BYND Cannasoft Enterprises, Inc.
Israel’s Finance Ministry increases Israel Innovation Authority’s fast-track fund by US$100 millionIStrengthening its high-tech sector amid wartime challenges
Israel-based BYND Cannasoft have deposited A research and development plan to develop CRM software combined with AI for the medical cannabis industry
Ashkelon, Israel and Vancouver, British Columbia, Nov. 16, 2023 (GLOBE NEWSWIRE) – BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”), today announced $1.5 million (up to US$0.75 million) to develop CRM software combined with AI for the medical cannabis industry Submission of a research and development plan based on the planned budget of the grant (file number 82745 – application number 01125047). Israel’s Finance Ministry recently clarified its decision to increase the wartime high-tech sector fund to provide short-term and long-term measures designed to assist startup companies in Israel’s high-tech sector. The company was found suitable by submitting the application according to the criteria required in the grant program listed on the Israel Innovation Authority website.
Ministry officials recently met with members of the key high-tech sector, the Israel Innovation Authority (IIA), and other government representatives to discuss strategies to support companies during the ongoing conflict and the end of the war. Long term industry plans can be prepared for subsequent recovery. High-tech industry plays an important role in Israel’s economy. In 2022, it contributed more than 18 percent to national GDP, amounting to $78 billion (290 billion shekels), the Israel Innovation Authority reports. Additionally, it was responsible for 50 percent of the country’s foreign exports.
“While the Israeli economy and its high-tech sector suffered a blow during the crisis, the rapid support policy developed together with the Ministry of Finance is ready to prevent severe economic damage and business losses,” said Yephtah Ben Yaakov, CEO and Director of BYND CanaSoft. “As always. This policy will be critical in restoring the Israeli economy and its growth engine to a path of rapid recovery after the conflict ends.” Mr. Ben Yaakov further added, “Although the final decision to receive a grant from the Israel Innovation Authority’s Fast-Track Fund is pending the Committee’s decision, our initial assessment indicates that BYND Cannasoft has all the potential to receive such a grant. Meets the criteria.”
The Finance Ministry’s commitment to enhance support for the high-tech sector underlines the Government’s dedication to sustaining the industry during this challenging period and ensuring its continued growth and success.
Receipt of the grant is contingent upon IIA approval, review of its application and confirmation that BYND CanaSoft meets all criteria. There is no assurance that the grant will be awarded in its full amount.
BYND Cannasoft Enterprises Inc. About this
BYND Cannasoft Enterprises is an Israeli-based integrated software and cannabis company. BYND Cannasoft owns and markets “Benefit CRM”, a proprietary customer relationship management (CRM) software product that helps small and medium-sized businesses manage their day-to-day management such as sales management, personnel management, marketing, call center activities, Enables to optimize business activities. , and asset management. Building on our 20 years of experience in CRM software, BYND CannaSoft is developing an innovative new CRM platform to meet the needs of the medical cannabis industry. The Cannabis CRM system will include a job management (Benefit) and a module system (CannaSoft) for managing farms and greenhouses with various crops.
BYND Cannasoft holds the patent-pending intellectual property for the EZ-G device. The device uses proprietary software to control the flow of low concentrations of CBD oil, hemp seed oil and other natural oils into the soft tissues of the female reproductive system to potentially treat a variety of women’s health issues. To be. The Easy-G device incorporates technological advancements in the form of a sex toy with a more realistic feel, and the prototype uses sensors to determine what enhances users’ pleasure. The user can control the device through a Bluetooth app installed on a smartphone or other portable device. Data will be transmitted and received from the device to a secure cloud using artificial intelligence (AI). The data is combined with other antonymic user preferences to improve its operation by increasing sexual satisfaction. There is no guarantee that the instrument will be sold in the market on the same date; Everything is subject to regulatory approval. Initial registrations are not binding and are done to create a waiting list, so there is no guarantee that registrants will order the device as there is no financial commitment on their part at this time.
For more information, please visit the company’s website: www.cannasoft-crm.com, CSE website: www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc and Cedar: www.sedarplus.ca
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Cautionary Note Regarding Forward-Looking Statements
This press release contains certain statements that may be considered “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this press release, the words “may,” “will,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate, ” “Expects,” and similar expressions are intended to identify forward-looking statements. Those forward-looking statements include, without limitation, statements regarding the Company’s expectations for its operations and revenue growth. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those anticipated in such forward-looking statements.
Although the Company believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual events or developments may differ materially from the forward-looking statements. Such forward-looking statements necessarily involve known and unknown risks and uncertainties that may cause the Company’s actual performance and financial results to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Are. Such statements reflect the Company’s current views with respect to future events and are subject to such risks and uncertainties. Actual results may differ materially from the statements made due to a number of factors, including future financial performance, approval of the grant by IIA and its final amount, unexpected regulatory requests and delays, final patent approval and the factors discussed below. . The Company’s filing with Canadian securities regulatory authorities, including the Company’s Management’s Discussion and Analysis for the year ended December 31, 2022 and the Annual Information Form dated March 31, 2023, is available under the Company’s profile on www.sedar.com. Com, and in the company’s Annual Report on Form 20-F for the year ended April 27, 2023, which was filed with the U.S. Securities and Exchange Commission. Should one or more of these factors occur, or should the underlying assumptions of the forward-looking statements prove incorrect, actual results may differ materially from the intended, planned, anticipated or expected results described herein. We do not intend and assume no obligation to update these forward-looking statements except as required by law. The company has an effective shelf registration statement until June 2023 and intends to raise funds in the near future. Any such forward-looking statements represent management’s estimates as of the date of this press release. Although we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events might cause our views to change. Shareholders are cautioned not to place undue reliance on such forward-looking statements.