Binovi Technologies Corp (CVE:VISN) (OTCQB:BNVIF) (FRA:2EYA), a leader in vision performance technology, announced on Tuesday that it has struck a binding share purchase agreement to acquire private firm VERA (Visual Efficiency Rating), its patents, intellectual property, and inventory, to expand Binovi’s vision technology stack as it executes on its global commercialization strategy.
Binovi, which has offices in Toronto and New York, said it will issue around 13.390 million shares, equivalent to nearly C$3.350 million, at a price of C$0.25 to VERA shareholders. The all-stock deal is subject to the approval of the TSX Venture Exchange. To complete the transaction, Binovi will also issue 267,800 shares to an arms-length third-party who assisted in putting the deal together.
The transaction will boost Binovi’s acquisition strategy, and represents continuous investment in human performance software and technology, said the company.
"We're cornering the market on what's available and possible with remote vision screening technology, and bringing a proven, scalable solution to our users and future users through Binovi. By baselining and screening potential patients and clients early, quickly, and easily, we're able to help those people seek the vision care that they may unknowingly need, one of Binovi's longstanding foundational goals," said Binovi CEO Adam Cegielski.
Developed for eye doctors, educators, and school nurses, VERA offers a simple and validated national standard for school vision screening that goes beyond visual acuity or eyesight. It identifies students with vision difficulties related to classroom and independent learning, such as focusing issues, eye-teaming and eye-tracking problems, and provides a clear point of referral to a vision professional.
“It is anticipated to be highly impactful in an educational context for differentiating vision issues versus special needs cases, reducing the burden of special education costs,” said the company.
VERA founder Dr Stephen Galanter, VERA Founder said it is “very gratifying” that VERA's unique vision screening methods will have more widespread benefits as part of Binovi's technology-driven vision remediation platforms.
“We can all look forward to many more students with learning-related vision problems being identified and enjoying the rewards of timely and appropriate interventions," added Galanter.
Up to 25% of students in grades K-12 have visual problems that can impede learning, according to the American Public Health Association. The Vision Council of America estimates that up to 50% of learning-disabled children have undiagnosed vision problems.
VERA is a two-part vision screening program designed for school health, occupational therapy and special education settings. VERA's school health component identifies more students with common vision difficulties and generates referral letters to eye doctors and parents. VERA identifies vision issues and promotes timely vision care. VERA is easy to run with no previous clinical training. Tests are straightforward with helpful instruction screens and alerts guard against invalid testing and false positives.
"It is archaic that we continue to rely on visual screening measures such as visual acuity that were developed in the 1800s. VERA incorporates procedures that have much greater bearing on a child's performance in a technology-driven world," said Binovi Chief Scientific Officer Dr Leonard Press.
VERA's technology will integrate into the company's Binovi product platform. With the recent announcement and launch of Binovi Connect, the VERA acquisition and integration provides Binovi an additional tool set to expand its offering.
"We're delighted to be able to add a simple, validated screening tool to the Binovi Platform, and use the VERA datasets to validate both the Binovi hardware and software tools as well as a point of comparison for our existing user results. Together, this new screening process will be a great fit for the verticals we're targeting with Binovi," said Binovi Chief Technology Officer Sam Mithani.
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