- The respective provisional and non-provisional patent applications for the Sleepbee Sleep Mask and Sleepbee Mattress Topper have been submitted to the U.S. Patent and Trademark Office
- Prototypes of the new sleep-themed products were introduced at CES 2022 in Las Vegas last month
- The products will emit Hapbee's proprietary digital blends and signals, with the intention of providing an innovative and effective alternative for consumers in the US$71 billion sleep aids market
- Record quarter for units sold of Hapbee Neckbands (formerly branded as 'Hapbee Headband') in Q4 2021
MONTRÉAL, Feb. 22, 2022 /CNW/ - Hapbee Technologies, Inc. (TSXV: HAPB) (OTCQB: HAPBF) (FSE: HA1) ("Hapbee" or the "Company"), a leading provider of wellness wearable technology, is pleased to announce that the Company has filed a provisional patent application, titled "Eye Mask Systems for Emitting Ultra-low Radio Frequency Energy" for the Sleepbee Sleep Mask and a non-provisional patent application, titled "Body Support System for Emitting Ultra-Low Radio Frequency Energy and Associated Systems and Methods" for the Sleepbee Mattress Topper with the U.S. Patent and Trademark Office.
Overview of Hapbee's U.S. Provisional and Non-Provisional Patent Applications
- Sleepbee Sleep Mask - The provisional patent application covers its technology infrastructure, which has been engineered to help enhance users' sleep, recovery and daily routine. The wearable will be worn over a user's eyes, like a traditional sleep mask.
- Sleepbee Mattress Topper - The non-provisional patent application documents the technology behind an innovative bed topper with the capability of emitting Hapbee signals to provide a soothing and seamless experience for users.
*These images only depict prototypes of the Sleepbee Sleep Mask and Sleepbee Mattress Topper. The final design and iterations of the products are subject to change.
Both products can be controlled digitally, through the Hapbee App, to satisfy a range of preferences.
The Company has already built a proof-of-concept prototype for the Sleepbee Sleep Mask and Sleepbee Mattress Topper. Hapbee is currently engaged in advanced design iterations, with an emphasis on producing chic products that utilize high-quality fabrics and materials for the sleep mask and bed topper
"Amongst the most important aspect to one's overall wellness is getting consistent and scheduled rest," said Yona Shtern, CEO of Hapbee. "Our rest and recovery signals have become popular among current Hapbee Neckband users. With our Sleepbee Sleep Mask and Sleepbee Mattress Topper, we intend to enhance our wellness platform and the use cases for our signals by providing elegant and optimal form factors. There are no products like these currently on the market."
The Sleepbee Sleep Mask and Sleepbee Mattress Topper proof-of-concept prototypes were displayed at CES 2022, the largest annual tech trade show in the U.S., which received a turnout of 40,000 attendees, including 1800 global media agencies.1
Both of Hapbee's aforementioned products currently in development are anticipated to play a key role in the Company's multi-pronged strategy of making significant inroads into the massive and growing sleep market.
Target Industry And Strategy
According to a study highlighted by StudyFinds.org2 in 2021, "Nearly two-thirds of Americans (62%) struggle to fall asleep each night." The global sleep aids market alone is projected to grow to US$97.31 billion in 2026 from US$71.63 billion in 2021 at a compound annual growth rate of 6.32%.3 Hapbee intends to service this growing marketplace through its proprietary signals and blends, and the future commercial launch of its Sleepbee Sleep Mask and Sleepbee Mattress Topper.
Hapbee anticipates the commercial launch of the Sleepbee Sleep Mask and Sleepbee Mattress Topper will be in Q3 and Q4 2022, respectively. The Company will release more details regarding the development and launch of these products over the coming months.
The provisional and non-provisional patent applications represent the latest additions to Hapbee's intellectual property and they underscore the Company's ongoing growth strategy and initiatives to develop new offerings for the wellness industry. Hapbee intends to continually expand its suite of wellness offerings.
According to a Mckinsey & Company ("M&C") article from April 20214, its consumer survey suggested the wellness market may be underserved. The article stated, "Most consumers around the world report that their personal wellness levels are stagnating or even declining." M&C research also unearthed that wellness levels have fallen behind consumers' hopes and expectations across much of the globe.
Hapbee Neckband Product Sales Growth
Hapbee is also pleased to report that the Company sold a quarterly record 1,751 Hapbee Neckbands in Q4 2021 alone, bringing its total number of products shipped and sold in 2021 to approximately 5,200.
"Although it's early innings for Hapbee in respect to our commercialization initiatives, I am very pleased with the traction we are gaining in the D2C marketplace for our wellness platform," stated Yona Shtern. "I look forward to building on our success as we delve deeper into Hapbee's commercialization strategy for 2022."
The Company intends to expand its marketing outreach throughout 2022 to accelerate sales growth. Hapbee will provide further updates on its initiatives as they develop.
Hapbee is a leading wearable wellness technology platform provider aiming to help people improve their wellbeing and enhance how they feel. The Company is the creator of the Hapbee Neckband (formerly branded as 'Hapbee Headband'), which is powered by patented ultra-low radio frequency energy (ulRFE®) technology and delivers low-power electromagnetic signals designed to help improve its users' productivity, recovery, downtime, and sleep. Hapbee has offices in Montreal, Vancouver, Seattle and Phoenix.
Hapbee Neckbands are available for purchase at Hapbee.com and through authorized Hapbee dealers.
For more information about Hapbee, please visit Hapbee.com.
Certain statements in this news release may constitute "forward-looking information" within the meaning of applicable securities laws (also known as forward-looking statements). Forward-looking information involves known and unknown risks, uncertainties and other factors, and may cause actual results, performance or achievements or industry results, to be materially different from any future results, performance or achievements or industry results expressed or implied by such forward-looking information. Forward-looking information generally can be identified by the use of terms and phrases such as "anticipate", "believe", "could", "estimate", "expect", "feel", "intend", "may", "plan", "predict", "project", "subject to", "will", "would", and similar terms and phrases, including references to assumptions. Some of the specific forward-looking information in this news release includes, but is not limited to, statements with respect to: the regulatory review of the patent applications; the approval of the Exchange;
Forward-looking information is based on a number of key expectations and assumptions made by Hapbee, including, without limitation: the approval of the Patents; the growth of the worldwide sleep and wellness market; the COVID-19 pandemic impact on the Canadian and global economy and Hapbee's business, and the extent and duration of such impact; no change to laws or regulations that negatively affect Hapbee's business; the ability of Hapbee to source supplies required to manufacture its products; there will be a demand for Hapbee's services and products in the future; all necessary approvals will be received and all conditions will be satisfied or waived; and Hapbee will be able to operate its business as planned. Although the forward-looking information contained in this news release is based upon what Hapbee believes to be reasonable assumptions, it cannot assure investors that actual results will be consistent with such information.
Forward-looking information is provided for the purpose of presenting information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information involves significant risks and uncertainties and should not be read as a guarantee of future performance or results as actual results may differ materially from those expressed or implied in such forward-looking information. Management believes that the expectations reflected in the forward-looking information contained herein are based upon reasonable assumptions and information currently available; however, management can give no assurance that actual results will be consistent with such forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Hapbee Technologies Inc.
For further information: Please contact: Investor Relations, [email protected], 1.905.347.5569