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Further, on May 3rd and 4th, 2023, Bannix began its due diligence on EVIE Autonomous Automotive Ltd. (https://evieautonomous.com/) ("EVIE") as required by the timeline set in the binding Letter of Intent. Bannix' team, headed by CEO and co-Chairman Douglas Davis, met with the EVIE team headed by founder and CEO Steven Lake, in EVIE's headquarters in Stoke-on-Trent, UK, for a two-day session starting the due diligence process.

Both companies shared their preliminary due diligence information and put teams together to undertake completing the due diligence, definitive agreement, and proxy/prospectus steps necessary to de-SPAC and form a business combination. With a greater understanding of EVIE's corporate plans and its autonomous vehicle technology platform, including understanding how the motion detection technology (Apollo) to be acquired from GBT Technologies Inc. may enhance EVIE's solutions, both companies were excited to move forward toward the next phase, which is to enter into a definitive agreement.