Bannix Acquisition Corp. Announces a Binding LOI to Complete a Business Combination with an Autonomous Vehicle Technology Company

Bannix Acquisition Corp. announced that on April 17, 2023, it entered into a Binding Letter of Intent (“BLOI”) that provides for Bannix to execute a definitive agreement with respect to a business combination (“BCA”) with EVIE Autonomous Automotive Ltd., a U.K.-based autonomous vehicle technology company acquired from Aim Technologies Group by the well-known British automotive entrepreneur Steven Lake. The entire business combination transaction consideration will be paid with securities of Bannix. No cash consideration will be paid.

 Latest AiThority Interview Insights : AiThority Interview with at Brian Sathianathan, Co-Founder and CTO at Iterate.ai

Evie Autonomous makes driverless platforms with the goal of transforming logistics, public service and mass transit. The current Evie Pod is the world’s most proven pod, having transported over 6.3 million people at London Heathrow Airport since 2010.

The existing stock of Pods have been updated with the latest in house developed autonomous control hardware and benefit from EVIE Autonomous’ complete fleet management software, enabling them to operate in a broader range of environments including within buildings and externally outside of guideways.

It is revolutionizing industry with its fully autonomous electric scalable platform moving goods on the autonomous CargoPod™, off highway-controlled environments such as airports, ports and people on the Shuttle Pod for in settings such as conference centers, zoos and public transit applications.

Evie Autonomous is evolving the design and features of the platform, expanding the product range and enabling more efficient scaled up production with OEM partners globally.

Read More about AiThority Interview: AiThority Interview with Ajay Sathyanath, Chief Technology Officer at Madison Logic

Mr Steven Lake commented, “the applications of our platform are endless and the needs of society to improve productivity, profitability and safety in farming, construction and logistics are acute. We believe our complete proven platform is ideally placed to solve these challenges. Our goal is to deliver the most affordable and reliable electric autonomous platform available. We are delighted to begin this journey to be listed on NASDAQ.”

Further EVIE Autonomous highlights include:

• A modular scalable electric platform that moves people and goods today
• Proven and reliable autonomous AI controlled robotics technology
• Utilizing 4D radar and optical perception sensors
• Full ownership of proprietary autonomous system source code
• Fully connected with a working Fleet Management Solution
• A ride hailing phone app that allows you to stop a vehicle at the nearest point to your location
• Market leading price point
• Existing v1 pod orders
• Significant global interest
• Long term service revenues
• Tier 1 automotive supply chain established

To enhance the EVIE Autonomous platform, concurrently with the acquisition of EVIE Autonomous, Bannix will acquire additional intellectual property (“Apollo”), owned by GBT Technologies, Inc. (“GBT”). GBT filed a patent application in 2021 under Publication Number 2022/0405966 with the US Patent and Trademark Office. This patent application describes a machine learning driven technology that controls radio wave transmissions, analyzes their reflections data, and constructs 2D/3D images of stationary and moving objects. The Apollo system is based on radio waves and can detect an entity’s moving and stationary positions, enabling imaging technology to show these movements and positions on a screen in real time. This includes an AI technology that controls the radio waves transmission and analyzes the reflections. This can be used as an efficient driver monitoring system, detecting impaired or distracted drivers, providing audible and visual alerts.

The Company expects to announce additional details regarding the proposed business combination when a definitive agreement is executed.

No assurances can be made that the parties will successfully negotiate and enter into a definitive agreement, or that the proposed transactions will be consummated on the terms or timeframe currently contemplated, or at all. Any transaction would be subject to board and shareholder approval of both companies, regulatory approvals and other customary conditions.

 Latest AiThority Interview Insights : AiThority Interview with at Brian Sathianathan, Co-Founder and CTO at Iterate.ai

 [To share your insights with us, please write to sghosh@martechseries.com]