GlassesOff Announces Closing of Merger and $3.1 Million Private Placement
GlassesOff Announces Closing of Merger and $3.1 Million Private Placement
NEW YORK--(BUSINESS WIRE)-- GlassesOff Inc. (OTC: ATVP), formerly Autovative Products Inc., today announced the closing of a $3.1 million private placement, simultaneously with the acquisition of Ucansi Inc. ("Ucansi"), a company developing and commercializing next generation vision sharpness applications.
GlassesOff issued 2,490,000 units, each composed of one share of common stock and one warrant, at $1.25 per unit for a total of $3,112,500 million before offering expenses. Each warrant is exercisable for one share of common stock at an exercise price of $1.25 per share and expires five years from issuance.
The current management and Board of Directors of Ucansi have assumed operational control of the public entity.
About GlassesOff
GlassesOff Inc. is a company developing and commercializing next generation vision sharpness applications. GlassesOff™ has developed a proprietary, patent-protected technology platform to improve near vision sharpness, by improving the image processing function in the visual cortex of the brain, without changing the optical characteristics of the eye. The GlassesOff™ product has been designed to eliminate the dependency on reading glasses of people over the age of 40 who experience natural age-related changes in their near vision sharpness. The GlassesOff™ product is expected to be sold initially as an iPhone/iPad app, and was named one of the top Emerging Breakthroughs in Science and Technology for 2013 by Reader's Digest Magazine. For more information, visit www.glassesoff.com.
Safe Harbor Statement:This press release contains forward-looking statements, which may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "would," "intends," "estimates," "suggests," "has the potential to" and other words and phrases of similar meaning, including statements regarding the results of effectiveness of GLASSESOFF's applications.Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect GLASSESOFF's business and prospects, including the risks that GLASSESOFF may not succeed in generating any revenues or developing any commercial products, that the products may not achieve the expected results or effectiveness, and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risk factors described above, investors should consider the economic, competitive, governmental, technological and other factors discussed in GLASSESOFF's filings with the Securities and Exchange Commission.The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements, except as required under applicable law.
GlassesOff, Inc.
Nimrod Madar, +1-855-EYES-AGE
CEO
Nimrod.Madar@glassesoff.com
KEYWORDS: United States North America New York
INDUSTRY KEYWORDS:
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