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ASHKELON, Israel and VANCOUVER, British Columbia, April 25, 2023 (GLOBE NEWSWIRE) — BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) (“BYND Cannasoft” or the “Company”) announced today it has received a positive opinion from the Patent Cooperation Treaty (PCT) for its Artificial Intelligence (AI) Sex Tech-based Female Treatment Device. Along with its EZ-G device, the company plans to develop its groundbreaking AI-based adult device that incorporates machine learning algorithms based on user response to stimulation. The device will provide users with a personalized experience that meets various needs related to sexual pleasure, pain management, and medical conditions. BYND Cannasoft plans to move quickly toward monetizing any patents awarded to take advantage of the burgeoning trend in the global AI market, which is estimated to expand at a compound annual growth rate (CAGR) of 39.4 percent to reach USD 422.37 billion by 2028.i
The Smart Adult Device utilizes one or more sensors to monitor the user’s response to stimulation and overall state. By collecting data from its sensors, the device will adjust stimulation patterns and determine the lubricant dispensing rate, thereby facilitating sexual climax. User data is stored and analyzed to improve the device’s operation to the user’s preference.
To protect this innovative technology, Zigi Carmel Initiatives & Investments LTD, a subsidiary of BYND Cannasoft, has filed a US Provisional Patent Application and a full-scale PCT application covering the monitoring and controlling aspects of the adult device. The PCT application covers the device’s structure, moving/vibrating elements, sensors (such as pressure, temperature, conductivity, and heart rate sensors), and a controller that receives sensor data and user preferences to determine operation.
The device also includes a communication component that provides a simple user interface, gathering information and creating custom programs according to the collected data from the sensors and uploading the data to the cloud.
The International Search Report and Written Opinion (ISR&WO) issued by the Israeli patent office acting as International Search and Examination Authority indicates the allowability of claims relating to certain features of the device. The allowable features relate to determining the device’s location within a body cavity, determining data on body fluids and lubricant, obtaining heart rate data by the device, adjusting device operation to different lubricant and active materials, variation of device operation pattern to selected operation time and user satisfaction, and determining the level of user satisfaction based on physiological parameters.
Yftah Ben Yaackov, CEO and Director of BYND Cannasoft said, “BYND Cannasoft LTD is committed to bringing this innovative technology to market and providing a unique, personalized user experience. We will continue to pursue patent protection for additional features of the device and look forward to bringing this groundbreaking product to consumers. Artificial Intelligence is having a significant impact on the sextech industry. With AI, sextech companies can create innovative devices and services that are more personalized, responsive, and user-friendly. AI-powered sex toys have the potential to be one of the most popular submarkets since users can adjust their stimulation patterns based on feedback and preferences, providing a more customized and satisfying experience. We plan to keep our shareholders updated with benchmarks and milestones on the status of our patent applications and the monetization of our AI Sex Tech based Female Treatment Device.”
Should BYND Cannasoft receive a patent from the PCT, it can benefit in several ways:
- Global Protection: A PCT patent application protects in all PCT member countries. This makes it easier and more cost-effective for a company to obtain patent protection in multiple countries.
- Time to Decide: The PCT process provides a company additional time to decide in which countries to pursue patent protection. The company has up to 30 months from the priority date to file national patent applications in individual countries.
- Enhanced Patentability: The PCT process can provide additional information on the invention’s patentability through the International Search Report and Written Opinion. This information can help the company determine the potential scope of protection for its invention.
- Licensing Opportunities: A PCT patent application can be licensed to other companies, generating revenue through royalties. Additionally, the patent can increase the value of the company.
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 potentially 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 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.sedar.com.
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Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties, which may cause results to differ materially from the statements made. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. When used in this document, the words “may,” “would,” “could,” “will,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “expect,” “potential,” “continue,” “strategy,” “future,” “project,” “target,” and similar expressions are intended to identify forward-looking statements, though not all forward looking statements use these words or expressions. All statements contained in this press release other than statements of historical fact, including, without limitation, statements regarding our additional smart female treatment device, our Cannabis CRM platform, our expanded EZ-G patent application, our market growth, and our objectives for future operations, are forward looking statements. Additional regulatory standards may be required, including FDA approval or any other approval for the purpose of manufacturing, marketing, and selling the devices under therapeutic indications. There is no certainty that the aforementioned approvals will be received, and all the information in this release is forward-looking. 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, 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 filings made with the U.S. Securities and Exchange Commission. 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.