Bannix Acquisition Corp. (“Bannix”: NASDAQ:BNIX) announced today
that on April 17, 2023, it entered into a Binding Letter of Intent
(“BLOI”) that provides for Bannix to execute a definitive agreement
with respect to a business combination (“BCA”) with EVIE Autonomous
Automotive Ltd. (“EVIE Autonomous” https://evieautonomous.com/), a
U.K.-based autonomous vehicle technology company acquired from Aim
Technologies Group by the well-known British automotive
entrepreneur Steven Lake. The entire business combination
transaction consideration will be paid with securities of Bannix.
No cash consideration will be paid.
The autonomous vehicle market size was valued at
USD $87.5 billion in 2021, and is predicted to reach USD $614.9
billion by 2030, with a CAGR of 24.7% during the forecast period
from 2022 to 2030 (see
https://www.reportlinker.com/p06379281/Autonomous-Vehicle-Market-by-Level-of-Automation-by-Propulsion-Type-by-Mobility-and-by-Component-Global-Opportunity-Analysis-and-Industry-Forecast.html?utm_source=GNW).
Evie Autonomous makes driverless platforms with
the goal of transforming logistics, public service and mass
transit. The current Evie Pod is the world's most proven pod,
having transported over 6.3 million people at London Heathrow
Airport since 2010.
The existing stock of Pods have been updated
with the latest in house developed autonomous control hardware and
benefit from EVIE Autonomous’ complete fleet management software,
enabling them to operate in a broader range of environments
including within buildings and externally outside of guideways.
It is revolutionizing industry with its fully
autonomous electric scalable platform moving goods on the
autonomous CargoPod™, off highway-controlled environments such as
airports, ports and people on the Shuttle Pod™ for in settings such
as conference centers, zoos and public transit applications.
Evie Autonomous is evolving the design and
features of the platform, expanding the product range and enabling
more efficient scaled up production with OEM partners globally.
Mr Steven Lake commented, “the applications of
our platform are endless and the needs of society to improve
productivity, profitability and safety in farming, construction and
logistics are acute. We believe our complete proven platform is
ideally placed to solve these challenges. Our goal is to deliver
the most affordable and reliable electric autonomous platform
available. We are delighted to begin this journey to be listed on
NASDAQ.”
Further EVIE Autonomous highlights include:
- A modular scalable electric
platform that moves people and goods today
- Proven and reliable autonomous AI
controlled robotics technology
- Utilizing 4D radar and optical
perception sensors
- Full ownership of proprietary
autonomous system source code
- Fully connected with a working
Fleet Management Solution
- A ride hailing phone app that
allows you to stop a vehicle at the nearest point to your
location
- Market leading price point
- Existing v1 pod orders
- Significant global interest
- Long term service revenues
- Tier 1 automotive supply chain
established
To enhance the EVIE Autonomous platform, concurrently with the
acquisition of EVIE Autonomous, Bannix will acquire additional
intellectual property (“Apollo”), owned by GBT Technologies, Inc.
(“GBT”). GBT filed a patent application in 2021 under Publication
Number 2022/0405966 with the US Patent and Trademark Office. This
patent application describes a machine learning driven technology
that controls radio wave transmissions, analyzes their reflections
data, and constructs 2D/3D images of stationary and moving objects.
The Apollo system is based on radio waves and can detect an
entity’s moving and stationary positions, enabling imaging
technology to show these movements and positions on a screen in
real time. This includes an AI technology that controls the radio
waves transmission and analyzes the reflections. This can be used
as an efficient driver monitoring system, detecting impaired or
distracted drivers, providing audible and visual alerts.
The Company expects to announce additional details regarding the
proposed business combination when a definitive agreement is
executed.
No assurances can be made that the parties will successfully
negotiate and enter into a definitive agreement, or that the
proposed transactions will be consummated on the terms or timeframe
currently contemplated, or at all. Any transaction would be subject
to board and shareholder approval of both companies, regulatory
approvals and other customary conditions.
About Bannix Acquisition
Corp.
Bannix Acquisition Corp. is a blank check
company, also commonly referred to as a Special Purpose Acquisition
Company, or SPAC, formed for the purpose of effecting a merger,
share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses or
entities.
About EVIE Autonomous
Evie Autonomous Limited is a business
incorporated in England & Wales based in Stoke-on -Trent. It
was founded by Mr. Steven Lake who is involved in motorsport and
has built several successful global businesses within the Tier 1
automotive supply chain to blue chip OEMs and includes supplying
FIA and Nascar. EVIE Autonomous has the mission to accelerate the
transformation from low level autonomy to safer, cleaner fully
autonomous movement of people and goods. The EVIE Autonomous
journey began five years ago in the R&D sector, producing
complete systems at low-cost, and now is seeking to expand and grow
globally, mile by self-driving mile.
Forward-Looking Statements
This press release and oral statements made from
time to time by representatives of the Company may include
“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. All statements
other than statements of historical fact included in this press
release are forward-looking statements. When used in this press
release, words such as “anticipate,” “believe,” “continue,”
“could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,”
“possible,” “potential,” “predict,” “project,” “should,” “would”
and similar expressions, as they relate to the Company or its
management team, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of the
Company’s management, as well as assumptions made by, and
information currently available to, the Company’s management.
Actual results could differ materially from those contemplated by
the forward-looking statements as a result of certain factors
detailed in the Company’s filings with the SEC. All subsequent
written or oral forward-looking statements attributable to the
Company or persons acting on its behalf are qualified in their
entirety by this paragraph. Forward-looking statements are subject
to numerous conditions, many of which are beyond the control of the
Company, including those set forth in the Risk Factors section of
the Company’s registration statement and prospectus for the
Company’s initial public offering filed with the SEC. The
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release, except as
required by law.
Additional Information and Where to Find
It
If a definitive agreement is entered into in
connection with the proposed transaction, Bannix will prepare a
proxy statement (the “Proxy Statement”) to be filed with the United
States Securities and Exchange Commission (the “SEC”) and mailed to
its stockholders. Bannix urges its investors and other interested
persons to read, when available, the Proxy Statement, as well as
other documents filed with the SEC, because these documents will
contain important information about the proposed transaction. The
Proxy Statement, once available, can be obtained, without charge,
at the SEC’s website (http://www.sec.gov).
No Offer or Solicitation
This release shall not constitute a solicitation
of a proxy, consent or authorization with respect to any securities
or in respect of any business combination. This release shall also
not constitute an offer to sell or the solicitation of an offer to
buy any securities, nor shall there be any sale of securities in
any states or jurisdictions in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offering of
securities shall be made except by means of a prospectus meeting
the requirements of section 10 of the Securities Act of 1933, as
amended.
Participants in the
Solicitation
Bannix and certain of its respective directors
and executive officers may be deemed to be participants in the
solicitation of proxies, in favor of the approval of the proposed
transaction related matters. Information regarding Bannix’s
directors and executive officers is contained in the section of
Bannix’s Form 10-K for the year ended December 31, 2022 filed with
the SEC on April 11, 2023. Additional information regarding the
interests of those participants and other persons who may be deemed
participants in the transaction may be obtained by reading the
Proxy Statement and other relevant documents filed with the SEC
when they become available.
Contact:
Bannix Acquisition CorpDoug Davis, CEO(323)
682-8949doug.davis@bannixacquisition.com
Bannix Acquisition (NASDAQ:BNIX)
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