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Visionstate Corp. (VIS.V)

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0.0850-0.0050 (-5.56%)
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  • Visionstate Reports Its First Profitable Quarter
    GlobeNewswire

    Visionstate Reports Its First Profitable Quarter

    EDMONTON, Alberta, March 02, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate” or the “Company”), a 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, today announced its first quarterly profit for the period ended December 31, 2020. Highlights of the First Quarter of 2021 include: Total Revenue of $120,506 compared to $101,714 during the same period in 2019.Gross Profit of $120,708 compared to $97,047 during the same period in 2019.Net Income (Loss) of $40,893 compared to ($62,593) during the same period in 2019. To review the financial statements and MD&A for the quarter, please click here. The development and subsequent deployment of WandaMOBILE represents a significant shift in the Company’s ability to provide a more comprehensive solution to the facility management industry. While Wanda tablets have historically been restroom centric, the mobile app expands the ability to collect data of cleaning activities throughout a facility. Management believes the addition of the mobile app to the Wanda suite of products will have a significant impact on future revenue generation. Visionstate IoT sells its products through a large, global distributor (Bunzl) which carries inventory of the Wanda device and distributes directly to customers. In October 2020, the Company entered into a new three-year agreement with its partner that includes sales, marketing and distribution of the Wanda products. The agreement enables Visionstate to focus on developing new IoT technology while it earns residual revenue through license fees. The agreement also includes monthly retainer fees which represents a new and consistent revenue source for Visionstate. John Putters, Founder and CEO of Visionstate, comments: “This is certainly an exciting time in the Company’s history. Revenues are driven primarily by the sale of our IoT product and derived from recurring licensing and software support fees, thus as the number of units increase, so does the revenue. With the Bunzl partnership in place, we were able to successfully focus the Company’s attention on the continued enhancement of the product software while leaving the sales and inventory management to the expertise of our partner. This will allow VIS to continue expanding the capabilities of the Wanda solution while collecting residual license and initial set up fees from Bunzl. We look forward to the rapid growth thanks to the nature of our software-as-a-service revenue model and continuing to innovate and expand into other industry verticals that are also focused on sustainability through date management.” About Visionstate Corp. Visionstate Corp. (TSX-V: 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. Visit the website to learn more: https://www.visionstate.com/ Issued on behalf of the Board of Directors,“John A. Putters” Visionstate Corp. To learn more, please contact: Visionstate Corp.CHF Capital MarketsWebsite: www.visionstate.comJohn Putters, CEOPerry Rapagna, Manager, Corporate DevelopmentTwitter: @visionstate(780) 425-9460(416) 868-1079 x230Facebook: @visionstatejputters@visionstate.comperry@chfir.comLinkedIn:@VisionstateCorp.

  • Visionstate announces Exchange acceptance and closing of previously announced private placement
    GlobeNewswire

    Visionstate announces Exchange acceptance and closing of previously announced private placement

    EDMONTON, Alberta, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate”) is pleased to announce the final acceptance from the TSX Venture Exchange and closing of its over-subscribed, non-brokered private placement financing ("Private Placement") for gross proceeds of $1,505,000 or 30,100,000 units ("Units") at a price of $0.05 per Unit. The Private Placement was first announced on February 1, 2021 for up to $750,000 and upsized to $1,500,000 on February 11th, 2021, for up to 30,000,000 units ("Units"), at a price of $0.05 per Unit. On February 26, 2021, Visionstate closed subscriptions of 30,100,000 Units for gross proceeds of $1,505,000 that included 2,445,000 Units issued to certain insiders of the Company. Each Unit is comprised of one (1) common share in the capital of Visionstate Corp ("Common Share") and one (1) Common Share purchase warrant ("Warrant"), whereby each Warrant entitles the holder to purchase one (1) Common Share at a price of $0.07 for a period of 36 months from the date of closing. The issuance of Units to insiders pursuant to the Private Placement will constitute a "related party transaction" as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. Visionstate anticipates that the exemptions set out in paragraphs (a) and (b) in section 5.5 of MI 61-101 are applicable since the aggregate consideration to be paid by the related parties will not exceed 25% of the market capitalization of Visionstate and Visionstate is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange. In addition, regarding the minority shareholder approval exemptions, the independent directors have determined that the exemptions set out in paragraphs (1)(a) and (b) in section 5.7 of MI 61-101 are applicable in that the aggregate consideration to be paid by the related parties will not exceed 25% of the market capitalization of Visionstate, the distribution of the securities to the related parties will have a fair market value of not more than $122,250 and Visionstate is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange. The securities issued under the Private Placement are subject to a four-month hold period from the time of closing of the Private Placement. In addition, the Company has paid a finder's fee, in the total amount of $8,880 cash and 2970,00 in broker warrants priced at $.07 per warrant, in connection with the entire Private Placement. Visionstate will use the net proceeds from the Private Placement for general working capital and growing its business. About Visionstate Corp. Visionstate Corp. (TSX-V: 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 IoT 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 of Visionstate Corp. “John A. Putters” Visionstate Corp. For additional information please contact: Visionstate Corp.CHF Capital MarketsJohn Putters, CEOCathy Hume(780) 425-9460(416) 868-1079 x 231jputters@visionstate.comcathy@chfir.com

  • Visionstate announces additional financing due to market demand
    GlobeNewswire

    Visionstate announces additional financing due to market demand

    EDMONTON, Alberta, Feb. 26, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate”) is pleased to announce that due to strong investor demand the Company will raise $600,000 in a non-brokered private placement offering of up to approximately 11,000,000 units, at a price of $.055 per Unit, subject to regulatory approval. Each Unit is comprised of one (1) common share in the capital of Visionstate Corp. (VIS) and one (1) common share purchase warrant at $0.07 cents for a period of 36 months from the date of closing. The closing of the offering is subject to certain conditions, including but not limited to, the receipt of all regulatory approvals, including the acceptance of the TSX Venture Exchange. The securities issued under the offering will be subject to the standard four-month hold. Visionstate intends to use the proceeds from the Private Placement to invest in corporate development and awareness, general operating capital, as well as investing in the Company’s strategy to expand its Internet of Things technology into the cannabis sector with Freedom Cannabis Inc., which was announced as a non-binding Memorandum of Understanding on January 21, 2021. About Visionstate Corp. Visionstate Corp. (TSX-V: 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 IoT 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 of Visionstate Corp. “John A. Putters” Visionstate Corp. For additional information please contact: Visionstate Corp.CHF Capital MarketsJohn Putters, CEOCathy Hume(780) 425-9460(416) 868-1079 x 231jputters@visionstate.comcathy@chfir.com