Israel's Finance Ministry Increases Israel Innovation Authority's High-Tech Sector Fast-Track Fund to $100 Million During Wartime
November 16 2023 - 8:45AM
BYND Cannasoft Enterprises Inc. (NASDAQ: BCAN) (CSE: BYND) (“BYND
Cannasoft” or the “Company”), announced today on submitting a
research and development plan based on a planned budget of US$1.5
million (grant of up to US$0.75 million) to develop CRM software
combined with AI for the medical cannabis industry (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- and long-term measures designed to
assist startup companies in Israel’s high-tech sector. The Company
was found suitable for submitting the application according to the
criteria required in the grant program as detailed on the Israel
Innovation Authority website.
Ministry officials recently met with prominent
high-tech sector members, the Israel Innovation Authority (IIA),
and other government representatives to discuss strategies for
supporting companies during the ongoing conflict and formulate
long-term industry plans for post-war recovery. The high-tech
industry plays a pivotal role in Israel's economy. In 2022, it
contributed over 18 percent of the national GDP, amounting to $78
billion (290 billion shekels), as the Israel Innovation Authority
reported. Additionally, it was responsible for 50 percent of the
country's foreign exports.
Yftah Ben Yaackov, CEO and Director of BYND
Cannasoft, said, "While the Israeli economy and its high-tech
sector suffered setbacks during the crisis, the swift support
policy developed in conjunction with the Ministry of Finance is
geared toward averting serious economic damage and business as
usual. This policy will be pivotal in restoring the Israeli economy
and its growth engine to a trajectory of rapid recovery once the
conflict concludes." Mr. Ben Yaackov continued, "While the final
decision to receive a grant from the Israel Innovation Authority's
Fast-Track Fund is pending a committee decision, our initial
assessment indicates BYND Cannasoft meets all of the criteria to
receive such a grant."
The Finance Ministry's commitment to increasing
support for the high-tech sector underscores the government's
dedication to sustaining the industry during this challenging
period and ensuring its continued growth and success.
The receipt of the grant is contingent on the
IIA's approval, its review of the application, and confirmation
that BYND Cannasoft meets all criteria. There is no assurance the
grant will be awarded in its full amount.
About BYND Cannasoft Enterprises
Inc.
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 enabling small and medium-sized
businesses to optimize their day-to-day business activities such as
sales management, personnel management, marketing, call center
activities, and asset management. Building on our 20 years of
experience in CRM software, BYND Cannasoft is developing an
innovative new CRM platform to serve 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 varied crops.
BYND Cannasoft owns the patent-pending
intellectual property for the EZ-G device. This device uses
proprietary software to regulate 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
wide variety of women's health issues. The EZ-G device includes
technological advancements as a sex toy with a more realistic
experience, and the prototype utilizes sensors to determine what
enhances the users' pleasure. The user can control the device
through a Bluetooth app installed on a smartphone or other portable
device. The data will be transmitted and received from the device
to and from the 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 device will be sold in the market on the date
it will happen; all is subject to regulatory approvals. The early
registrations are not binding and are made to create a waiting
list, so there is no guarantee that the people that registered will
order the device as there is no financial commitment from their
side at this point.
For Further Information, please refer to the
information available on the Company's website:
www.cannasoft-crm.com, the CSE’s website:
www.thecse.com/en/listings/life-sciences/bynd-cannasoft-enterprises-inc
and on SEDAR: www.sedarplus.ca
Gabi KabazoChief Financial OfficerTel:
604-833-6820e‐mail: ir@cannasoft-crm.com
For Media and Investor Relations, please
contact:
David L. Kugelman866-692-6847 Toll Free - U.S.
& Canada404-281-8556 Mobile and WhatsAppdk@atlcp.com Skype:
kugsusa
Cautionary Note Regarding Forward-Looking
Statements
This press release includes certain statements
that may be deemed "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," "would," "could,"
"will," "intend," "plan," "anticipate," "believe," "estimate,"
"expect," and similar expressions are intended to identify
forward‐looking statements. Those forward-looking statements
include, without limitation, statements regarding the Company's
expectations for the growth of the Company's operations and
revenue. Such statements are subject to certain risks and
uncertainties, and actual circumstances, events or results may
differ materially from those projected in such forward-looking
statements.
Although the Company believes 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 those in forward-looking statements. Such
forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause the Company's actual
performance and financial results in future periods to differ
materially from any projections of future performance or results
expressed or implied by such forward-looking statements. Such
statements reflect the Company's current views with respect to
future events and are subject to such risks and uncertainties. Many
factors could cause actual results to differ materially from the
statements made, including future financial performance, approval
of the grant and its final amount by the IIA, unanticipated
regulatory requests and delays, final patents approval, and those
factors discussed in filings made by the Company with the Canadian
securities regulatory authorities, including (without limitation)
in the Company's management's discussion and analysis for the year
ended December 31, 2022 and annual information form dated March 31,
2023, which are available under the Company's profile at
www.sedar.com, and in the Company's Annual Report on Form 20-F for
the year then ended that was filed with the U.S. Securities and
Exchange Commission on April 27, 2023. Should one or more of these
factors occur, or should assumptions underlying the forward-looking
statements prove incorrect, actual results may vary materially from
those described herein as intended, planned, anticipated, or
expected. We do not intend and do not assume any obligation to
update these forward-looking statements except as required by law.
The Company has an effective shelf registration statement as of
June 2023 and is intending to raise funds in the very near future.
Any such forward-looking statements represent management's
estimates as of the date of this press release. While 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 cause our views to change. Shareholders are cautioned not to
put undue reliance on such forward-looking statements.
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https://innovationisrael.org.il/en/news-fast-track-expended-total-nis400-million
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