis. The Company's plans include the
construction of 4 state of the art greenhouses, housing
approximately 2.5 acres of total growing area. BYND
estimates that once fully operational its Cannabis farm facility
will be able to produce 7,500kg of raw cannabis each
year. BYND also intends to work with strategic partners
to develop and market new, proprietary cannabis-infused products
for sale throughout Israel and for export. For Further Information
please refer to the 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 Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e-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 WhatsApp
dk@atlcp.com
Skype: kugsusa
BYND Cannasoft Press Release- September 19, 2022.
Cautionary Note Regarding
Forward-Looking Statements
This Press Release contains forward-looking statements that involve
risks and uncertainties, which may cause actual results to differ
materially from the statements made. When used in this document,
the words "may", "would", "could", "will", "intend", "plan",
"anticipate", "believe", "estimate", "expect" and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements in this press release include, without
limitation, the expectation that BYND's acquisition of ZC will
complete this month, that the patents for the EZ-G device for which application has been made
will be issued and will cover all markets in which it is intended
that the EZ-G device will be sold, and that all necessary
regulatory approvals to the sale of the EZ-G device will be
obtained in a timely manner. Such statements reflect our
current views with respect to future events and are subject to such
risks and uncertainties. Many factors could cause our actual
results to differ materially from the statements made, including
those factors discussed in filings made by us with the Canadian
securities regulatory authorities and the U.S. Securities and
Exchange Commission. Should one or more of these risks and
uncertainties, such as currency and interest rate fluctuations,
increased competition, and general economic and market 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.
Shareholders are cautioned not to put undue reliance on such
forward-looking statements.
Neither the U.S. Securities and Exchange Commission nor the CSE has
reviewed, approved or disapproved the content of this press
release.