Taat Global Alternatives plans to acquire Break Free, a smartphone application designed to provide smoking cessation strategy recommendations, from Boksburg Ventures, according to a Taat press release. Taat anticipates that Break Free could play a strategic role in the marketplace positioning of its flagship product Taat, a nicotine-free and tobacco-free alternative to tobacco cigarettes.
Break Free uses a holistic approach to first monitor and track smoking-related habits of adult tobacco users, analyze the habits and then suggest customized changes that are specific to each adult smoker to ensure personalized care and attention.
The Break Free mobile app uses state-of-the-art technologies, including a companion diagnostics module to help adult smokers personalize and customize the use of currently available U.S. Food and Drug Administration-approved smoking cessation devices, augmented and virtual reality mental health simulations, and circadian rhythm sensors to monitor actigraphy, sleep/wake cycles and snoring.
The app has not yet been made available to consumers and remains subject to further development. Upon completion of the proposed transaction, Taat plans to complete the development of the app for use by consumers on the Android and iOS smartphone platforms by integrating additional features that are currently under patent applications with the U.S. Patent and Trademark Office.
Subject to approval by at least two-thirds of the votes cast at Boksburg’s shareholders meeting scheduled on April 10, 2023, Taat has agreed to issue to Boksburg on closing an aggregate of 17 million common shares of Taat at a deemed value of $0.3225 per consideration share and $3.6 million of working capital.