BYND:CC - Israeli Technology Company BYND Cannasoft Enterprises Inc. Announces First Quarter 2024 Financial Results

(TheNewswire)

Vancouver, British Columbia (May 15, 2024 ) – TheNewswire– BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN ) (“ BYND ” or the“ Company ”), has released its financialresults for three-month ended March 31, 2024. Full versions ofBYND’s unaudited consolidated interim financial statements andmanagement discussion and analysis for the period, can be found on www.sedarplus.ca .

Q1 2024 Financial Highlights:

• Revenue decreased 26% to $308,968 for the three-monthperiod ended March 31, 2024, from $420,635 for the same period in2023.

• Gross Profit decreased to 21% for the three-monthperiod ended March 31, 2024, from 75% for the same period in2023.

• Net loss increased 4,035% to $30,617,317 for thethree-month period ended March 31, 2024, from $740,433 for the sameperiod in 2023.

• Working capital increased to 8,591,925 for March 31,2024, from $2,441,703 for December 31,2023.

• Total assets increased to $42,936,744 for March 31,2024, from $36,801,368 for December 31,2023.

• Total shares outstanding as of March 31, 2024, were3,245,069.

Summary of Quarterly Comparison ofRevenue, Gross Profit and Net Loss

*Includes change in fair value of derivative warrantsliabilities in the amount of $28,977,934.

**Includes impairments of intangible assets and assetunder construction in the amount of $13,142,481.

About BYND Cannasoft EnterprisesInc.

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 withother antonymic user preferences to improve its operation byincreasing sexual satisfaction. Commercialization of the EZ-G deviceis subject to receipt of regulatory approvals.

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 Note RegardingForward-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 2, 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 subsequent events cause our views to change.Shareholders are cautioned not to put undue reliance on suchforward?looking statements.

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