GlassesOff Announces Closing of Merger and $3.1 Million Private Placement


NEW YORK— GlassesOff Inc. (OTC: ATVP), formerly Autovative Products Inc., announced the closing of a $3.1 million private placement, simultaneously with the acquisition of Ucansi Inc., 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. has developed a proprietary 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 product is expected to be sold initially as an iPhone/iPad app.