ASHKELON, Israel and VANCOUVER, British Columbia, March 08, 2023 (GLOBE NEWSWIRE) -- BYND Cannasoft Enterprises Inc. (Nasdaq: BCAN) (CSE: BYND) ("BYND Cannasoft" or the "Company") announced today plans to enter the multibillion-dollar Sextech Industry as its Zigi Carmel Initiatives & Investments subsidiary filed a U.S. Provisional Patent Application for an additional smart female treatment device for external use. The new artificial intelligence (AI) based device will be capable of treating certain phenomena in female sexual organs. Sextech is a $30 billion industry today, however, according to an analysis report, the industry should grow to $52.7 billion by 2026 with a huge assist from online sales.i The company plans to develop the new AI based device as well as its EZ-G device.
The device utilizes an artificial intelligence and machine learning algorithms to control the operational parameters of the device based on physiological parameters of the user. The device performs operations including stimulating the sexual organs based on user preferences as well as real time data indicative of satisfaction level of the user monitored by sensors. The patent application covers AI that stores user preference data and uses that data to learn general preferences and current operation preferences. This AI component will collect data on the response to various operation parameters and adjust the user preference data accordingly to provide learning capabilities and fine tune its operation as it gets to know its user.
BYND Cannasoft's believes this AI based device also has tremendous potential to capture significant market share as a sex toy, since the technology behind this patent application has the potential to improve the interaction between human and machine. The AI has the capability to collect data on the user’s response to vary stimulation patterns, determine lubricant dispensing rate, and determine sexual climax of the user by using artificial intelligence and machine learning based on data collected and the previous user’s response. This learned AI is designed to provide the user with a natural experience in a controlled manner based on user preferences and real time data. The device also includes a communication component that uses the data and information it has gathered from its sensors to create custom programs and upload the data to the cloud.
Yftah Ben Yaackov, CEO and Director of BYND Cannasoft said, "Our new AI based device comes at a pivotal time as most companies are changing their focus to connect with their customers in more automated and personalized ways. Real-time technologies and generative AI are paving the way for how consumers think and influencing the items they purchase. BYND Cannasoft intends to pursue the final registration of its patents and establish a marketing and sales system for our new AI device and the EZ-G device based on B2B and B2C sales."
BYND previously announced it had filed US Provisional Patent Application number 63/297,009 on January 6, 2022 and PCT application number PCT/IL2023/050016 on January 5, 2023 covering the monitoring and controlling aspects of its EZ-G device. The EZ-G device is a therapeutic device combined with proprietary AI-based software that regulates the flow of low-concentration oils into the soft tissues of the female reproductive system. This process could prove beneficial to pain associated with trauma, complications from surgery or other medical procedures, vulvovaginal atrophy due to a drop of estrogen following menopause, vulvar vestibulitis related to a highly localized burning or cutting type of pain, and cervical cancer. The EZ-G device can utilize naturally derived oils, such as CBD and hempseed, as well as commercially manufactured varieties.
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.
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 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 nine month period ended September 30, 2022 and annual information form dated October 8, 2022, 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.
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