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TORONTO, Aug. 13, 2021 /CNW/ - Danavation Technologies Corp. (CSE:DVN) ("Danavation" or the "Company") announces that it is retracting and clarifying certain disclosure included in its Form 2A – Listing Statement dated January 11, 2021, filed with securities regulators on January 15, 2021 and available under the Company's profile at www.sedar.com (the "Listing Statement").
On page 21 of the Listing Statement, the Company stated that it has "applied for certain patents with respect to proprietary software products for the retail and grocery industry, including an IoT command center for 24/7 monitoring, private cloud infrastructure for quick deployment and enterprise scalability, and artificial intelligence and analytics to provide inventory optimization, forecasting, marketing management, and dynamic pricing." In addition, the Company stated that the "patents are in the application and examination phase and that the Company does not anticipate receiving any patents until late 2021."
The Company wishes to retract the foregoing statements and to clarify the status of its patent application process. As at the date of the Listing Statement, the Company had commenced preparation of the patent application submissions with its intellectual property legal counsel but no formal filings had been made by counsel, nor have they been made as of the date of this news release. The Company is continuing to prepare applications with respect to two patent applications. Given that the applications have not yet been made, the Company also wishes to retract the forward-looking statement relating to the anticipating timing of receipt of the patents.
The Company also announced that it has retained 5 Quarters Investor Relations, Inc. ("5QIR") and Hybrid Financial Ltd. ("Hybrid") to provide investor relations and capital markets engagement to the Company.
Under the terms of the agreement with 5QIR executed January 7, 2021, the Company has agreed to pay to 5QIR a flat monthly rate of $8,000 based on activities and objectives to be achieved and based on estimated time targets associated with those activities. Each calendar quarter, a reconciliation of the hours incurred for the previous three-month period will be undertaken. If the hours incurred during the quarter are 5% higher or lower than the target, a billing adjustment will be made to the invoice for the last month in the quarter to adjust for the delta. The arrangement is based on a six-month term that auto-renews unless either party provides 30 days' written notice.
Under the terms of the agreement with Hybrid dated November 23, 2020, the Company, through its wholly owned subsidiary, agreed to pay Hybrid a monthly fee of $22,500 for a period of 12 months, beginning on December 1, 2020, for the provision of strategic investor relation services.
Each of 5QIR and Hybrid act at arm's length to the Company.
About Danavation
Danavation Technologies Corp. is a Canadian-based, Internet of Things (IoT) technology company, providing micro e-paper displays to organizations across North America. The Company's Digital Smart Labels™, powered by IoT automation technology and software Platform-as-a-Service (PaaS), enables companies across various sectors to automate labelling, price, product, and promotions in real-time, enhancing data accuracy and improving performance by removing high labour costs and low productivity associated with traditional labour-intensive workflows. By empowering the adoption of smart retail, smart cities and industry 4.0, our goal is to create a sustainable and profitable business for shareholders while advancing sound environmental, social and governance practices, including by significantly reducing paper usage. Danavation has introduced its solution to retailers across North America, including big box and boutique grocers, while also targeting new markets including healthcare providers, manufacturing, and logistics companies. Learn more about the background of Danavation and our vision for the future on our website at www.danavation.com.
Forward-Looking Information
This news release contains forward–looking statements and forward–looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward–looking statements or information. More particularly and without limitation, this news release contains forward–looking statements and information relating to, or which may imply, that the Company expects to file the patents for which it is in the process of preparing. The forward–looking statements and information are based on certain key expectations and assumptions made by management of the Company. Although management of the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward–looking statements and information since no assurance can be given that they will prove to be correct.
Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward–looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward–looking statements and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward–looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward–looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Danavation Technologies Corp.
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