LOS ANGELES, Aug. 15, 2023 (GLOBE NEWSWIRE) — Bannix Acquisition Corp. (NASDAQ : BNIX) and GBT Technologies Inc. (OTC : GTCH), a developer of innovative wireless communication products and services through GBT Tokenize Corp., which GTCH holds 50% of, 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 comprises four granted patents and one pending patent. Moreover, this revolutionary radio frequency-based computer vision technology has the potential to offer autonomous vehicles superior perception and mapping capabilities. It can operate effectively in all lighting conditions and weather, once fully developed. The Apollo IP system uses radio waves to transmit and receive data from objects in the environment. Advanced artificial intelligence algorithms then process this data to create a 3D image of the surrounding area. The Apollo IP system surpasses conventional optical sensors, cameras, and LiDAR by detecting objects farther and more precisely. 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 patent purchase 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. Our aim is enabling BNIX clients to create secure, dependable self-driving cars for all terrains, fostering safety and innovation.”
“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. Furthermore, we believe it will enhance our Business Combination partner Evie Autonomous Group’s AI-enhanced radar vision system. This system enables vehicles to perceive their environment using 4D radar and intelligent algorithms. It positions us as a leader in the autonomous technology space by unlocking substantial value. Moreover, 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. By integrating these technologies, we can accelerate our progress and bring our proven solutions and technology to the attention of partners around the globe. Furthermore, I am excited to collaborate with Bannix to enhance productivity, profitability, and safety in multiple sectors.”
The closing of the Apollo system asset purchase is anticipated in the fourth quarter of 2023. The Apollo system’s patent is valued at $42.5 million, payable in BNIX Series A Preferred Stock shares for purchase. 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.
We cannot assure that we will consummate the proposed transactions 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.