Breaking #AI #Stock News:
GBT Technologies, Inc. (OTCPK: $GTCH) & Bannix Acquisition Corp. Announce
Execution of Patent Purchase Agreement; @gbtt_inc
Bannix to Acquire
GBT’s Apollo IP to Enhance Autonomous Vehicle Perception and Mapping Purchase
Price of $42,500,000 to be paid in shares of Preferred Stock
LOS ANGELES, CA- August 15, 2023
(Investorideas.com Newswire) Bannix Acquisition Corp. (NASDAQ : BNIX) and GBT Technologies
Inc. (OTC PINK: 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.
Read this
news, featuring GTCH in full at https://www.investorideas.com/CO/GOPH/news/2023/08151Patent-Purchase-Agreement.asp
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) 682-8949
doug.davis@bannixacquisition.com
GBT Technologies, Inc.
Mansour Khatib, CEO
info@gbtti.com
GBT Technologies Inc. (OTCQB:GTCH) is a
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