Dror Ortho-Design, Inc. Completes Share Exchange and Closes $5 Million Private Placement
NEW YORK, NY / ACCESSWIRE / August 21, 2023 / Dror Ortho-Design, Inc. ("Dror" or the "Company"), an AI-based orthodontic platform company that has developed a proprietary solution "Aerodentis" to correct people's smiles by straightening teeth using pulsating air delivered by a single custom-made smart aligner, announced the closing of a $5,025,000 private placement financing and a concurrent share exchange ("Share Exchange") with Novint Technologies, Inc. (OTCMKTS: NVNT). In connection with the Share Exchange, Novint Technologies, Inc. ("Novint") changed its name to Dror Ortho-Design, Inc., and Dror Ortho-Design Ltd., a company incorporated under the laws of the State of Israel, became a wholly-owned subsidiary of Dror.
Dror plans to disrupt the aligner market by offering millions of people a revolutionary alternative. We believe that people do not need to change their lifestyle to correct their smile as they are required to do with existing aligner solutions. Rather, they can get a great smile discreetly and hassle-free even while they sleep. For more information, please visit: www.aerodentis.com
Existing aligner solutions generally share the same treatment principles, which are different from Dror's solution. In most cases, patients seeking to improve their smile need to undergo a 12-to-15-month process of wearing plastic aligners, which must be worn the entire day and removed only while eating or drinking. Over time, patients are prescribed a series of multiple aligners that are intended to forcefully move teeth progressively closer to their intended final position. This process may cause painful adjustment to each new aligner and is intrusive, as patients need to conduct their lives at work or school wearing the plastic aligners.
Dror intends to take advantage of recent rapid advancements in technology that have made traditional aligner solutions no longer the most effective treatment option for smile correction. Dror has developed a proprietary AI-based platform to correct people's smiles in a discreet and gentle manner. The platform uses only a single smart aligner to gently move teeth into their optimum position with pulsating air while the patient is asleep or at home.
The Transaction
Simultaneously with the Share Exchange, the Novint board of directors and certain Novint officers resigned, and a new board of directors, comprised of the acquired company's legacy board of directors, and new officers were appointed for Dror. Dror's new board of directors consists of Eliyahu (Lee) Haddad, Chaim Hurvitz, Moshe Shvets, Chaim Ravad and Yehuda Englander. In addition, immediately following the Share Exchange, Mr. Haddad was appointed as the Company's chief executive officer, Mr. Shvets as Chief Technology Officer, and Mr. Hurvitz as chairman of the board of directors.
Lee Haddad, the Company's CEO said that: "Now, with the funds available from the private placement and being a public company with access to capital markets, we are excited to be able to disrupt the traditional aligner market by making our Aerodentis platform commercially available to millions of people in the US, EU, and other parts of the world by working closely with dental professionals and regulators."
For information about Dror Ortho-Design, Inc., go to: www.aerodentis.com
Contact: Lee Haddad, CEO
Phone Number: 972-54-666-4449
Email: Lee@Aerodentis.com
Forward-Looking Statements
Statements made in this news release may be forward-looking statements within the meaning of federal securities laws that are subject to certain risks and uncertainties and involve factors that may cause actual results to differ materially from those projected or suggested. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: (i) the ability of Dror to obtain additional funding; (ii) the ability of Dror to attract and/or maintain manufacturing, research, development and commercialization partners; (iii) the ability of Dror and/or a partner to successfully complete product research and development, including preclinical and clinical studies and commercialization; (iv) the ability of Dror and/or a partner to obtain required governmental approvals; and (v) the ability of Dror and/or a partner to develop and commercialize products prior to, and that can compete favorably with those of, competitors. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in Dror's most recent periodic reports that are filed with the U.S. Securities and Exchange Commission. Dror assumes no obligation to update and supplement forward-looking statements because of subsequent events.
SOURCE: Dror Ortho-Design, Inc.
View source version on accesswire.com:https://www.accesswire.com/775559/New-AI--Based-Dental-Platform-Poised-to-Change-Approach-to-Smile-Correction
