VIS:CC - Visionstate Corp. clarifies memorandum of understanding to develop IoT solutions for the cannabis sector

(TheNewswire)

Edmonton, Alberta – TheNewswire - February 17, 2023 – Visionstate Corp. (TSXV:VIS) (“Visionstate” orthe “Company”) hereby clarifies thememorandum of understanding (“MOU”) dated January 21, 2021 and thesubsequent announcement on April 15, 2021 of a $500,000 payment to theCompany to develop IoT technology for the cannabis sector. The paymentdisclosed on April 15, 2021, was from Freedom Cannabis Inc. and wasincluded as revenues for the Company. It was part of a broaderpre-arrangement in which the Company agreed to invest $1,000,000 intoFreedom Cannabis Inc.

The solution provided by Visionstate enables trackingand streamlining standard operating procedures required in thereporting and tracking of cleaning activities in cannabis facilities.

About Visionstate Corp.

Visionstate Corp. (TSXV: VIS) is a growth-orientedcompany that invests in the research and development of promising newtechnology in the realm of the Internet of Things, big data andanalytics, and sustainability. Through Visionstate Inc., it helpsbusinesses improve operational efficiencies, reduce costs and elevatecustomer satisfaction with its state-of-the-art devices that track andmonitor guest activities and requests. The footprint of its WANDA™smart device now extends to hospitals, airports, shopping centres andother public facilities across and beyond North America. Throughbuilding up a collection of synergistic technologies, VisionstateCorp. will continue to innovate, reduce environmental impact andtransform consumer experiences.

Issued on behalf of the Board of Directors,

“John A. Putters”

Visionstate Corp.

Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracyof this release.

Forward-Looking Statements

Certain information set forth in this material maycontain forward-looking statements that involve substantial known andunknown risks and uncertainties. All statements other than statementsof historical fact are forward-looking statements, including, withoutlimitation, statements regarding future financial position, businessstrategy, use of proceeds, corporate vision, proposed acquisitions,partnerships, joint-ventures and strategic alliances andco-operations, budgets, cost and plans and objectives of or involvingthe Company. Such forward-looking information reflects management'scurrent beliefs and is based on information currently available tomanagement. Often, but not always, forward-looking statements can beidentified by the use of words such as "plans","expects", "is expected","budget", "scheduled", "estimates","forecasts", "predicts", "intends","targets", "aims", "anticipates" or"believes" or variations (including negative variations) ofsuch words and phrases or may be identified by statements to theeffect that certain actions "may", "could","should", "would", "might" or"will" be taken, occur or be achieved. A number of known andunknown risks, uncertainties and other factors may cause the actualresults or performance to materially differ from any future results orperformance expressed or implied by the forward-looking information.These forward-looking statements are subject to numerous risks anduncertainties, certain of which are beyond the control of the Companyincluding, but not limited to, the impact of general economicconditions, industry conditions and dependence upon regulatoryapprovals. Readers are cautioned that the assumptions used in thepreparation of such information, although considered reasonable at thetime of preparation, may prove to be imprecise and, as such, unduereliance should not be placed on forward-looking statements. TheCompany does not assume any obligation to update or revise itsforward-looking statements, whether as a result of new information,future events, or otherwise, except as required by securitieslaws.

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