Enter into Binding Business Combination Agreement
WEST HOLLYWOOD, Calif., March 28, 2024 (GLOBE NEWSWIRE) -- Bannix Acquisition Corp. (“Bannix” or the “Company”) together with GBT Technologies, Inc. (“GBT”), announced today that the Company and VisionWave Technologies Inc., which is partially owned by GBT ("VisionWave") have executed a binding Business Combination Agreement (“BCA”) with the goal of bringing a groundbreaking imaging technology called "VisionWave” to market. This technology platform, backed by a portfolio of patents, leverages the power of radio waves and machine learning to create a new frontier in computer vision.
A New Vision for Imaging
VisionWave has promise to revolutionize imaging and detection, particularly in military/combat and geological survey applications. Using radio waves, the goal of the system, which is under development, is to:
- Analyze reflections to create detailed 2D and 3D images of stationary and moving objects, including living beings, above and below ground.
- Offer 360° coverage through AI-driven radio wave analysis, providing unparalleled situational awareness.
- Integrate seamlessly with existing radar systems, enhancing their capabilities with advanced features.
Looking Ahead
While the path to commercialization requires additional research, development, and strategic partnerships for successful market introduction, both Bannix and VisionWave are confident in the transformative potential of VisionWave. This innovative technology has the potential to redefine imaging and detection across various industries, from military applications to security and medical diagnostics.
“Applications using radio frequency to detect, measure and provide accurate detailed information to AI- and computer-driven systems are proliferating widely,” said Bannix CEO and co-Chairman Doug Davis. “We are pleased to partner with, VisionWave, whose technology and patent portfolio represent, I believe, a significant step forward to everyday usage in both military and commercial applications.”
Mansour Khatib GBT’s CEO added: “We are very excited with Bannix’s decision to move ahead. Put simply, the goal of this technology upon full development will be to read life signs, health, see through walls, detect underground objects and life signs, support autonomous vehicles and has many other applications.”
Important Disclaimer
The success of VisionWave hinges on multiple factors, including securing adequate funding for research and development and forming strategic partnerships for manufacturing and distribution. There is no guarantee that Bannix or Tokenize will overcome these hurdles.
About Bannix Acquisition Corp.
Bannix Acquisition Corp. (NASDAQ : BNIX) (“BNIX”) (https://www.bannixacquisition.com ) is a blank check company, also commonly referred to as a Special Purpose Acquisition Company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities.
About GBT Technologies, Inc.
GBT Technologies, Inc. (OTC PINK: GTCHD) (“GBT”) (http://gbtti.com) considers itself a native of Internet of Things (IoT), Artificial Intelligence (AI) and Enabled Mobile Technology Platforms used to increase IC performance. GBT has assembled a team with extensive technology expertise and is building an intellectual property portfolio consisting of many patents. GBT’s mission, to license the technology and IP to synergetic partners in the areas of hardware and software. Once commercialized, it is GBT’s goal to have a suite of products including smart microchips, AI, encryption, Blockchain, IC design, mobile security applications, database management protocols, with tracking and supporting cloud software (without the need for GPS).
Forward-Looking Statements
This press release and oral statements made from time to time by representatives of the Company or GBT may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions, as they relate to the Company or its management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s and/or GBT’s management, as well as assumptions made by, and information currently available to, the Company’s and/or GBT’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s and/or GBT’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to the Company or GBT or persons acting on its behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company or GBT, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the Company’s initial public offering filed with the SEC. The Company or GBT undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Additional Information and Where to Find It
Bannix intends to prepare a proxy statement (the “Proxy Statement”) to be filed with the United States Securities and Exchange Commission (the “SEC”) and mailed to its stockholders. Bannix urges its investors and other interested persons to read, when available, the Proxy Statement, as well as other documents filed with the SEC, because these documents will contain important information about the proposed transaction. The Proxy Statement, once available, can be obtained, without charge, at the SEC’s website (http://www.sec.gov).
No Offer or Solicitation
This release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of any business combination. This release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.
Participants in the Solicitation
Bannix and certain of its respective directors and executive officers may be deemed to be participants in the solicitation of proxies, in favor of the approval of the proposed transaction related matters. Information regarding Bannix’s directors and executive officers is contained in the section of Bannix’s Form 10-K for the year ended December 31, 2022 filed with the SEC on April 11, 2023. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the Proxy Statement and other relevant documents filed with the SEC when they become available.
Contact:
Bannix Acquisition Corp
Douglas Davis, CEO
doug.davis@bannixacquisition.com
GBT Technologies, Inc.
Mansour Khatib, CEO
press@gopherprotocol.com
