Binovi Technologies provides first response to unsolicited bid for the company by Captiva Verde Wellness

Binovi Technologies Corp. has provided its first response to an unsolicited bid for the company announced on Monday, August 16, 2021, by Captiva Verde Wellness Corp. The company said it has been informed by the principals that Captiva Verde intends to launch a bid to acquire the company for 7 cents worth of Captiva Verde Wellness common shares for each common share of Binovi, a 75% premium over Binovi's closing price on Friday, August 14, 2021. Binovi said it will form a special committee of the board to investigate the merits of the offer and will provide a recommendation to shareholders based on the conclusions of that exercise. In a statement, Binovi interim chief executive officer Tania Archer commented: "It is too early to state if the Captiva Verde offer, as presented, holds sufficient merit for us to recommend shareholders accept the terms. As soon as the special committee has completed its review, we will inform the market as to our position in relation to the offer. We anticipate concluding our review within the next 48 hours." READ: Binovi Technologies appoints Tania Archer as interim CEO and board member Launching the bid on Monday, Jeff Ciachurski, chief executive officer of Captiva Verde said: "One in four people worldwide live with issues related to their vision that go beyond visual acuity. Despite this, ophthalmic treatment primarily focuses on visual acuity issues and disease management, leaving many visual performance issues undiagnosed or mistreated." "Binovi was founded to bring attention to these issues and to help those treating them by providing the tools necessary to bring treatment into the 21st century. A broader vision is vital in how we view the world around us, and we are focused on the importance of developing, protecting and perfecting that vision," he added. Captiva Verde Wellness said its unsolicited proposal is subject to complete financial and legal due diligence and includes the review of any/all intellectual property, commercial contracts and forensic review of accounting books/records. Binovi's product platform is utilized by greater than 400 vision therapy professionals, engaging 11,600 users, including professional sports teams, Olympic athletes and various military units around the world. The company is a best-in-class neuro-visual performance platform designed to test, analyze, track and report on individual cognitive performance. It combines hardware, software, specialized expert knowledge and unique data insights to deliver customized, one-on-one training and learning protocols ideal for students (kindergarten through grade 12), vision care specialists, and sports performance testing and training. Designed for vision optimization and the enhancement of skills related to cognitive performance, Binovi provides measurable results in less time and with greater efficiency. Contact the author at jon.hopkins@proactiveinvestors.com