Israel's Finance Ministry Increases Israel Innovation Authority's High-Tech Sector Fast-Track Fund to $100 Million During Wartime
- Israel's Finance Ministry has increased the Israel Innovation Authority's Fast-Track Fund up to US$100 Millioni, Empowering its high-tech sector amid wartime challenges
- Israel-based BYND Cannasoft has submitted 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"), 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 Kabazo
Chief Financial Officer
Tel: 604-833-6820
e‐mail: [email protected]
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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.
i https://innovationisrael.org.il/en/news-fast-track-expended-total-nis400-million
