BYND:CC - BYND Cannasoft creates a long-term commitment between its Chief Executive Officer and the Company as it approaches the start of the sales of its EZ-G device
(TheNewswire)
ASHKELON, Israel and VANCOUVER, British Columbia –TheNewswire – (June 14, 2024) - BYND Cannasoft Enterprises Inc.(Nasdaq: BCAN) (“BYND Cannasoft” or the “Company”) announcesthat it is close to starting mass production and launch sales of theEZ-G device.
In these important days of the Company, it has decidedto create a mutual commitment between the Company and Yftah BenYaackov, its Chief Executive Officer, who has been instrumental indeveloping the EZ-G device.
Accordingly, on June 11, 2024, the Governance,Nominating and Compensation Committee (the “Committee”) consistingexclusively of independent directors resolved to grant to Mr. BenYaackov 1,038,525 Restricted Share Units (“RSUs”) as compensationfor past services.
The Committee observed that Mr. Ben Yaacov has beenserving as CEO of the Company and its subsidiaries for the past fouryears. During this period, Mr. Ben Yaackov has invested exceptionalefforts towards the
Company's business development, particularly in Israel. His dedicationand hard work
have played a crucial role in the Company's growth and success.However, despite his
significant contributions, Mr. Ben Yaackov has not received anysubstantial
compensation commensurate with his efforts.
The number of RSU’s granted is based on an opinionfrom an independent outside appraiser which included a benchmark witha reference to about 30 Nasdaq listed companies identical in theirmarket value to the Company’s, for the purpose of past compensationof the company's CEO Mr. Yftah Ben Yaackov. The RSU’s vestimmediately but are subject to a 12-month lockup.
About BYNDCannasoft Enterprises Inc.
BYND Cannasoft Enterprises is an Israeli-basedintegrated software company. BYND Cannasoft owns and markets"Benefit CRM", a proprietary customer relationshipmanagement (CRM) software product enabling small and medium?sizedbusinesses to optimize their day?to?day business activities suchas sales management, personnel management, marketing, call centeractivities, and asset management.
BYND Cannasoft owns the patent-pending intellectualproperty for the EZ-G device. This therapeutic device uses proprietarysoftware to regulate the flow of low concentrations of CBD oil, hempseed oil, and other natural oils into the soft tissues of the femalereproductive system to potentially treat a wide variety of women'shealth issues. The EZ-G device includes technological advancements asa sex toy with a more realistic experience and the prototype utilizessensors to determine what enhances the users' pleasure. The user cancontrol the device through a Bluetooth app installed on a smartphoneor other portable device. The data will be transmitted and receivedfrom the device to and from the secure cloud using artificialintelligence (AI). The data is combined with other antonymic userpreferences to improve its operation by increasing sexualsatisfaction. Commercialization of the EZ-G device is subject toreceipt of regulatory approvals.
The devices described in this news release are conceptdevices that are in the first stage of development and will be subject to testing, experimentsand regulatory approvals and therefore there is no certainty that theywill eventually be marketed.
For further information please refer to informationavailable on the Company’s website: www.cannasoft-crm.com, and onSEDAR+: www.sedarplus.ca .
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e?mail: ir@cannasoft-crm.com
Cautionary NoteRegarding Forward-Looking Statements
This press release includes certain statements that maybe deemed “forward-looking statements” within the meaning ofSection 27A of the U.S. Securities Act of 1933, as amended, andSection 21E of the U.S. Securities Exchange Act of 1934, as amendedand under Canadian securities laws. When used in this press release,the words “may”, “would”, “could”, “will”,“intend”, “plan”, “anticipate”, “believe”,“estimate”, “expect” and similar expressions are intended toidentify forward?looking statements. Such statements are subject tocertain risks and uncertainties, and actual circumstances, events orresults may differ materially from those projected in suchforward-looking statements.
Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performance,and actual events or developments may differ materially from those inforward-looking statements. Such forward-looking statementsnecessarily involve known and unknown risks and uncertainties, whichmay cause the Company’s actual performance and financial results infuture periods to differ materially from any projections of futureperformance or results expressed or implied by such forward-lookingstatements. Such statements reflect the Company's current views withrespect to future events and are subject to such risks anduncertainties. Many factors could cause actual results to differmaterially from the statements made, including future financialperformance, unanticipated regulatory requests and delays, finalpatents approval, and those factors discussed in filings made by thecompany with the Canadian securities regulatory authorities, including(without limitation) in the company's management's discussion andanalysis for the year ended December 31, 2023 and annual informationform dated April 2, 2024, which are available under the company'sprofile at www.sedarplus.ca, and in the Company’s Annual Report onForm 20-F for the year then ended that was filed with the U.S.Securities and Exchange Commission on April 3, 2024. Should one ormore of these factors occur, or should assumptions underlying theforward-looking statements prove incorrect, actual results may varymaterially from those described herein as intended, planned,anticipated, or expected. We do not intend and do not assume anyobligation to update these forward?looking statements, except asrequired by law. Any such forward-looking statements representmanagement's estimates as of the date of this press release. While wemay elect to update such forward-looking statements at some point inthe future, we disclaim any obligation to do so, even if subsequentevents cause our views to change. Shareholders are cautioned not toput undue reliance on such forward?looking statements.
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