Oakville Ontario, Feb. 10, 2020 (GLOBE NEWSWIRE) -- Eyecarrot Innovations Corp., (Eyecarrot) (TSX-V: EYC | OTCQB: EYCCF) announced today that it has entered into a share purchase agreement dated February 10th, 2020 providing for the acquisition of ConnectMe Solution indirectly through the acquisition of Call Connect Me Inc. from its security holders.
ConnectMe is a lead delivery and monetization Software As A Service (SAAS) solution developed by venture capitalist Raed Masri. The software-based sales solution will enable the company to boost its revenues while reducing sales operation costs as it drives the commercialization of its Binovi Platform product suite. Binovi is a neuro-vision enhancement platform that is designed for vision optimization and the enhancement of cognitive skills related to human performance. Binovi combines hardware, software, specialized expert knowledge, and unique big-data insights in a customized one-on-one training and support system to help improve the lives of the 1 in 4 individuals who suffer from some form of visual impairment besides acuity loss
“When targeting Small to Midsized Enterprises (SMEs), Customer Acquisition Cost (CAC) becomes a very important metric in driving business performance. The ConnectMe Solution has very positive results when scaling customer acquisitions in a cost-effective manner.” stated Raed Masri, Technology Venture Capitalist
The SAAS model has been proven to generate a more stable and predictable revenue stream, increase customer loyalty as customers benefit from earlier adoption of technology innovations, and enable expansions into new segments and geographies. Eyecarrot is currently positioned to expand its user base within the sports medicine, athletic training, and professional sports verticals, which includes strategic alignments within professional sports leagues and team ownership groups. The targeted strategy will enable EYC to pursue volume driven enterprise sales opportunities.
“The company will develop and test new innovative ways to build and maintain positive unit economics when scaling Binovi platform offerings across Small to Midsized Enterprise (SME) customers.” commented Adam Cegielski, EYC Founder & CEO
As consideration for the acquisition, Eyecarrot will issue an aggregate of 9,111,111 common shares at a deemed price of $0.45 pro rata to the holders of Call Connect Me Inc., subject to the approval of the TSX Venture Exchange. The acquisition is an arm’s length transaction.
The acquisition is expected to propel Eyecarrot’s ability to attract new Small to Midsized Enterprises (SMEs) through a SAAS-based sales engine designed to accelerate Binovi Platform sales through a software lead delivery solution. Pending regulatory and TSXV approval and satisfaction of other closing conditions, the acquisition is expected to be completed in February 2020.
About Raed Masri
Raed A. Masri, is a serial Canadian founder & YPO’er turned VC and institutional LP. In Canada, Raed was partially responsible for introducing new wireless policy, when he founded Jaguar Wireless, a qualified bidder in Canada’s national wireless auction in 2008 with a last bid of $213m. Additionally, he is responsible for bringing inflight internet across Canada when he founded SkySurf, the exclusive carrier for inflight communications, exiting to GoGo Inflight, the world’s largest inflight wi-fi provider. In America, Raed became a VC and institutional LP when he was a key founding team member at Mubadala Ventures in San Francisco. Raed holds an Engineering degree from Carleton University in Ottawa, an MBA from Cornell University in Ithaca, NY & Queen’s University in Kingston, ON. Raed continues to build bridges between Silicon Valley, the Middle East and Canada.
About Eyecarrot Innovations Corp.
Eyecarrot is a human performance technology company that has developed Binovi , a hardware and software-centered platform. Binovi combines hardware, software, specialized expert knowledge, and unique big data insights in order to deliver customized one-on-one training and treatment. Binovi is designed for vision optimization and the enhancement of cognitive skills related to human performance. We are working together under a common banner to help neuro-optometry, vision rehabilitation, and vision performance professionals gain measurable results in less time, and with less effort.
On behalf of the Board of Directors
Adam Cegielski President | CEO
Investor RelationsE: invest@eyecarrot.comhttps://www.eyecarrot.com/investors/
Forward looking information:
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including, that the Company's financial condition and development plans do not change as a result of unforeseen events and that the Company obtains regulatory approval. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, that occurrences such as those referred to above are realized and result in delays, or cessation in planned work, that the Company's financial condition and development plans change, and delays in regulatory approval, as well as the other risks and uncertainties applicable to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com . The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.