The AI Eye Podcast - GBT's CTO (OTC: GTCH) and Bannix CEO (NASDAQ: BNIX) discuss Autonomous Vehicles and $42.5 Million Patent Purchase for A

The AI Eye Podcast - GBT's CTO (OTC: GTCH) and Bannix CEO (NASDAQ: BNIX) discuss Autonomous Vehicles and $42.5 Million Patent Purchase for Apollo IP system

Episode Transcript

(00:00):
Welcome to today's edition of the AIIwatching stock news, deal tracker and advancements
in artificial intelligence. Hello everyone,this is Sam Mauers here. Welcome to
a special edition of the AII podcastfeaturing an interview with Doug Davis, the

(00:21):
CEO of Bannock's Acquisition Corp, andreturning guests Danny Ritman, who is of
course the CTO of GBT Technologies Inc. Bannock's Acquisition Corp is a special purpose
acquisition company, and GBT Technologies isa development stage company which considers itself a
native IoT creator, developing Internet ofThings and artificial intelligence enabled mobile platforms.

(00:48):
Bannocks trades on the NASDAC under theticker symbol b NIX, and GBT trades
on the OTC Pink under the tickersymbol GtC H. Now, for this
interview, both Doug and Danny arediscussing the recent patent purchase agreement made between
Bannocks and GBT Tokenize Corp, whichgives the former's business combination partner, ev

(01:12):
Autonomous Group access to gbt's Apollo AItechnology i P. So, without further
ado, here's my conversation with DougDavis and Danny Ritman Doug and Danny,
Welcome to the show. Thanks somuch for joining us. Is happy to
be here. Thanks Sam, thankyou. So to start things off,

(01:36):
Doug, could you first maybe giveus a brief bit of background on Bannock's
acquisition corp itself. Sure So,Bannocks is a SPACK, a special purpose
acquisition company. It was originally formedin January twenty twenty one by a team
internationally who were the sponsors. Ourgroup took over sponsorship of the SPACK in

(01:59):
October of twenty twenty two and sincethen, you know, our our team
is very well connected in all sortsof technological markets. Since then, we've
probably examined over seventy different companies infintech and it in biotech, etc.
And we made a decision to forma business combination and do a despect with

(02:22):
a company out of the UK thatdoes autonomous electric vehicles. Now a binding
letter of intent was announced earlier thisyear. I think you are referring to
this is the business combination with EVAutonomous Automotive Limited. Can you talk a
bit about the company and bring usup to speed on your relationship with those

(02:45):
guys. Sure So, EV isa company outside of Manchester in England in
a town called Stoke on Trent.Steve Lake, who's the founder, is
a very renowned expert in the worldof electronic automotive parts for autonomous vehicles.
What Evy Autonomous Group did was alittle while ago they bought out the assets

(03:08):
of the system that was deployed atHeathrow Airport for moving people from parking to
Terminal five and back. So forthe last few years there's been a pod
system, an autonomous electric pod system. You know, no drivers, just
push the button on the screen,the potter rise, you get in,
you go to the terminal and viceversa. And the company who originally did

(03:29):
that under contract for Heathrow fell onhard times and Steve and his company,
Evy Autonomous, acquired all the assets. Since then, they have been working
with other airports and other facilities.For example, they have some letters of
intent with places like Toronto Zoo inCanada for their airports such as Sistra in

(03:50):
Brussels to deploy systems with them aswell. What we found fascinating about Evy
Autonomous is they already had some veryinteresting patent pending RF based radar technology around
their cars. They're able to measurewhere their pods are down to a couple

(04:11):
of millimeters, which is very precise. The reason we were interested in talking
about Apollo with GBT is that Apollokind of wraps around what E the autonomous
already has. So imagine a shuttlegoing from point A to point B.
The shuttle currently is able to seeeverything around it safely and maneuver and avoid
obstacles, et cetera. What Apollogives it is several different dimensions above and

(04:34):
beyond that. First of all,Apolo can map the route so that the
computer doesn't after real time, lookat the route every time it goes,
it knows where it's going. Secondly, there's some features in there that allow
for facial recognition, which can leadto identifying correct people, security, able

(04:57):
to see how many people are ina vehicle, able to when it gets
to maximum load. And these technologieswill play not only in the airport pod
scenario but into markets like shipping,ports, moving containers around, security,
warehousing, healthcare. So we're veryexcited about IDEO Autonomous, and we're very

(05:18):
excited about the additional technology that Apaulacan bring to it. Now, at
this point, let's turn to Dannycould you walk us through the Apollo IP
systems for granted patents and one pendingpattern just to give us a bit of
background on the tech. Sure,Apollo, as we as that basic dimension

(05:43):
is what we called the computer visionsystem that is based on completely pure If
we are shooting radio frequency waves inwide varieties you know, frequencies, and
from the reflections these radio waves hitobjects and we analyze the reflections, usually
using artificial intelligence technology. And withthis artificial intelligence technology, we are actually

(06:08):
constructing an image, a very accurateone of the scanned area. Currently we
have one granted patent, another onecontinuation is on its way, and we're
probably going to plan to do moreas we go at this. We do
in order to strengthen and broaden theIP protection. Again, just the last

(06:30):
few words about the technology itself.It actually has a highly advanced AI technology
for the imaging. We're also incorporatingsecurity of course, to make sure that
the data is secure. And ithas a huge potential to actually do many
as Dog mentioned, to be veryeffective in why the varieties of applications,

(06:54):
if it's medical field, if it'sautonomous vehicles, security and more. Now,
I think that paints a pretty goodpicture. But given the relative ubiquity
of different AI texts these days,what would you say sets Apollo apart from
other AI technologies being used in saythe autonomous vehicle space. Well, the

(07:18):
Apollo system mainly on the AI side, there's a big hypnotism. We believe
that the main advantage is we areusing not just the what we call one
type of AI. We actually involvea few type of AI algorithms or methodologies
or techniques within Apollo, and thatgoes with broaden type what we call the

(07:41):
supervised learning and unsupervised learning. Sowe are basically, and that's the biggest
advantage of the system, we actuallyused an unsupervised learning in order to gather
data, arrange it basically make itmore readable for the supervised learning to go
and do the analysis. So thecombination of few concepts of AI for the

(08:05):
Apollo system make it very unique.Beside the fact we actually using few types
of algorithms. If it's a recurrentnoval networks, we're using convolutional norval networks
for imaging. So the Apollo encapsulatesa few types of AI techniques, methodologies,
approaches, and that's what we believeit has a great advantage on other

(08:26):
systems. Now, the context forthis conversation we're having is the as mentioned,
the recently announced patent purchase agreement betweenGBD Token I Scorp and Bannocks with
regard to the Apollo IP system.Could you talk a bit about how GBT

(08:48):
came on your radar and moreover,a bit about the financial value of the
transaction transaction itself. Well, it'skind of a an interesting story how GBT
came on our radar because five yearsago I used to be the CEO of
GBT, so I've known Danny forseveral years. I've known the management team

(09:13):
there. I'm aware of the IPportfolio that they've worked on over time.
So when we decided to make thedeal, the business combination agreement with evy
Autonomous, we reached out to GBTand said, you know, there's something
there that we probably need to workon together. As for the valuation,
you know, we've gone to marketwith a valuation of eighty five million shares,

(09:37):
which is you know, SPACs aretypically trading at about ten dollars a
share before de SPAC and business combination, So the ev Autonomous deals an eight
hundred and fifty million dollars deal asreported in our filings with the SEC right
now, of course, we'll bedoing a fairness opinion to make sure that
our shareholders are protected and make surethat that valuation is correct. And what

(10:00):
we did with Apollo is we tooka look at the various markets and the
barriers to entry that other people inthe autonomous vehicles would have and assigned the
value of approximately forty million dollars toit, which we think is very reasonable
for the patents, and luckily GBTagreed. Danny, can you talk about

(10:20):
the significance of selling this IP,the financial value given to the transaction,
and kind of how this plays intothe overall strategy for GBT and it's IP
portfolio. Yes, well, wesee, of course a great value for
this dealier if you follow GBT.GBT actually for the past i would say

(10:43):
five six years, we are heavilyinvolved into automation for autonomously because in many
ways we did communications systems, wedid a few other techniques and technologies,
and Apollo, we believe it's it'sour peak. It's a top notch pattern
involved with a wide set of architechnicalinformation, and that's one of the nice

(11:09):
implementation is the Autonomous Week because ecauEV was one of the opportunities that we
actually were very glad to join becauseour technology was aimed was the tailored particularly
for Autonomous Week, because of coursewe also did we could use the same
technology for other applications if it's amedical feed of security, but autonomous automatically

(11:33):
because one of the highlights and weI believe you could see it in our
pls. You know for the pastmany years that we every time mentioning that
you know, our technologies fit.So this is a great opportunity for us.
We believe that we can bring avery high value, high added value
to the EV system, make itway more accurate, safer and effective in

(12:00):
why varieties of ways. Not onlyhelp with the navigation and security, the
Apollo system can do many more withinthe vehicles themselves, like you know,
detection of human for detection of emergencysituations, identification and detection of firearms,

(12:22):
or any type of other security measuresthat can be done using the Apollo system.
So we're very excited. We believewe bring high value to the table
to this deal with the IVY andlooking forward to continue. Now in the
press release, you mentioned the potentialof the Apollo IP acquisition in allowing Bannocks

(12:45):
or indeed ev to partner with multipleintegrators of autonomous vehicles. Could you just
expand on this a bit? Sure? So, first of all, I
think I think I haven't done justiceto the story. I need to cast
one more thing for you. Whatmakes the Evy Autonomous different from all the
other electric vehicle companies is they're notgoing for the passenger vehicle, so they

(13:07):
don't compete with you know, Tesla, Rivan, Pollstar, all these guys.
So what you do when in marketing, if you want to be a
marketing leader, is you define anew market. Right, So if you
take the on highway market, thenthat's all of the names that we all
know and love. If you takethe off highway commercial and industrial market,

(13:28):
that's a very unexplored market, andthat's what Evy Autonomous has aimed at and
trying to be a leader in.Okay, So I think that I'm sorry,
I've forgotten the original question that youasked me right in the in the

(13:48):
press release you talk about Evy partneringwith multiple integrators of autonomous Because I'm sorry,
yes, so having having you know, re oriented to the fact that
this is a system built for offroad and for commercial and industrial. Think
about all of the major industrial vehiclesthat exist. In particular, I think
the largest market is agricultural. Iknow that ev is in talks with some

(14:13):
major tractor manufacturers and of course fleetsand vehicles like that, and to be
able to take the driver out ofit and I have those operate twenty four
seven reliably is a fantastic system.What ev will be doing is they'll be
taking the IP, both the ApolloIP for GBT and their own IP as
a control system of the platform,and oeming it into other companies so that

(14:35):
they could use and then their vehicles. In the news recently, there's been
a big push by Ford to getto an autonomous stage. So there's no
conversation going on between us and Ford, but that would be a target,
for example, to go and say, integrate our system into your cars and
you will have you don't have tobuild it from scratch. So whether it's
drone fleets, whether it's autonomous vehicleson the ground, etc. That's one

(15:01):
of the main paths that Evy's planningto do to promote their technology. Excellent
well gentlemen. That's all I havefor prepared questions for this interview, but
I'll go one by one. Ifthere's anything, Doug that you want to
add before we wrap up, feelfree. I'm just you know, I've

(15:22):
been in technology for thirty five years. Danny and I've had many conversations about
many different kinds of technologies and gonearound the world together promoting it. I'm
very excited about the Evy autonomous opportunity. You know, Steve Lake, the
founder, has worked on lotuses electriccars, on very high powered electric cars

(15:43):
in Europe. He formed a companythat made electronic parts for electric vehicles that
nobody thought could be made. He'sreally a driven, brilliant inventor. And
I think the market opportunity for autonomouselectric vehicles is just starting and I'm just
I'm glad to be able to participatein it. Great. And Danny,

(16:04):
did you have any parting thoughts withregard to GBT, this deal or the
space more generally? Well, Imentioned before as Sam, we are looking,
you know, we look for manyyears for social opportunities. Is our
technology here. We are very excitedto actually see it in action. You
know, We're going to help onthe actually implementation and the technical are we

(16:30):
going to here, But we believethat Apollo is a great system to actually
be a great benefit for the EAVYsystem. We are looking forward to see
it live. And that's it fortoday's aii. If you would like to
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(16:55):
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(17:15):
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(17:37):
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