(TheNewswire)
Edmonton, Alberta – TheNewswire - November 24, 2023 – Visionstate Corp. (TSXV:VIS) ( “ Visionstate ” orthe “ Company ” ) a leading provider of smartfacility-management technology, today announced,subject to regulatory approval, a private placement to raise $400,000for the issuance of 20,000,000 units at $0.02 per unit, with each unitconsisting of one common share and one full warrant exercisable at$0.05 for two years.
The funds raised will primarily be allocated to expandthe Company's product marketing efforts in the United States, whereVisionstate IoT Inc., the Company's main operating division, hasalready established a strong presence with several prominentcustomers. The targeted focus will be on resellers of the WANDA™product, a cutting-edge facility management application designed totrack cleaning and maintenance activities.
In addition to fortifying its position in the USmarket, Visionstate Corp. will allocate resources to enhance its ViCCi2.0 product. Set to launch in the first quarter of 2024, ViCCi 2.0represents a significant evolution from its predecessor, leveragingartificial intelligence and conversational interfaces to provideadvanced virtual customer assistance in brick and mortarsettings.
Shannon Moore, President of Visionstate IoT Inc.,commented on the significance of these developments: "We are atan inflection point when it comes to facility management software.Like other businesses, facility managers are looking at new ways ofcontrolling costs and ensuring efficiency; our WANDA™ productenables them to do that, powered by analytical data on theoperations."
The financing round and strategic initiativesunderscore Visionstate Corp.'s commitment to driving innovation infacility management solutions, cementing its position as a leader inthe rapidly evolving technology landscape. It is anticipated existingshareholders and insiders will participate in the financing.
In connection with the Offering, Visionstate will berelying on the existing security holders’ exemption as well as otheravailable prospectus exemptions. For those investors relying upon theexemption for existing security holders, the aggregate acquisition cost to a subscribing shareholder ofall securities of Visionstate cannot exceed $15,000 in the previous 12months, unless that shareholder has obtained advice regarding thesuitability of the investment from a registered investment dealer inthe subscriber’s jurisdiction. The offer to purchase Units isavailable to all security holders of Visionstate who held commonshares on the record date of November 23, 2023.
Shareholders residing in countries other than Canadaneed to meet local jurisdiction requirements to participate. IfVisionstate receives total subscriptions pursuant to the existingsecurity holders’ exemption which causes the Offering to exceed$400,000, Visionstate will accept such subscriptions on a first come,first served basis.
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 ofThings, big data and analytics, and sustainability. Visionstate IoT Inc. is a wholly-owned subsidiary of Visionstate Corp. ThroughVisionstate IoT Inc., it helps businesses improve operationalefficiencies, reduce costs, and elevate customer satisfaction with itsstate-of-the-art devices that track and monitor guest activities andrequests. The footprint of its WANDA™ smart device now extends tohospitals, airports, shopping centres, and other public facilitiesacross and beyond North America. Through building up a collection ofsynergistic technologies, Visionstate Corp. will continue to innovate,reduce environmental impact, and transform consumerexperiences.
Issued on behalf of the Board of Directors,
“John A. Putters”
Visionstate Corp.
To learn more, please contact:
Visionstate IoT Inc.
Shannon Moore, President
Email: shannon@visionstate.com
Tel: 780-425-9460
CHF Capital Markets
Kathy Chapman
Email: kc@chfir.com
Tel: 416-868-1079 x 234
Twitter:
Facebook:
LinkedIn:
Neither the TSX Venture Exchange nor its RegulationServices Provider (as that term is defined in the policies of the TSXVenture Exchange) accept 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" orvariations (including negative variations) of such words and phrasesor may be identified by statements to the effect that certain actions"may", "could", "should","would", "might" or "will" be taken,occur or be achieved. A number of known and unknown risks,uncertainties and other factors may cause the actual results orperformance 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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