BYND Cannasoft Entering Production Agreements for its EZ-G Device
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The initiation of production for BYND Cannasoft's EZ-G device and capsules signifies a pivotal transition from the R&D phase to market entry, which is a critical juncture for technology companies. The ability to commence production post-Chinese New Year positions the company to meet its Q2 sales targets, indicating strong project management and supply chain coordination. Given the positive customer response to pre-order registrations, there appears to be a market appetite for this novel delivery system for substances and oils. The market will closely watch the actual conversion rate of these registrations into sales, as it will provide a more concrete gauge of market demand and the product's commercial viability.
For investors, the commencement of production is a tangible indicator of progress and potential future revenue streams. It is essential, however, to monitor the cost implications of production, particularly with the choice of manufacturing in China, which may offer cost advantages but also presents risks such as tariffs or supply chain disruptions. Additionally, the transfer of capsules to the US for filling could introduce logistical complexities that investors should be aware of.
The announcement of agreements with two large manufacturers in Shenzhen is likely to be met with investor optimism, as it demonstrates BYND Cannasoft's commitment to scaling up operations. The strategic timing—post-Chinese New Year—may mitigate typical production delays associated with the holiday period. For stakeholders, the key factors to consider will be the cost-effectiveness of these agreements and the impact on the company's margins. The projected sales and profitability mentioned by the CEO suggest a confident outlook for the financial performance of the EZ-G product line.
Investors should also consider the capital requirements for mass production and how this will be financed. If the company has secured favorable terms with the manufacturers, it could imply a lower initial capital outlay and a quicker path to profitability. The positive customer response, if translated into strong early sales, could lead to an uptick in the company's stock price as the market anticipates revenue growth.
The EZ-G device's innovative mechanism for delivering substances and oils to body tissues may represent a significant advancement in the field of drug delivery systems. Controlled release technologies are highly valued for their potential to improve therapeutic outcomes and patient compliance. If the EZ-G device can demonstrate these benefits in a real-world setting, it could disrupt the market and create a competitive edge for BYND Cannasoft.
However, it is imperative to consider regulatory hurdles that may arise, especially with the transport and filling of capsules in the US, which will be subject to FDA oversight. The company's ability to navigate these regulations will be crucial for the timely market introduction of the EZ-G device and capsules. Long-term success will depend on clinical efficacy, safety profiles and the ability to secure necessary approvals.
Israeli Technology Company BYND Cannasoft Enterprises EZ-G Project Team is in Shenzen, China, to solidify agreements with two large manufacturers to produce its EZ-G Device and EZ-G Capsules
ASHKELON, Israel and VANCOUVER, British Columbia, Jan. 25, 2024 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) ("BYND Cannasoft" or the "Company") announced today that its EZ-G project team has arrived in Shenzhen, China to sign agreements with two of the largest manufacturers in the province to begin production of the EZ-G device and EZ-G Capsules. BYND Cannasoft intends to start mass production of its EZ-G device and EZ-G capsules after the Chinese New Year which ends on February 24, 2024. Starting production of the EZ-G device and EZ-G capsules will allow BYND Cannasoft to meet its benchmark of starting the sale of the EZ-G device and EZ-G capsules in the second quarter of 2024, as announced in the Company’s previous press releases.
As the company announced previously, the EZ-G device includes the use of Capsules containing various types of substances and oils that flow in a controlled manner from the Capsules through a special pump inside the device and from there to the body tissues.
The production chain will continue by transporting the Capsules to the US and then transferred to the various filling plants according to the types of substances required.
BYND Cannasoft previously announced a positive response from potential customers who registered on its website - https://easyg-ai.com/ to be first in line to place orders for the EZ-G devices once they are ready to be delivered. This positive response reflects the demand for the innovative EZ-G device and accompanying EZ-G capsules while underscoring the Company's commitment to delivering its technology to customers.
“This is a significant milestone for BYND Cannasoft as we are moving from the stage of developing the dream to realizing the dream in practice,” said Yftah Ben Yaackov, CEO and Director of BYND Cannasoft. “ I am confident that we will quickly bring to the market a technological product of the highest level and provide relief and pleasure to users on one hand and significant value to our shareholders on the other hand while generating significant sales and profits”
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 by making it a more organized, accessible, and price-transparent market. 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 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 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.
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: ir@cannasoft-crm.com
For Media and Investor Relations, please contact:
David L. Kugelman
(866) 692-6847 Toll Free - U.S. & Canada
(404) 281-8556 Mobile and WhatsApp
Skype: kugsusa
Cautionary Note Regarding Forward-Looking Statements
This press release includes certain statements that may be deemed "forward-looking statements" including statements regarding the filing of a final Prospectus. All statements in this release, other than statements of historical facts, that address future events or developments that the Company expects, are forward-looking statements including but not limited to intended business objectives and the expected timelines to accomplish those objectives. 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 unanticipated regulatory requests and delays, final patents approval, future sales and revenues from the EZ-G device 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. 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.
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