GlassesOff Announces Closing of Merger and $3.1 Million Private Placement NEW YORK, Aug 06, 2013 (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.
GlassesOff Inc. is a company developing and commercializing next generation vision sharpness applications. GlassesOff(TM) 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(TM) 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(TM) 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.
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