Binovi Technologies touts 24% revenue growth, details US expansion and more in major corporate update

Binovi Technologies Corp (OTCQB:BNVIF) (CVE:VISN) has issued a corporate update, informing investors that it saw 24% revenue growth year-over-year in the first quarter and providing progress reports on various projects. The company faced challenges including supply chain disruption and reduced in-person visits to vision therapists, but says it relied on streamlined sales efforts and strengthened product offerings to establish greater traction with the general market. "I am very proud of our team's ability to deliver continued growth despite the heavy impact of COVID-19,” CEO Adam Cegielski said in a statement. “Especially encouraging is the substantial pipeline of new opportunities we are building, as well as the growing market awareness of non-acuity related vision issues, which we see reflected in increased organic demand for our solutions. We continue to work on various initiatives in the sports, education, and vision therapy market segments, and believe that Binovi is exceptionally well-positioned to capitalize on the numerous opportunities we have identified across these markets." READ: Binovi completes acquisition of Samurai Motion and its computer-aided vision therapy technology Binovi also announced that Tania Archer, who has been with the company since 2019, has been named interim COO. Archer previously headed the company’s global sales and marketing division, where she was responsible for strategic partnerships.  Archer will spearhead an internal reorganization meant to further streamline sales and marketing execution efforts. Binovi continues to run targeted sales campaigns on its various product and solutions offerings, and the reorganization is intended to ensure the highest possible conversion ratio on its leads. Pending successful reorganization, Archer will assume appointment to COO, the company said. "Our sales campaigns have been extraordinarily successful,” Archer said. “Despite the impact of the COVID-19 pandemic, we are seeing continued strong demand for our offerings. As an early-stage company, it is crucial that we are structured to maintain this momentum and be able to carry growth. To this end, we will be implementing an internal reorganization so that we are able to capitalize on our successful sales efforts and provide our customers with the high level of care that they have come to expect from Binovi." A former track and field athlete who trialed for the Canadian Olympic team, Archer spent more than 15 years contributing to professional sports and the promotion of sports sciences, including the strategic development of sport alignments within corporations, the company said. She previously held leadership roles with companies such as SwimEx, Waddell and Reed, CBS and Archer Investment Group Inc. US operations With roughly 80% of Binovi's revenue coming from the US, the availability of grants in the country and the sheer size of the market, the company said it has decided to establish operations in the US.  Binovi is incorporating a wholly owned subsidiary, to be based in Missouri, the company said. Through its executives and certain strategic partners, the company has deep roots in Missouri and has strong connections to the state's educational institutions and sports organizations. "We have identified numerous opportunities in the US, the pursuit of which requires a local presence,” Archer said. “Establishing ourselves in the US, we believe, will enable us to significantly accelerate growth, including being able to participate in state and federal projects that otherwise would not be accessible to us. Furthermore, this will be a low-cost endeavor due to the availability of grants for business development and project related purposes." Educational Research Sandra Stoddard, a member of Binovi’s scientific advisory board, will head up a research program with an Alberta school board meant to establish the positive impact the company’s system has on students with visual issues other than acuity related to learning to read.  "All research in this field points at the substantial benefits of visual therapy, such as increased cognitive and physical performance,” Stoddard said. “However, no study to date has followed the rigorous protocol that we will apply to this study, which includes control and placebo groups. This study is aimed at providing conclusive, scientific evidence of the benefits visual therapy has on children's cognitive performance in general once and for all, with a focus on reading in particular.” She continued: “We know from experience that individuals typically experience a significant and measurable positive impact following a 12-week program. This will enable us to conduct the study in months rather than years. This accelerated timeline will enable us to publish results relatively quickly. This, we believe, will provide Binovi, with evidence-based data to engage with governmental and other stakeholders to roll out our programs at a much larger scale than has been the case to date.” The company pointed to a study that showed that 88% of students who failed to earn a high school diploma were struggling readers in grade 3, as well as another study that found that those who were not reading proficiently by third grade were almost four times more likely to leave school without earning their diploma.  "Improving children's reading proficiency by grade three will not only have a massive impact on their chances of success in life, it will also have a major positive economic impact on society at large,” Stoddard said. “We anticipate the study to commence in September and run through to the end of the calendar year, with results released through peer reviewed publications shortly thereafter." Sanet Vision Seminar Series Binovi Academy bills itself as providing optometrists and vision therapists with the knowledge and tools to enhance their practices, the company said. That includes the Sanet Vision Seminar Series, with commentary from Chief Scientific Officer Leonard Press. The series, combined with educational modules on optometric phototherapy/syntonics and primitive reflexes, provides optometrists and vision therapists with a holistic approach to enhanced vision development and performance. "The Binovi educational modules (ePubs) for optometrists and vision therapists are unparalleled in their scope and quality for each of their respective topic areas,” Press said. “This creates incredible early mover strength in a market that is developing rapidly. The recent surge in demand for cloud-based education and delivery of services positions Binovi's end-to-end solutions to pave the way for incredible opportunity.  Binovi Touch Elite The company also announced that the redesigned Binovi Touch Elite vision performance trainer is ready for early release, and the company is starting to take pre-orders. The new Binovi Touch Elite is lighter, small enough to be portable and has a flexible wall mount, the company said,  "We listened to our customers and completely redesigned Binovi Touch's hardware,” Chief Technology Officer Sam Mithani said. “Binovi Touch Elite, we anticipate, will not only generate repeat business from existing customers, but will reduce barriers to adoption due to its portability and new functionality. We are just commencing production of Elite.” Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com Follow him on Twitter @andrew_kessel