CEO Periodic Update for 2024 and Review on the Market of the Growing FemTech industry
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Vancouver, British Columbia – TheNewswire - July 10, 2024 - BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (“BYND” or the “Company”), an integrated software company, provided its CEO’s periodic update for the year 2024.
With the Company's entry into the last stretch before the expected start of sales of the EZ-G device, it has worked over the past year to consolidate its strategic activity in the field of female wellness, particularly in the FemTech field.
The global FemTech market size is valued at USD 45.75 billion in 2022. It is estimated to reach USD 139.51 billion by 2031, growing at a CAGR of 13.12% during the forecast period (2023–2031).” Indirectly, women significantly impact the expansion of the healthcare industry. Women constitute fifty percent of healthcare consumers worldwide. Approximately ninety percent of women are the primary healthcare decision-makers in their homes. Additionally, women are 75% more likely than males to utilize digital healthcare tools. 80% of healthcare providers are female, with the preponderance being nurses. Women's participation in various sectors promoting healthcare can impact the adoption of FemTech solutions. *
With such an exponentially evolving field in mind, we are constantly working to bring the Company's flagship product to market in the coming months as well as develop additional products based on the Company's patented technology- the smart release technology system.
As part of the change and deepening its strategy in the field, the Company is planning changes during 2024, include changes in the corporate field as well as in the field of visibility and branding.
At the same time, the Company intends to showcase its technology and products in a number tradeshows in the US in the field of women's wellness and technology.
Innovative Product Line-Up
BYND strives to redefine skincare with its smart cosmetic face device, utilizing smart release technology alongside interchangeable serum capsules. This innovation allows users to seamlessly transition between treatments, catering to a variety of skin needs. The integration of LED light therapy and gentle vibrations ensures optimal serum absorption, making every skincare routine a smart and personalized experience.
In the hair wellness arena, BYND’s proprietary technology has given rise to an innovative hair growth brush, designed to optimize hair treatment. By combining LED light therapy, gentle vibrations, and essential nutrient capsules, this brush aims to foster an ideal environment for hair growth, ensuring comprehensive care for every hair follicle.
Venturing into women’s sports, BYND development of a muscle pain relief regulator illustrates the company’s dedication to enhancing athletic performance and recovery. This wearable technology merges heat therapy, vibration, and gel application in a user-friendly design, offering targeted relief and muscle recovery support.
Expanding and deepening the company's patent protection
In recent months, the company has filed national patent applications in the US and the European Union and in about ten other different countries.
The protection includes extensive protection of the EZ-G device and the capsule model compatible with the device, as well as several other devices
Market penetration stages
In the coming weeks, the company will conduct an extensive user survey among women of different ages through one of the leading user experience survey companies in the US.
In this user survey, the company will seek to determine the precise results of using the EZ-G device and create a quality user experience.
We expect the results of the review to be positive and prove the device's effectiveness and the quality user experience it provides.
Following the conclusion of the review, the company intends to approve initial production of approximately 10,000 initial units of the EZ-G device.
The devices will be sold on the company's soon-to-be-launched new and improved website and other digital platforms.
The company is in negotiations for the sale of thousands of product units under an exclusive franchise in the US and expects to use the franchise channel as a platform for distributing the device in order to realize the company's strategy based on razors and a knife in which all device users regularly purchase the unique oil capsules from the company as long-term subscribers of the company.
About BYND Cannasoft Enterprises Inc.
BYND Cannasoft stands as a pioneering force in feminine technology. The company’s aim is to serve as a beacon of transformative change in the sphere of female health and wellness. Through proprietary Smart Release Technology and a dedication to creating smart, women-centric products, BYND is establishing new benchmarks in the wellness industry.
BYND is an Israeli-based integrated software company. BYND 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.
BYND owns the patent-pending intellectual property for the EZ-G device. This therapeutic 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. Commercialization of the EZ-G device is subject to receipt of regulatory approvals.
The devices described in this news release are concept devices that are in the first stage of development and will be subject to extensive testing and regulatory approvals and therefore there is no certainty that they will eventually be marketed.
For further information please refer to the Company’s website: www.cannasoft-crm.com, and on SEDAR+: www.sedarplus.ca.
Gabi Kabazo
Chief Financial Officer
Tel: (604) 833-6820
e‐mail: ir@cannasoft-crm.com
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 U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended and 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 to identify forward‐looking statements. 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, 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, 2023 and annual information form dated April 2, 2024, which are available under the company's profile at www.sedarplus.ca, 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 3, 2024. 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. 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.