Bannix Acquisition Corp. (NASDAQ : BNIX) and GBT Technologies Inc.
(OTC : GTCH), a leading developer of innovative wireless
communication products and services through GBT Tokenize Corp.
(“Tokenize”), which GTCH holds 50% of, today announced that they
entered into a definitive Patent Purchase Agreement pursuant to
BNIX acquiring the Apollo IP system for $42,500,000 payable in
shares of Preferred Stock of BNIX.
The Apollo IP system, which consists of four (4)
granted patents and one (1) pending, is a revolutionary radio
frequency-based computer vision technology that, upon full
development, can provide autonomous vehicles with superior
perception and mapping capabilities in all lighting conditions and
weather. The Apollo IP system uses radio waves to transmit and
receive data from objects in the environment. This data is then
processed by advanced artificial intelligence algorithms to create
a 3D image of the surrounding area. The Apollo IP system is able to
detect objects at longer distances and with greater accuracy than
traditional optical sensors, cameras and LiDAR. It is also not
affected by lighting conditions or weather, making it ideal for
autonomous vehicles that operate in a variety of environments. It
may enable BNIX to provide its customers with the most advanced
autonomous vehicle perception technology available.
“We are excited to enter this agreement with Bannix
through Tokenize,” said Mansour Khatib, CEO of GBT Technologies.
“We believe this technology is a potential game-changer for the
autonomous vehicle industry. It is our goal to allow BNIX customers
to develop safer, more reliable autonomous vehicles that can
operate in any environment.”
“We are excited to announce our acquisition
agreement with Tokenize. We believe this strategic acquisition will
allow us to partner with multiple integrators of autonomous
vehicles. We believe it will also enhance our Business Combination
partner Evie Autonomous Group’s exciting, patent-pending, AI
enhanced radar vision system that allows vehicles to perceive their
environment, using 4D radar and algorithms to intelligently
interpret the sensor data and unlock tremendous value and position
us as a leader in the autonomous technology space. Together, we
will drive the future of mobility and revolutionize the way people
experience transportation,” said Doug Davis, CEO of Bannix
Acquisition Corp.
Added Steven Lake, founder and CEO of Evie
Autonomous Group, “The time is now to deliver world-class
automation, robotics, and AI to off-highway environments. This
combination will accelerate our progress and bring our proven
solutions and technology to the attention of partners around the
globe. I am excited to work with Bannix to improve productivity,
profitability, and safety in multiple sectors.”
The Apollo system asset purchase is expected to
close in the fourth quarter of 2023. The purchase price for the
Apollo system is $42.5 million, which will be paid in shares of
BNIX Series A Preferred Stock. Tokenize agreed with BNIX that in no
event the consideration will be less than $30,000,000 which then
may give Tokenize the option to cancel the agreement.
No assurances can be made 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. Moreover, there is no
guarantee that the BNIX, Evie Autonomous Group, GBT Technologies
and/or Tokenize will be successful in researching, developing or
implementing this system. There is no guarantee that the parties
will be successful in any or all of these critical steps.
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.
About GBT Technologies
GBT Technologies, Inc. (OTC PINK: GTCH) (“GBT”)
(http://gbtti.com) is a development stage company which considers
itself an expert in the areas of Internet of Things (IoT),
Artificial Intelligence (AI) and Enabled Mobile Technology
Platforms used to increase IC performance. GBT has assembled a team
with extensive technology expertise and is building an intellectual
property portfolio consisting of many patents. GBT’s mission is to
license technology and IP to synergistic partners in the areas of
hardware and software. Once commercialized, it is GBT’s goal to
have a suite of products including smart microchips, AI,
encryption, Blockchain, IC design, mobile security applications,
database management protocols, with tracking and supporting cloud
software (without the need for GPS). GBT envisions this system as a
creation of a global mesh network using advanced nodes and super
performing new generation IC technology. The core of the system
will be its advanced microchip technology; technology that can be
installed in any mobile or fixed device worldwide. GBT’s vision is
to produce this system as a low cost, secure, private-mesh-network
between all enabled devices. Thus, providing shared processing,
advanced mobile database management and sharing while using these
enhanced mobile features as an alternative to traditional carrier
services.
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 Corp.Doug Davis, CEO(323)
682-8949doug.davis@bannixacquisition.com
GBT Technologies, Inc.Mansour Khatib, CEOinfo@gbtti.com
Bannix Acquisition (NASDAQ:BNIX)
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