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Visionstate Announces Q2 Financial Results: SaaS Subscribers Up 100% Year-Over-Year

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Visionstate Corp.
Visionstate Corp.

EDMONTON, Alberta, May 31, 2022 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSXV: VIS) (“Visionstate” or the “Company”) released financial results for Q2 of its 2022 fiscal year. The SaaS revenue for the WANDATM IoT products increased from $20,000 (Q2 2021) to $87,740 (Q2 2022). Noteworthy in the same period last year, Visionstate received a $200,000 one-time payment to develop IoT for the cannabis sector.

Highlights of the Q2 financial results include:

  • A 100% increase in the subscriber base for WANDATM, year-over-year, with the bulk of the new activations in the past six months and continuing to gain even more traction as new customers are activated.

  • Visionstate revenue model is based on a software as a service (SaaS), with licence fees charged monthly ranging from $15 to $25 per activation of the WANDATM mobile app. The Company’s main focus continues to be customer acquisition.

  • The Company licences its technology to large companies and public institutions resulting in customization and longer deployment cycles, yet favourable to long-term growth.

  • Increased expenses related to the Company’s investment into ViCCi 2.0, an artificial intelligence technology designed to automate customer service in physical locations. Revenues related to ViCCi 2.0 are anticipated in Q4.

  • Increased expenses related to sales and marketing, including the hiring of a full-time sales director, investment into brand marketing and strategy, and market-making for the Company’s listed shares.

“The Company has existing long-term installations in many diverse large verticals including hospitals, airports, office towers, shopping centres, senior’s care facilities, universities, and large municipalities. The positive financial impact of these fast-growing, large company installs will be seen in up-coming quarters,” explained Visionstate CEO John Putters.

About Visionstate Corp.

Visionstate Corp. (TSXV: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.

Issued on behalf of the Board of Directors,
“John A. Putters”
Visionstate Corp.

To learn more, please contact:

Visionstate Corp.
John Putters, CEO
(780) 425-9460
jputters@visionstate.com                                                                                
                                                                                                   
CHF Capital Markets        
Perry Rapagna, Manager, Corporate Development & Senior Account Manager
(416) 868-1079 x 230
perry@chfir.com

Follow Visionstate Corp. on social media:

Website: www.visionstate.com
Twitter: @visionstate
Facebook: @visionstate
LinkedIn:@VisionstateCorp.

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.
     
Forward-Looking Statements

Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified 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) of such words and phrases or 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 or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.


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