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I found this article on two different Romanian websites, which leads me to believe that it is current and accurate. Whoever put up that 1.5 million share bid likely saw this article last week.
https://www.profit.ro/povesti-cu-profit/energie/cea-mai-mare-companie-petroliera-din-serbia-controlata-de-gigantul-rus-de-stat-gazprom-pregateste-startul-productiei-comerciale-de-titei-si-gaze-naturale-in-romania-21547237
https://www.ziuadevest.ro/nis-companie-petroliera-din-serbia-controlata-de-gazprom-pregateste-startul-productiei-comerciale-de-titei-si-gaze-naturale-la-periam-si-biled/
Translated:
The largest oil company in Serbia, controlled by the Russian state giant Gazprom, is preparing the start of commercial production of crude oil and natural gas in Romania
NIS Petrol SRL, the Romanian division of the largest oil company in Serbia, Naftna Industrija Srbije (NIS), controlled by the Russian state giant Gazprom, with over 56% of the capital, is preparing the start of commercial production of crude oil and natural gas from the Teremia Nord field , located on the Ex-7 Periam and Ex-8 Biled perimeters in Timi? County, where NIS Petrol is the majority concessionaire and operator, with 85% stakes, according to data analyzed by Profit.ro.
The company is close to starting the construction of a technological station for the collection, separation and delivery of hydrocarbons extracted from the Teremia Nord deposit, in the commune of Dudestii Vechi in Timi?.
There are currently 2 wells drilled on the site and another 8 are to be dug, according to the project documentation. Within the station, the production of the wells will be collected, the liquid will be separated from the gas, the extracted quantities will be measured, and the crude oil will be stored and later loaded into car tanks. NIS Petrol has a contract with the Romanian state company Conpet, the operator of the national oil pipeline transport system, based on which crude oil is unloaded from tanks and reloaded into wagons at Conpet's Biled ramp, to be transported by rail to the Serbian refineries of NIS at Pancevo and Novi Sad.
The Romanian subsidiary of the Serbian company owned by Gazprom estimates a daily production at the Dude?tii Vechi site of 100 tons of crude oil and 165,000 cubic meters of natural gas , of which 60,000 cubic meters – gas associated with crude oil. Part of the extracted gas quantities will be used in the production of electricity on site, and the rest will be fed into the national transmission system operated by Transgaz. For this, NIS Petrol will build a pipeline that will connect with the Nadlac-Arad gas pipeline . The first positive results of the explorations carried out in the Teremia Nord deposit were obtained in 2017, as Profit.ro reported exclusively at that time. Experimental production started in 2019.
According to the latest data from the National Agency for Mineral Resources (ANRM), NIS Petrol is the majority concessionaire and operator of 4 Romanian hydrocarbon perimeters, all located in the west of the country: Ex-7 Periam, Ex-8 Biled and Ex-3 Baile Felix (in partnership with Canadians from East West Petroleum), as well as DEE V-20 Jimbolia (along with Armax Gaz). The concessions were granted in 2010 . 2 other oil agreements to which NIS Petrol is a party, those related to concessions Ex-2 Tria (in which East West Petroleum is also a partner) and Ex-12 Crai Nou (with operator Moesia Oil nad Gas), appear as inactive at ANRM. In the case of Ex-2 Tria, the agreement expired last year and was not extended, and NIS Petrol paid ANRM the value of the mandatory exploration works provided for in the agreement and left unexecuted , according to an official document analyzed by Profit.ro.
In the fall of 2022, several searches were carried out at the offices of NIS Petrol in Timi?oara, in a DIICOT file with suspicions of illegal transmission of information on local hydrocarbon deposits . NIS responded publicly saying that the company's basic principle is strict compliance with applicable legal regulations . Since then, the Romanian judicial authorities have not communicated any information on this topic. Over the years, NIS Petrol has faced problems in the prospecting stages of the Romanian concessioned hydrocarbon perimeters, the works suffering delays due to the refusal of the owners to allow access to the lands. The reasons were their fear that the operator would pursue the exploitation of shale gas through the hydraulic fracturing method , NIS Petrol repeatedly denying that it had this intention , or the desire to protect its business, in the case of farmers .
NIS Petrol SRL, which also owns in Romania a chain of gas stations operated under the Gazprom brand , as well as a 7.5 MW gas-fired power plant in Jimbolia , ended 2022, the last reported year, with losses of over 116 million lei, to total revenues of almost 712 million lei, according to the latest data from the Ministry of Finance. Since the start of activity in Romania, in 2012, and until 2022 inclusive, the company has reported losses every year, in the cumulative figure of over half a billion lei. The Serbian parent company NIS, listed on the Belgrade Stock Exchange, finished last year with a net profit of around 60 million euros, on total revenues of over 870 million euros. Its main shareholders are Gazpromneft, the oil division of Gazprom (50%), Gazprom as such (6.15%) and the Serbian state (almost 30%).
Visionstate Corp. Announces Business Update: Expanding Reach and Enhancing Capabilities
Edmonton, Alberta – TheNewswire - April 5, 2024 – Visionstate Corp. (TSXV:VIS) (“Visionstate” or the “Company”), a leading provider of innovative facility management solutions, is pleased to provide a comprehensive business update highlighting recent achievements and strategic initiatives.
WANDA™ Updates
BC Campus: Visionstate is thrilled to announce that its recent installation in a large BC university campus is expanding to its satellite campuses, marking a significant milestone in our evolution. This expansion opens new avenues for collaboration and growth, underscoring our commitment to supporting educational institutions in optimizing their facility management processes.
National Cleaning Company: Visionstate is delighted to confirm our inaugural installation with a national cleaning company. This installation sets the stage for future expansion within the cleaning sector, demonstrating the value and effectiveness of our solutions in enhancing operational efficiency and customer satisfaction.
Growth in the Casino Sector: Visionstate is witnessing promising growth opportunities in the casino industry for its WANDA™ product. As with any facility, tracking cleaning protocols to ensure efficiency is paramount. In casinos, WANDA™ can not only ensure cleanliness and responsiveness to cleaning alerts, but also receive feedback from the public simply by scanning the WANDA™ QR code. With plans to expand our current largest casino partner and install in a new casino next month, we are strategically positioned to capitalize on the evolving needs of this dynamic sector. This will set the stage for the Company’s attendance at a large facility management conference in Las Vegas in the fourth quarter of 2024.
Expansion with National Building Services Contractor (BSC): Including campuses outside of BC, our partnership with a national BSC is expanding beyond BC campuses, showcasing the scalability and effectiveness of our solutions in diverse educational settings. This expansion underscores our commitment to delivering tailored facility-management solutions that drive operational excellence.
Upcoming Installation at Large Vitamins and Supplements Manufacturer: Visionstate is gearing up for an installation at a natural remedy company in April, further diversifying our client portfolio and extending our reach into new markets. This installation reflects the diverse applications for WANDA as we deliver cutting-edge solutions that meet the unique needs of our clients.
Installation at BC Interior Mall: Our upcoming installation at a BC Interior Mall highlights our continued success in the retail sector. By providing tailored solutions that address the specific challenges faced by retail environments, Visionstate is empowering businesses to optimize their operations and enhance customer experiences.
U.S. Market Expansion: Visionstate is pleased to report progress in expanding into the U.S. market. With multiple businesses in the sales funnel at various stages, we are encouraged by the strong interest and potential growth opportunities across the border. The Company seeks to build that market based on the success of large installations in New York and Miami for a global private-equity real estate firm.
Technology Developments
Aggressive Development of Inspection/Auditing Functionality: Development of our inspection and auditing functionality remains a top priority. By expanding these capabilities, we aim to better serve our clients' evolving needs and deliver enhanced value through actionable insights and streamlined processes.
Exploring New Business Categories for WANDA™: Visionstate is actively exploring new business categories where our flagship solution, WANDA™, can add value. WANDA™ is a facility management tool designed to track cleaning protocols and measure efficiency in delivering frontline cleaning services. WANDA™ analytics provides a valuable tool for facility managers to understand how effectively they are delivering services to their clients. It is a subscription-based technology that incorporates a mobile app and WANDA™ tablets.
Developing AI Use Cases: We are enhancing our AI capabilities to maximize our customers' access to actionable insights and digestible information. Through the development of AI use cases, we empower our clients to make informed decisions that drive operational efficiency and business success.
ToF People Counters: Visionstate’s innovative Time of Flight, battery-operated, people counting sensors continue to demonstrate value. Since December 2023, the Company has deployed 35 sensors and has orders for an additional 50 sensors during the next two months. People counters provide valuable insights into cleaning and operational efficiencies. The Company anticipates accelerating deployment as it commoditizes production and distribution.
ViCCi 2.0 AI-Powered Customer Service: Visionstate is nearing completion of its new conversational AI application for customer service in physical environments. Developed in partnership with Fluido.ai, ViCCi 2.0 relies on AI to provide a wealth of information about the facility and its services, as well as wayfinding to multiple locations. The technology includes proximity sensors that detect a customer’s presence, welcomes them to the facility, and offers whatever assistance is required. The new ViCCi 2.0 product adds a new revenue stream to Visionstate. The Company intends to market ViCCi 2.0 initially through existing WANDA™ customers which include hospitals, shopping centres, Class A buildings, universities, and casinos to name a few. ViCCi 2.0 is able to speak any language.
Business Development
Expanding Global Presence in the UK: Visionstate is excited to meet with representatives from our global partner who will be visiting our offices to discuss expansion into this large, new market. The global partnership is strengthening WANDA™'s presence and expanding our reach into international markets.
Confirmed Presence at Interior BC Trade Show: We have confirmed Visionstate's presence at a key trade show in Interior BC, focusing on the education sector. This presents an excellent opportunity to showcase our solutions and network with industry leaders.
Financing: Visionstate is also pleased to provide an update on its current financing. The Company seeks to raise $700,000 to accelerate development and marketing of the WANDA™ product. Visionstate has so far raised approximately $500,000 and seeks to close the entire offering within the next 30 days.
"We are excited about the progress and achievements outlined in this business update," said Shannon Moore, President of Visionstate IoT Inc. "As we continue to expand our reach, enhance our capabilities, and drive innovation, we remain committed to delivering unparalleled value to our clients and stakeholders."
For more information about Visionstate Corp. and its innovative facility management solutions, please visit www.visionstate.com
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: @visionstate
Facebook: @visionstate
LinkedIn: Visionstate Corp.
The Showdown With Visionstate CEO John Putters (TSXV:VIS)
East West Petroleum Provides Update on Sale of New Zealand Oil and Gas Properties
2024-03-25 05:01 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - March 25, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to provide this update in regard to the status of the sale of the New Zealand oil and gas properties.
Pursuant to the terms of the purchase and sale agreement, the purchaser is required to obtain necessary regulatory and governmental approvals as a condition to closing. The Company has been advised by the purchaser that all required filings for approvals have been made and such approvals are pending. It is expected that approvals will be obtained on or before the May 31st long stop date contemplated by the purchase and sale agreement. Thereafter, and in the event the approvals are not obtained, the Company has the ability, in its discretion, to terminate the agreement.
In addition the purchaser has indicated they do not expect approvals will be received by March 31st 2024, and as a result the purchaser is contractually committed to reimburse the Company for additional costs it will incur of up to $50,000.
Following the closing of the purchase and sale, it is anticipated that the Company will make a cash distribution to the shareholders. The precise nature and quantum of any distribution will be subject to the completion of the purchase and sale on the terms disclosed, as well as tax and legal advice to structure any distribution in the most tax advantageous way. There can be no assurance that the purchase and sale transaction will be completed and there can be no assurance that the Company will make any distribution to its shareholders and reserves the right to alter, modify or cancel any proposed distribution.
On Behalf of the Board
"Nick DeMare"
Nick DeMare,
Director & Interim CEO
604-685-9316
Visionstate: A Hidden Gem Poised for Change? (TSXV:VIS)
Visionstate Corp.'s Portfolio Company, Sol Spaces, Partners with Diplomat Consulting to Tackle Homelessness and Affordable Housing Crisis in Edmonton
Edmonton, Alberta / TheNewswire / March 12, 2024 – Visionstate Corp. (TSXV:VIS) (“Visionstate” or the “Company”), is proud to announce that its portfolio investment company, Sol Spaces Inc., has entered into a strategic agreement with Diplomat Consulting Inc. (“Diplomat”) to represent Sol Spaces as it endeavors to deploy transitional housing options to address homelessness and affordability challenges in Edmonton, Alberta.
Diplomat, renowned for its expertise in regulatory intelligence, communications, and corporate development, will play a pivotal role in advocating for Sol Spaces' innovative solutions in transitional and affordable housing. Sol Spaces specializes in leveraging technology and intelligent design to construct modern living spaces tailored to meet the unique needs of transitional housing and affordable housing initiatives.
In Edmonton, where homelessness has reached a state of emergency, Sol Spaces stands ready with its modularized studio living spaces, poised to offer a scalable solution to the pressing housing crisis. Utilizing cutting-edge technologies such as IoT and AI, Sol Spaces ensures optimal building performance from inception, providing residents with safe, comfortable, and sustainable living environments.
" We are excited to work with Sol Spaces, an innovative technology focused building provider based in Edmonton," said Nathan Mison, President of Diplomat. "By placing the best of today’s modern technologies directly into their building structures, this will increase livability, sustainability, and long-term affordability. As we continue to usher in the modern digital era, technological innovations need to be the new norm in all industries, housing included."
Elliott Putters, President of Sol Spaces, emphasized the company's dedication to making a meaningful impact through community-driven approaches, stating, "At Sol Spaces, we believe in taking a ground-up approach to address homelessness and affordability. Our mission is to create not just homes, but vibrant communities that empower individuals and families to thrive."
The demand for transitional housing solutions is staggering, with an estimated 230,000 Canadians experiencing homelessness annually. To meet this growing need, Canada must build an additional 3 to 5 million units of affordable housing by 2023.
Recognizing this urgency, the federal government recently granted the City of Edmonton $175 million to address homelessness and housing affordability.
For more information about Sol Spaces and its innovative housing solutions, please visit www.solspaces.com.
Visionstate Announces $700,000 Financing
Edmonton, Alberta – TheNewswire - March 4, 2024 – Visionstate Corp. (TSXV:VIS) (“Visionstate” or the “Company”), a leading provider of Internet of Things (IoT) solutions, today announced a non-brokered private placement of up to $700,000. The financing will consist of one full unit at $0.02 (two cents) per share, along with a full warrant exercisable at $0.05 (five cents) per share for a term of 24 months upon closing, subject to an acceleration clause on the same terms as the prior placement.
The price per share is based on the previous closing price of the Company's common shares on Friday, March 1, 2024. The Company intends to issue up to 35 million shares for this financing round. This non-brokered placement follows the successful closure of a financing round totaling $400,000, which was oversubscribed and closed on February 22, 2024. The financing is subject to regulatory approval and customary closing conditions.
The issuance of units to insiders pursuant to the offering constitutes a “related party transaction” in accordance with TSX Venture Exchange Policy 5.9, Protection of Minority Security Holders in Special Transactions, which incorporates Multilateral Instrument 61-101 (“MI 61-101”). The offering will be exempt from the formal valuation requirement based on paragraphs (a) and (b) in section 5.5 of MI 61-101 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 $2,500,000 and Visionstate is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange.
"The additional capital raised through this non-brokered private placement will provide us more resources, enabling us to accelerate the development and commercialization of innovative products," said John Putters, CEO of Visionstate Corp. "These investments will not only enhance our current offerings but also diversify our revenue base, positioning Visionstate for sustained growth and market leadership in the IoT sector."
Proceeds from the placement will be primarily allocated towards the development and commercialization of new products designed to enhance the Company's IoT solutions and expand its market reach. Visionstate Corp. remains committed to delivering IoT technology solutions that drive operational efficiencies and improve customer experiences across various industries.
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. Visionstate IoT Inc. is a wholly owned division of Visionstate Corp. 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,
“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: u/visionstate
Facebook: u/visionstate
LinkedIn: Visionstate Corp.
East West Petroleum Comments on Financial Results for the Nine Months Ended December 31, 2023
Vancouver, British Columbia--(Newsfile Corp. - February 23, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to comment on its financial results for the nine months ended December 31, 2023.
During the nine months ended December 31, 2023, the Company generated revenue of $2,056,017 with direct costs of $1,842,854 resulting in a gross profit of $213,163 and after corporate expenses and other items the net loss for the period was $158,932. On October 31, 2023, the Company entered into an interim agreement (the "Interim Agreement") with Cheal Petroleum Limited ("Cheal"), the owner of a 70% interest in PMP 60291 and operator, whereby Cheal would purchase the Company's 30% interest in PMP 60291. The key terms of the Interim Agreement were as follows:
i. Purchase price of US $1,000,000.
ii. Effective date of sale is July 31, 2023.
iii. Purchaser assumes all reclamation obligations.
iv. Contingent consideration of US $350,000 should an additional well be drilled and completed.
v. Refundable deposit of US $250,000 (the "Deposit") on signing definitive agreement.
The terms described under the Interim Agreement were subject to the negotiation and execution of a definitive agreement. Closing of the sale (the "Closing") is subject to receipt of all necessary New Zealand Government approvals ("Ministerial Consent"), regulatory and TSXV approval as well as approval of the Company's shareholders. An annual and special meeting of the shareholders of the Company was held on December 15, 2023 and shareholder approval was obtained. As at December 31, 2023, the Company received conditional approval from the TSXV. On January 10, 2024, the Company and Cheal finalized and signed the definitive agreement (the "Asset Sale and Purchase Agreement") which formalized the terms under the Interim Agreement. The deposit due to the Company on signing was received.
Closing is expected to occur upon receipt of Ministerial Consent. In the event the Ministerial Consent is not received by May 31, 2024, the Company may terminate the Asset Sale and Purchase Agreement and if terminated, the Company will be required to return the Deposit. At December 31, 2023 the New Zealand property was, in accordance with IFRS, reclassified as assets held for sale.
In regard to the Company's Romanian assets, the Company and NIS remain in discussions in order to determine the path forward for the properties. All options remain under consideration including a monetization event. The Company is unable to comment on timelines to establish a path forward.
The Company has been reviewing a number of opportunities in both oil and gas and also other resource opportunities. The Company is focussed on closing the sale of its New Zealand assets and once the sale has closed, the Company will be in a better position to pursue other opportunities more aggressively.
At December 31, 2023, the Company had a strong cash position of $5,691,792 being just over $0.06 per share. With the effective date of the sale of the New Zealand assets being July 31, 2023, the Company anticipates it will receive total cash proceeds from this sale of approximately US$600,000. In addition, the Company will, if contingent conditions are met, receive additional consideration of US$350,000. On closing a significant gain on sale will be realized due to the purchaser assuming all reclamation obligations.
On Behalf of the Board "Nick DeMare" Nick DeMare, Director & Interim CEO 604-685-9316
Visionstate closes $400,000 private placement
2024-02-22 15:04 ET - News Release
Mr. John Putters reports
VISIONSTATE ANNOUNCES CLOSING OF FULLY SUBSCRIBED FINANCING
Visionstate Corp. has closed the company's non-brokered private placement of $400,000 announced Nov. 23, 2023. The financing resulted in the issuance of 20,000,000 units at $0.02 per unit, with each unit consisting of one common share and one full warrant exercisable at $0.05 for two years, subject to an acceleration clause. The units issued from the placement are subject to a 4 month hold from the date of issuance. The financing also included investments from beneficial shareholders including Company directors and officers, Belinda Davidson, John Putters and Randa Kachkar, and Monte Goble, a company insider.
The funds raised will primarily be allocated to expand the Company's product marketing efforts in the United States, where Visionstate IoT Inc., the Company's main operating division, has already established a strong presence with several prominent customers. The targeted focus will be on resellers of the WANDA(TM) product, a cutting-edge facility management application designed to track cleaning and maintenance activities.
In addition to fortifying its position in the US market, Visionstate Corp. will allocate resources to enhance its ViCCi 2.0 product. Set to launch in 2024, ViCCi 2.0 represents a significant evolution from its predecessor, leveraging artificial intelligence and conversational interfaces to provide advanced virtual customer assistance in brick-and-mortar settings.
The issuance of units to insiders pursuant to the offering constitutes a "related party transaction" in accordance with TSX Venture Exchange Policy 5.9, Protection of Minority Security Holders in Special Transactions, which incorporates Multilateral Instrument 61-101 ("MI 61-101"). The offering will be exempt from the formal valuation requirement based on paragraphs (a) and (b) in section 5.5 of MI 61-101 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 $2,500,000 and Visionstate is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange.
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.
Visionstate IoT Inc. is a wholly owned division of Visionstate Corp.
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(TM) 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.
We seek Safe Harbor.
IoT solutions company raises cleaning standards
https://stockhouse.com/opinion/interviews/2024/02/14/iot-solutions-company-raises-cleaning-standards
The following is a transcription of the above video, and The Market Online Canada has edited it for clarity.
Our next company is Visionstate Corp. (TSXV:VIS), headquartered in Edmonton. The company is focused on delivering data-driven, innovative and sustainable IoT (internet of things) solutions.
We sat down with CEO John Putters, who recently spoke about the company and its recent projects.
TMO: For our listeners who may not be aware, can you provide a brief overview of Visionstate?
Putters: Absolutely, Visionstate is a publicly traded company on the TSX Venture Exchange, under the symbol VIS. Its core business is technology focused on IoT solutions in the facility management space. The company’s software tracks cleaning and maintenance activities in large facilities providing in-depth analytics and AI insights.
The company’s main product is branded as WANDA™️, and it’s actually the first line of defense in fighting infection by providing and ensuring a better cleaning environment.
TMO: Tell our audience about the company’s WANDA™️ technology and how it’s different than the competition.
Putters: The technology is fairly straightforward, and you know, some of the best advantages are like that.
The technology uses a mobile app with QR codes. QR codes are installed in facilities, its strategic locations and kitchens, hallways, that sort of thing. And the staff use those codes to scan with their phone, which timestamps their presence at that location, gives them a list of activities, what we call cleaning protocols.
In conjunction with this, we all also have sensors, for example people-counting sensors. And that data is also fed into our analytics. Once the cleaning staff completes a cleaning activity in a room, this information is submitted, and it goes into a database which provides actionable insights to the facility.
I think our main competitive advantage outside innovation, because I know a lot of companies say, well, we’re innovative, that makes us different, is really the fact that we have a global partner. And what this means is that, first of all, they’re focused in this area specifically in cleaning and hygiene, but it provides us access to a global market through their sales force.
And so as a consequence of this we are growing very quickly, and we believe that market share will be a significant factor in our ongoing competitive advantage.
TMO: What’s the approximate market size for the WANDA™️ technology?
Putters: Well, actually the market size is enormous, it’s in the hundreds of millions, literally. The reason being is that it really includes any type of facility in the world, you know, including office buildings, school divisions, airports, hospitals, universities, hospitality sector, shopping centres, and many others.
And, basically, Wanda™️ is designed to track protocols to ensure cleaning standards are met. This is an issue in basically every large facility, no matter what type of facility it is. So, the market for us is extremely, extremely large.
TMO: Moving on to growth, what contributed to the company’s growth over the past year?
Putters: Well, specifically, I mentioned that we do have a global partner that is passionate about IoT solutions. We re-signed our agreement with our global partner just recently, in October 2023.
Part of that is an annual retainer that they pay us on exclusive rights to distribute the product in Canada. And that doubled in that contract, but it also expanded the reach to Europe and the U.K., and we’re already doing projects in those markets. So, our business has accelerated significantly as a result of that contract. The partner we have doesn’t have a presence in the U.S. yet, so we’re also doing direct sales into the U.S.
We have a very large customer there called Blackstone Real Estate. It’s one of the largest private equity real estate companies in the world. And you would see WANDA™️ in their Class A buildings in Manhattan. They continue to expand as well. The company’s actually growing at a phenomenal pace. And our focus is actually on customer acquisition because we are a residual company or software as a service, as many know it as.
TMO: From a broader outlook, what does the company have planned for 2024?
Putters: We have several focuses for 2024 in Canada. The company is going to maximize its distribution agreement with its global partner by continuing to install in large facilities. And of late, we’ve been doing a lot of universities and, and part of the reason for that is, you know, the university wants to provide a clean, safe environment for students.
And this is one way of doing that and proving it. We’re going to maximize our opportunities in the U.S. in the meantime. We’re doing direct sales into the U.S., leveraging our existing customer base, but we’re also doing lead generation advertising and that sort of thing.
So, there’s a real focus on that, which aligns with our broader IoT solutions focus. Then, because of the new agreement, there’s this whole new market with Europe and the U.K. We’re putting in the infrastructure to grow that. But we’ve also got some ongoing installations that we’re working on right now, including (the) Uber head office in London, England.
So, they’re exciting projects and we’re starting to get a foothold there. We see 2024 is very exciting and a real growth year for the company.
Visionstate Announces Conditional Approval of Financing and 30-Day Extension
Edmonton, Alberta – TheNewswire - February 8, 2024 – Visionstate Corp. (TSXV:VIS) (“Visionstate” or the “Company”), is pleased to announce it has received conditional approval from the TSX Venture Exchange for the Company’s current non-brokered financing of up to $400,000 announced November 23, 2023. The Company would also like to announce the Exchange has granted an extension to the financing which will now close on or before March 7, 2024.
The Company is undertaking a $400,000 financing for the issuance of 20,000,000 units at $0.02 per unit, with each unit consisting of one common share and one full warrant exercisable at $0.05 for two years.
The funds raised will primarily be allocated to expand the Company's product marketing efforts in the United States, where Visionstate IoT Inc., the Company's main operating division, has already established a strong presence with several prominent customers. The targeted focus will be on resellers of the WANDA™ product, a cutting-edge facility management application designed to track cleaning and maintenance activities.
In addition to fortifying its position in the US market, Visionstate Corp. will allocate resources to enhance its ViCCi 2.0 product. Set to launch in 2024, ViCCi 2.0 represents a significant evolution from its predecessor, leveraging artificial intelligence and conversational interfaces to provide advanced virtual customer assistance in brick and mortar settings.
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. Visionstate IoT Inc. is a wholly owned division of Visionstate Corp. 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,
“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
Visionstate Q4 Management Discussion Highlights (Available On Sedar)
Accomplishments in 2023: In 2023, Visionstate Corp. achieved notable milestones:
• Signed a three-year agreement with a global partner, doubling monthly retainer revenue in Canada and expanding operations to key international locations, including the UK and Australia.
• Experienced significant business growth toward the end of the fiscal year, deploying WANDA in Canadian universities and doubling its footprint in the US, notably with its largest customer in that territory.
• Launched new Time of Flight (ToF) sensors for people counting, enhancing data insights for WANDA and proving valuable for facility operational performance analysis.
Strategy for 2024:
For 2024, Visionstate Corp. is strategically focusing on aggressive expansion in the US with WANDA. Plans include website upgrades for online subscriptions, lead generation strategies, and participation in major US conferences on cleaning and facility management. The company is also actively working on enhancing WANDA by developing new technology for equipment tracking and preventative maintenance which will be introduced to the market in the third fiscal quarter. The Company also anticipates launching ViCCi 2.0 in the second fiscal quarter which will further diversify Visionstate’s revenue streams.
Visionstate IoT Inc.:
Visionstate IoT Inc. specializes in developing technology, notably the "WANDA" product, for tracking and monitoring cleaning and maintenance activities in various environments. In fiscal 2023, Wanda evolved into a mobile version, WandaMOBILE, expanding its footprint beyond restrooms to become a complete facility management tool. The touchless and scalable nature of WandaMOBILE makes it particularly relevant in the context of COVID-19, aligning with new standards for interacting with publicly accessible technology. For fiscal 2024, Visionstate IoT Inc. is focusing on deploying WandaMOBILE, targeting large customers such as municipalities and school districts, with three-year contracts and monthly residuals based on activations per customer.
In 2023, Next Vision IoT Inc. developed IoT sensors for people counting using Time of Flight technology. People counting gives important context to facility management activities as it measures efficiency in cleaning and resource use against customer demand. The Company has since deployed 50 units to three locations in Canada including two university campuses and a large shopping centre in Calgary, Alberta.
On November 23, 2023, the Company announced that, subject to regulatory approval, it intends to complete an offering of up to 20,000,000 units of the Company (“Units”) at a price of $0.02 per Unit for gross proceeds of up to $400,000. Each Unit is comprised of one (1) common share of the Company (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”) whereby each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.05 per Common Share for a period of two (2) years following the date of closing. Between December 15 and December 21, 2023, $315,000 were received from subscribers for shares to be issued in late January 2024, which includes 5,000,000 Units issued to certain insiders of the Company.
John Putters on how the AI driven WANDA™ from Visionstate is Changing the Standards for Cleanliness in Facility Management
https://investornews.com/technology/john-putters-on-how-the-ai-driven-wanda-from-visionstate-is-changing-the-standards-for-cleanliness-in-facility-management/
East West Petroleum Announces Sale of New Zealand Oil & Gas Properties
2024-01-10 05:01 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - January 10, 2024) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") reports that further to the Company's news releases dated November 1st and December 15th , 2023 the Company and purchaser have finalized and signed the definitive agreement for the sale of the Company's oil and gas interests in New Zealand.
A refundable deposit of US$250,000 will now be paid by the purchaser. The sale is subject to receipt of all necessary New Zealand government approvals and the process to obtain such approvals is now underway. Further updates will be provided but the approval process will take some time.
On Behalf of the Board
Nick DeMare,
Director & Interim CEO
604-685-9316
CWTI Presentation (Full Insight Into The Company)
East West Petroleum Announces Results of Annual & Special Meeting
2023-12-15 14:21 ET - News Release
Vancouver, British Columbia--(Newsfile Corp. - December 15, 2023) - East West Petroleum Corp. (TSXV: EW) ("East West" or the "Company") is pleased to announce that at the Annual & Special Meeting of Shareholders of the Company (the "Meeting") held on December 15, 2023, the shareholders re-elected Messrs. Nick DeMare, Mark T. Brown and Kevin William Haney as directors of the Company. The shareholders also passed all other resolutions including an ordinary resolution to ratify the stock option plan, pursuant to which the Company may grant stock options up to 10% of its issued and outstanding common shares at the time of the grant; and a special resolution approving the sale of the Company's oil and gas properties in New Zealand, as announced November 1, 2023. The Company is continuing to work towards finalizing the definitive agreement with the purchaser and further news will be issued once available.
Following the Meeting, the Board appointed Mr. Nick DeMare as Interim CEO and Corporate Secretary of the Company and Mr. Harvey Lim as Interim CFO. Messrs. DeMare, Brown, and Haney were appointed to the audit committee.
On Behalf of the Board
"Nick DeMare"
Nick DeMare,
Director & Interim CEO
CHF's Byte-sized Reviews - December 14, 2023
https://mailchi.mp/46ef98031cc4/chfs-byte-sized-reviews-december-14?e=79ef2b9dd7
Dear Reader,
I was recently reading the Canadian Smallcap Investment Blog post about Visionstate Inc. (TSXV: VIS) and its WANDATM Product, by Analyst and Strategic Investor, Edward Vranic, CFA.
WANDATM is a smartphone-based platform that can be used for any kind of work-related activity that is based on a checklist of tasks and can collect and store data generated through the processing and logging of those tasks. There are tasks that need to be undertaken, and tracked, but may be overlooked, intentionally omitted, or just otherwise forgotten, or even forgotten to be marked as done, without prompting from an app.
What I see as missing in the workforce today are solid aspects of time management and personal organization. A lot of time and energy goes into training workers how to complete the tasks and remain safe, but every job consists of several tasks. When working from a paper list of tasks it is easy to scan the list quickly and check off what the worker considers unimportant, things that “won’t get done today” picking the simple tasks most easily done and moving on. The best workers have learned from experience and organized their time, tools, and supplies to complete everything to the required standard, in minimum time. But not everyone is an all-star. What is needed is a tool that organizes the worker so that everything gets done, in the right order, on time, and nothing is missed or skipped.
Isn't it about time for WANDATM to get out of the washroom, and become a tool for getting the other jobs, in just about every industrial setting, done. Industries are looking for this tool, and struggling to develop and implement systems internally because they are not available in a form that they can use, in the marketplace.
Activity logging is the key as it provides QA/QC data that can be used to prove that the required inspections, maintenance, and safety precautions have been completed, correctly, even for legal purposes. Working on a smartphone allows uploading of timestamped photo and video records as well. Visionstate will also have access to the aggregate data of its clients. This can result in regional or national data on a wide variety of processes or desired outcomes. This data could hold substantial economic value or be used to improve practices and even foster better regulatory policy. Just think how much the data that could be generated, when WANDATM is implemented at a wide enough scale, could be worth. The data generated can then lead to better decisions made by the organization, and that can impact all facets of the business.
I encourage Visionstate to continue to grow WANDATM and expand its capabilities to get jobs done and to manage and coordinate the work. I look forward to WANDATM Ultimate: no limits.
Visionstate Corp. Achieves Unprecedented Installation Pace of WANDA Technology in Facility Management Sector
2023-12-12 05:03 ET - News Release
Edmonton, Alberta - TheNewswire - December 12, 2023 - Visionstate Corp. (TSXV:VIS) (“ Visionstate ” or the “ Company ”), a leader in innovative facility management solutions, is pleased to announce a significant business update highlighting the remarkable success of its main operating division, Visionstate IoT Inc., and its groundbreaking WANDA™ technology.
WANDA™ Technology Validation Amidst Ongoing Threats
Visionstate IoT Inc. continues to set the industry pace by rapidly deploying its state-of-the-art WANDA™ technology in the facility management sector. WANDA™ has proven to be an invaluable tool in validating key cleaning protocols, crucial in the face of ongoing threats posed by viruses and diseases in society.
Strategic Collaborations with Leading Canadian Universities
Visionstate IoT is proud to share its ongoing collaboration with two leading Canadian universities on large-scale installations. These projects involve tracking thousands of areas within campus premises to ensure a safe and hygienic environment for students and staff. These collaborations not only emphasize Visionstate's commitment to safety but also significantly contribute to the Company's recurring revenue stream, driven by its software-as-a-service (SaaS) business model.
Expansion of WANDA™ Footprint in the U.S.
The Company's substantial U.S.-based customer has demonstrated confidence in WANDA™'s capabilities by doubling the size of its existing installation base. This expansion not only reflects the effectiveness of WANDA™ but also signifies the continued trust and satisfaction of Visionstate's clients in the United States.
New Revenue Stream: Introduction of Time of Flight (ToF) People Counters
In response to evolving market demands, Visionstate IoT has successfully introduced Time of Flight (ToF) people counters. These innovative counters not only enhance data accuracy but also represent a new revenue stream for the Company. Rolled out to universities and colleges, the ToF people counters provide valuable insights into traffic counts, contributing to enhanced efficiency in facility management.
International Expansion: Launching WANDA™ in London, England
Visionstate Corp. is actively pursuing an international opportunity at the head office of a global firm in London, England. This installation represents a full application of all WANDA™'s features and is poised to be a launch point for additional growth in the European market. Visionstate's entry into the European market aligns with its strategic vision for global expansion and diversification.
New Opportunities and Diversification
Visionstate Corp. is pleased to announce the addition of a new shopping center location in Calgary, Alberta, further expanding its portfolio of properties. This strategic move reflects the Company's commitment to growth and diversification in key markets.
"I am very pleased with the rapid adoption of our technology in the facility management sector. The pace at which WANDA™ and our new Time of Flight People Counters are being embraced underscores the industry's recognition of our commitment to innovation and excellence,” said Visionstate IoT President Shannon Moore. “As we approach the end of the year, I am optimistic about the prosperous new year ahead and the continued impact our solutions will have on creating safer, more efficient environments. The international opportunity in London, England represents a significant milestone for Visionstate, opening doors for continued growth and success on a global scale."
Board of Directors Re-election at Annual General Meeting
Visionstate Corp. recently concluded its Annual General Meeting on December 5, reaffirming its commitment to corporate governance. The following directors were re-elected to the board:
John Putters
Belinda Davidson
Jim Duke
Their continued leadership ensures stability and strategic guidance for the Company as it navigates a dynamic and growing market. Visionstate Corp. remains at the forefront of innovation in the facility management sector, driving advancements in technology that promote safety, efficiency, and sustainability.
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. Visionstate IoT Inc. is a wholly-owned division of Visionstate Corp. 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,
“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
Fintech Select Announces Quarterly Financial Results
https://ceo.ca/@newswire/fintech-select-announces-quarterly-financial-results
TORONTO, Nov. 29, 2023 /CNW/ - Fintech Select Ltd. ("Fintech Select" or the "Company") (TSXV: FTEC) is pleased to announce its financial results for the third quarter (Q3) of the fiscal year 2023. The company is confident that it achieved some significant milestones in key financial metrics, including increased revenue and improved profitability.
Key Highlights:
Loss Mitigation in Q3:
Despite facing challenges in the current economic climate, Fintech Select management feels it managed its Q3 financial performance effectively, navigating traditional seasonal challenges. The company reported a diminished loss from operations of $141,368 for the quarter, compared to a loss of $160,029 during the same period in 2022.
Robust Revenue Growth:
Management for Fintech Select sees remarkable success in revenue generation of $3,169,078 for the first nine months of 2023, compared to $1,971,608 during the same period in 2022. As such, on a year-over-year basis, the Company recorded an increase of 60%, which management strongly feels demonstrates the Company's ability to capture market opportunities and adapt to evolving customer needs.
Profitability Milestone for the Accumulated 9 Months:
The accumulated profit from operations for the first nine months of 2023 is $477,422, compared to a loss of $448,622 during the same period in 2022. Management feels this indicates the Company's efforts to continue focusing on lean profitability.
Fintech Select attributes these positive results to a combination of strategic initiatives, operational efficiencies, and a focus on delivering value to its customers. The company remains dedicated to its core values of innovation, customer satisfaction, and financial prudence.
The Company's CEO and President, Mohammad Abuleil, commented on the financial results, stating, "We are pleased with the Company's performance during the first nine months of this fiscal year. The increased revenue and improved profitability from operations underscore our commitment to long-term success and sustainability. We will continue to invest in innovation and operational excellence to drive future growth and deliver value to our stakeholders."
Grant of Options
The board of directors of the Company has also approved the grant of 3.6 million stock options to purchase common shares of the Company to its directors, officers, employees and certain consultants at a price of CDN$0.05 per share for a period of three (3) years. The total number of shares reserved for issuance under the Company's stock option plan is 8,004,951. The issuance of these options is subject to all necessary approvals by the TSX Venture Exchange.
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive Pre-Paid Card programs and e-wallet payment solutions. Fintech Select has enabled these core assets, which operate through separate divisions to work together harmoniously, to create a new and ubiquitous environment for consumers and businesses alike. Fintech Select also operates an international call centre that provides fulfillment and customer service support to customers across all the company's platforms. Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.
Current Water reviews 2023 activities, progress
2023-10-18 09:47 ET - News Release
Dr. Gene Shelp reports
CURRENT WATER TECHNOLOGIES CORPORATE UPDATE
Current Water Technologies Inc. has provided its shareholders and supporters with the following corporate update.
Marketing activities
Two thousand twenty-three has been a transitional year for Current Water Technologies, with the establishment of a sales and marketing team that is engaging numerous domestic and international parties in the oil and gas, municipal, agricultural, fertilizer, biogas, and mining sectors. Management believes the future is bright for the company's innovative AmmEL-H2 technology as global social and political sentiments are aligned, and governments urgently seek solutions to the ever-worsening climatic conditions.
Most notably, after successfully competing to earn the right to participate, Current Water Technologies has been an invited speaker at technology forums organized by Isle Utilities of the United Kingdom. Isle Utilities is an international independent technology and innovation consultancy that brings together engineers and scientists with extensive and diverse consulting expertise to facilitate relationships in the water, waste, energy, carbon and the build environment sectors. The Isle team supports innovation, technology development, strategy and growth, and investment, and is experienced in bringing new technologies to market.
Through Isle's global innovation forum, the Technology Approval Group (TAG), Isle has established a strong record in identifying emerging technologies and accelerating their market uptake.
During the first half of 2023, Current Water Technologies participated in two technology forums in Europe, which have resulted in continuing negotiations with several municipal and industrial entities. Markus Ingelsson, MSc, Current Water's manager, engineering and technical services, has been invited to speak at the Joint Western Wastewater and Pacific Northwest TAG meeting on Thursday, Oct. 19, 2023. This in-person meeting will be hosted by Orange County Sanitation District in Fountain Valley, Calif., and include participation of major regional municipalities.
In-house interactive pilot-scale investigative studies
Currently, Current Water Technologies is conducting stage 1 in-house pilot-scale investigative studies for several municipal and industrial clients. For its clients, these studies are an important proof-of-concept step prior to adopting the company's innovative technologies. Current Water's interactive program format enables client participation following completion of the optimization stage of the test program.
Successful investigative studies should lead to an on-site pilot/demonstration project and subsequently, a commercial installation.
Aquaculture activities
In the third quarter, Current Water Technologies received a purchase order for four additional AmmEL-Aqua ammonia treatment systems. The systems are scheduled to be delivered during the fourth quarter of 2023. Current Water Technologies is optimistic that sales of AmmEL-Aqua systems will significantly increase in 2024 as its partners launch their innovative, best-in-class service for transport and storage of live aquatic animals utilizing containers equipped with BlueVita Technology.
Pumptronics activities
Following a busy first quarter, sales were relatively quiet during the second quarter. However, the sales and design team was very active, with the submission of 15 quotations, primarily for large to medium flood control/irrigation pumping systems. In August, 2023, a purchase order was received for a large flood control pumping system, as well as those for multiple smaller systems. Multiple sales for large to mid-size pumping stations are anticipated during the final quarter of 2023.
About Current Water Technologies Inc.
Current Water Technologies is a technology company applying its patented and proprietary electrochemical technologies to the treatment of waste water, desalination water and drinking water contaminated by metals or nutrients, such as nitrate/ammonia associated with the mining, metal processing, chemical, agricultural, municipal and waste management sectors. Pumptronics Inc. operates as a division of the company and continues to function as an integrated pump station manufacturer specializing in custom design and automation.
We seek Safe Harbor.
Current Water Technologies Inc. Due Diligence Report
Tickers: TSXV: WATR | OTC: ENPRF
Price: $0.035 CAD | $0.03 USD
Common Shares 212,275,038
Warrants: 57,150,500 @ $0.06 CAD
Options: 22,450,000 @ $0.06 CAD
Insider Holdings: 41,214,638 or 19.4%
Website: www.currentwatertechnologies.com
Company Description
Current Water Technologies Inc. was incorporated on February 15, 1996 under the laws of the Province of Ontario. The company provides innovative patented and proprietary technologies for the treatment of ammonium in municipal and industrial waste water and the resulting production of green hydrogen gas; the safe transport, storage and husbandry of fresh water and sea water animals; and the production of high purity water for the energy, pharmaceutical and microelectronics industries.
In January 2018 Current Water Technologies Inc. acquired Pumptronics Incorporated, which operates as a division of the Company and functions as an integrated pump station manufacturer specializing in custom design and automation.
Together, Current Water Technologies Inc. and Pumptronics Incorporated (“Current Water” or “the Company” or “the Corporation”) can provide increased breadth and depth of technical services and manufacturing capabilities around the world.
2023 Performance
Revenue: $3,239,770
Profit: $804,125
Balance Sheet
Total Assets: $1,400,212 (Cash - $378,623)
Total Liabilities: $1,093,130
Management Discussion Highlights
Overall performance
Current Water continues to focus on marketing and business development efforts during the current year via establishment of strategic alliances and non-exclusive and exclusive distributorships. The Company is currently marketing its technologies in North America, Australia, Asia, Europe, the Middle East, South America and Africa.
Current Water’s revenue of $1,545,699 increased for the quarter ended September 30, 2023 as compared to $1,447,152 for the same period in 2022. This increase was due to the timing in the number of projects for both Current Water and Pumptronics.
Subsequent Events
October 18, 2023, The Company provide shareholders and supporters with the following corporate update.
In-house Interactive Pilot Scale Investigative Studies
Currently, CWTI is conducting stage 1 in-house pilot scale investigative studies for several municipal and industrial clients. For our clients these studies are an important proof of concept step prior to adopting our innovative technologies. Our interactive program format enables client participation following completion of the optimization stage of the test program. Successful investigative studies should lead to an On-site Pilot/Demonstration Project and subsequently, a commercial installation.
Aquaculture Activities
In the third quarter, CWTI received a purchase order for four additional AmmEL-Aqua ammonia treatment systems. The systems are scheduled to be delivered during the fourth quarter 2023. CWTI is optimistic that sales of AmmEL-Aqua systems will significantly increase in 2024 as our partners launch their innovative, best-in-class service for transport and storage of live aquatic animals utilizing container equipped with BlueVita Technology.
Pumptronics Activities
Following a busy first quarter, sales were relatively quiet during the second quarter. However, the sales and design team was very active with the submission of fifteen quotations primarily for large to medium flood control/irrigation pumping systems. August 2023, a purchase order was received for a large flood control pumping system, as well as those for multiple smaller systems. Multiple sales for large to midsize pumping stations are anticipated during the final quarter of 2023.
Visionstate arranges $400,000 private placement
2023-11-24 08:06 ET - News Release
Ms. Shannon Moore reports
VISIONSTATE CORP ANNOUNCES PRIVATE PLACEMENT TO FUND US EXPANSION
Visionstate Corp. has arranged a private placement to raise $400,000 for the issuance of 20 million units at two cents per unit, with each unit consisting of one common share and one full warrant exercisable at five cents for two years, subject to regulatory approval.
The proceeds raised will primarily be allocated to expand the company's product marketing efforts in the United States, where Visionstate IoT Inc., the company's main operating division, has already established a strong presence with several prominent customers. The targeted focus will be on resellers of the Wanda product, a cutting-edge facility management application designed to track cleaning and maintenance activities.
In addition to fortifying its position in the U.S. market, Visionstate will allocate resources to enhance its ViCCi 2.0 product. Set to launch in the first quarter of 2024, ViCCi 2.0 represents a significant evolution from its predecessor, leveraging artificial intelligence and conversational interfaces to provide advanced virtual customer assistance in brick and mortar settings.
Shannon Moore, president of Visionstate IoT, commented on the significance of these developments: "We are at an inflection point when it comes to facility management software. Like other businesses, facility managers are looking at new ways of controlling costs and ensuring efficiency -- our Wanda product enables them to do that, powered by analytical data on the operations."
The financing round and strategic initiatives underscore Visionstate's commitment to driving innovation in facility management solutions, cementing its position as a leader in the rapidly evolving technology landscape. It is anticipated existing shareholders and insiders will participate in the financing.
In connection with the offering, Visionstate will be relying on the existing security holders' exemption as well as other available prospectus exemptions. For those investors relying upon the exemption for existing security holders, the aggregate acquisition cost to a subscribing shareholder of all securities of Visionstate cannot exceed $15,000 in the previous 12 months, unless that shareholder has obtained advice regarding the suitability of the investment from a registered investment dealer in the subscriber's jurisdiction. The offer to purchase units is available to all security holders of Visionstate who held common shares on the record date of Nov. 23, 2023.
Shareholders residing in countries other than Canada need to meet local jurisdiction requirements to participate. If Visionstate receives total subscriptions pursuant to the existing security 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 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. Visionstate IoT Inc. is a wholly owned subsidiary of Visionstate. Through Visionstate IoT, 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 will continue to innovate, reduce environmental impact and transform consumer experiences.
Visionstate Corp. - IoT, AI, Big Data - Turning Ideas Into Transformation
Visionstate signs multilocation contract
2023-11-09 12:52 ET - News Release
Mr. John Putters reports
VISIONSTATE CORP. ANNOUNCES GAME-CHANGING ROLL OUT OF WANDA(TM) PLATFORM
Visionstate Corp. has reached its latest achievement -- a multilocation contract with a large postsecondary institution. This collaboration signifies another "use case" milestone for Visionstate, as it continues to expand the horizons of smart technology solutions.
Under this agreement, Visionstate will implement its cutting-edge Wanda software for fleet management, revolutionizing the institution's vehicle management processes. This transformative installation will serve more than 500 users across multiple locations, streamlining the check-in/check-out procedures for fleet vehicles and digitizing the storage of crucial information on the Wanda portal.
"This partnership underscores our commitment to harnessing technology for real-world solutions," said Shannon Moore, president of Visionstate IoT Inc. "We are proud to be at the forefront of transformative fleet management, addressing longstanding challenges and opening doors to predictive maintenance capabilities."
Traditionally, paper-based check-in and check-out procedures often resulted in challenges such as misplaced paperwork, missed check-ins and incomplete records. This innovative installation will resolve these issues by creating a seamless, digital system for fleet management, ensuring transparency and accountability.
One of the most exciting aspects of this collaboration is the potential for predictive maintenance. By digitally monitoring the usage and maintenance of the fleet vehicles over time, the Wanda software will gather valuable insights. These insights will enable the institution to pro-actively address maintenance needs, reduce downtime, and optimize the performance and longevity of its fleet.
Visionstate is excited about the opportunities that this contract brings and is dedicated to continuing its mission of providing innovative solutions that drive efficiency, accountability and sustainability.
About Visionstate Corp.
Visionstate 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.
Visionstate IoT is a wholly owned subsidiary of Visionstate.
Through Visionstate IoT, the company 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 will continue to innovate, reduce environmental impact and transform consumer experiences.
We seek Safe Harbor.
E. Vranic's Canadian Smallcap Investment Blog
(Monday, 6 November 2023) Visionstate: I am Convinced that WANDA can Sell, and I am Going to do Everything in My Power to Make Sure that it Does
https://www.evranic.com/2023/11/visionstate-i-am-convinced-that-wanda-can-sell.html
East West Petroleum strikes deal to sell Cheal block
2023-11-01 15:25 ET - News Release
Mr. Nick DeMare reports
AGREEMENT FOR THE SALE OF NEW ZEALAND OIL & GAS PROPERTIES
East West Petroleum Corp. has entered into an interim agreement for the sale of its oil and gas interests in New Zealand (the Cheal block).
The company currently holds a 30-per-cent interest in PMP 60291 and the interim agreement contemplates the purchase of the company's interest in the Cheal Block by the 70-per-cent owner. The key terms of the interim agreement are as follows:
Purchase price of $1-million (U.S.);
Effective date of sale is July 31, 2023;
Purchaser assumes all reclamation obligations, which are estimated to be $633,820 (U.S.);
Contingent consideration of $350,000 (U.S.) should an additional well be drilled and completed;
Deposit of $250,000 (U.S.) on signing definitive agreement.
The terms described herein are binding under the interim agreement but subject to the negotiation and execution of a definitive agreement.
In addition to the definitive agreement, the transaction is conditional upon all necessary New Zealand government approvals, regulatory and exchange approval as well as approval of the East West shareholders.
In connection with the required shareholder approvals, an annual and special meeting of the shareholders of the company has been scheduled for Dec. 15, 2023.
New Visionstate Corp. CEO Interview
Fintech Select Ltd. Due Diligence Report
Tickers: TSXV: FTEC | OTC: SLXXF
Price: $0.035 CAD | $0.0226 USD
Common Shares: 80,049,515
Options: 2,160,000
Management Holdings: 16.2% - As per last information circular (December 2022)
Company Website: http://www.fintechselect.com/
About Fintech Select Ltd.
Fintech Select is a provider of robust and disruptive prepaid card programs and e-wallet payment solutions. Fintech Select has enabled these core assets, which operate through separate divisions to work together harmoniously, to create a new and ubiquitous environment for consumers and businesses alike.
Fintech Select also operates an international call centre that provides fulfilment and customer service support to customers across all the company's platforms. The company's mission is to provide customers with choice, convenience and cost-effective ways to facilitate traditional and crypto financial transactions.
H1 2023 Revenue: $2,416,185 (2022 - $1,372,485)
Net Income: $721,867
(Q3 2023 expected end of November)
September 2023 article pertaining to Fintech Select - https://themarketherald.ca/a-small-cap-fintech-company-is-gearing-up-for-global-domination-2023-09-25/
Additional company information
Intangibles – short term represents bitcoins held for sale. As of June 30, 2023, the Company has 5 bitcoins (December 31, 2022: 5 bitcoins). Cryptocurrency was revalued quarterly based on open market quoted price.
Corporate Overview
Fintech Select Ltd. TSX-V: FTEC (corporate website: www.fintechselect.com) is a leader in financial payment services and is a provider of robust and disruptive payment solutions, including prepaid card programs, Crypto-currency POS, and e-wallet and online payment. The company’s mission is to enable those core assets to work together in a harmoniously aligned environment to create a new landscape for consumers and businesses alike. Fintech Select also operates a 24/7/365 multi-lingual call center that provides customer service support to third party customers in Canada and USA and to the Company’s customers across the platforms mentioned.
Our mission is to provide customers with choice, convenience and cost-effective ways to facilitate financial transactions, and to excel in our provided services at the call center.
Throughout 2022 and 2023, Fintech Select has been focusing on many initiatives, including e-wallets, the cryptocurrency platform, and the call center reporting system. The Company has completed rebuilding the Crypto-currency POS platform based on the latest POS software technology, specifically using Android POS instead of the old Verifone VX POS terminal and is searching for reputable exchanges to back up the exchange transactions. Management has been considering the possibility of merging the functionalities of the e-wallet and POS cryptocurrency platforms into one platform, since they share a number of similarities. The possibility of heading in this direction makes the IT development team increasingly confident about the new-developed platform. The company has registered as a Canadian Money Service Business (MSB) with FINTRAC.
Additionally, adding more features and automated reports to its customer service platform to facilitate the reporting section for its customer care business and clients has been an on-going process so the Company’s revenue and profit can be increased. The Company has been working towards a clean balance sheet by eliminating the debts it has. The Company will also be exploring partnerships with other companies and service providers to expand its products and services on a consumer and global level.
During the past few years, the Company has developed a Prepaid closed-loop card solution to its Libyan partner, Raseed, that can be used by Raseed’s Libyan clients and regional banks. The Solution allows banks and other clients to load funds on their cards which can then be used within the POS closed network.
Year to date Revenues as of June 30, 2023 were $2,416,185 compared to $1,372,485 for the same period ending June 30, 2022. Year to date gross profit (Operating Revenue less cost of goods and services purchased) as of June 30, 2023 was $2,294,375 compared to $1,274,115 in the same period ending June 30, 2022.
Transatlantic completes drill program at Monitor
2023-10-20 10:53 ET - News Release
Mr. Bernie Sostak reports
2023 DRILLING COMPLETED AT THE MONITOR PROJECTS - BIG ELK COPPER PROSPECT
Transatlantic Mining Corp. has completed its maiden exploration drill program on the Big Elk prospect within the greater Monitor copper-gold project. Fourteen diamond drill holes were completed to test copper anomalism found on earlier surface geological reconnaissance.
Additional surface outcrop sampling has been undertaken recently.
The Monitor copper-gold project straddles the Montana and Idaho border, approximately five miles south of Taft Idaho, United States.
About the Monitor claim group
Transatlantic has a drill permit to drill at the Monitor copper-gold project where historical mine grades of up to 15 per cent copper (Cu) and eight grams per tonne (g/t) gold (Au) were achieved. Surface samples with grades of up to 30 per cent copper have also been reported previously.
"The initial drilling has been completed on the Big Elk prospect, as we now undertake further geological assessment and prepare for 2024 programs," commented Bernie Sostak, chief executive officer of Transatlantic Mining.
Review by a qualified person
Dr. Aslam Awan, PhD, MAusIMM (CP Geo), is the qualified person pursuant to National Instrument 43-101, and has reviewed only the technical information contained in this news release. Mr. Awan is the principal for AAA Geo Consultants.
About Transatlantic Mining Corp.
Transatlantic Mining is an emerging precious and base metal explorer. The company has a focus on converting projects into mines within stable mining jurisdictions. The company currently has property interests, including an 80-per-cent joint venture position on the Monitor copper-gold project in Montana-Idaho (U.S.) and 100 per cent of the Golden Jubilee gold project with its associated mining rights. The company has an extended lease, right to mine and purchase arrangement for the Miller gold mine in Montana to 100-per-cent ownership, by way of payment royalty.
Shannon Moore, President of Visionstate IoT Inc. discussed the three-year contract with Bunzl Canada on The Watchlist (Stockhouse) by The Market Herald
https://stockhouse.com/news/press-releases/2023/10/16/visionstate-corp-announces-three-year-contract-with-bunzl-canada-for-exclusive
Visionstate Provide Update On IoT Technology
Visionstate Corp. Announces Three-Year Contract with Bunzl Canada for Exclusive Distribution of WandaNEXT
New contract expected to double existing revenue in Canada
Edmonton, Alberta - TheNewswire - October 16, 2023 - Visionstate Corp. (TSXV:VIS) (“Visionstate” or the “Company”), is pleased to announce that its wholly-owned subsidiary, Visionstate IoT Inc., has entered into a new three-year contract with Bunzl Canada Inc. (Bunzl Canada) for the exclusive distribution of the Company's proprietary WandaNEXT product. The agreement grants Bunzl Canada exclusive distribution rights for Canada, Australia, and the UK, while Visionstate IoT will handle direct sales into the U.S. utilizing its existing internal sales resources.
The new contract represents a significant milestone for Visionstate IoT and is expected to double existing revenue associated with the exclusive distribution rights in the Canadian market. Furthermore, it opens new territories internationally, reinforcing the Company's commitment to expanding its footprint in the global facility-management sector.
WANDA™, Visionstate's flagship product, is an application widely used across various industry sectors to monitor cleaning protocols and enhance overall efficiency in delivering building services. The technology has proven instrumental in elevating standards of cleanliness and operational excellence.
Commenting on the milestone, John Putters, CEO of Visionstate Corp., stated, "We are thrilled to extend our partnership with Bunzl Canada and strengthen our position in the global market. This new three-year contract not only underscores the value of our product but also marks a significant step towards achieving our strategic objectives. We look forward to continuing to work in conjunction with Bunzl Canada to drive innovation and deliver cutting-edge solutions to our clients."
The agreement includes revenue-sharing arrangements in the three distribution territories, fostering a mutually beneficial partnership between Visionstate Corp. and Bunzl Canada. The collaboration extends beyond distribution, as both companies work closely on the ongoing development and enhancement of the WandaNEXT platform. Visionstate leverages its expertise in innovative development, while Bunzl Canada contributes its extensive global distribution network for sales and marketing initiatives.
“We are very excited about the new capabilities the next phase of our partnership with Visionstate will bring to our customers,” said Margo Hunnisett, Vice President, Marketing & Communications at Bunzl Canada. “Technology is transforming the cleaning industry and we are committed to continually positioning ourselves at the forefront, introducing innovations that empower our customers to be more efficient, more effective, and more sustainable.”
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. Visionstate IoT Inc. is a wholly-owned subsidiary of Visionstate Corp. 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,
“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: @visionstate
Facebook: @visionstate
LinkedIn: Visionstate Corp.
InvestorTalk with John Putters from Visionstate Corp. (TSXV: VIS)
https://investornews.com/events/investortalk-with-john-putters-from-visionstate-corp-tsxv-vis/
Join us for an InvestorTalk with John Putters from Visionstate Corp. (TSXV: VIS) from 9-920 AM EST on Thursday, October 19, 2023.
Looks like Visionstate hired Frontier Merchant Capital Group to assist them in marketing the company:
FMCG's latest news on Visionstate!
— Frontier MCG (@FrontierMCG) September 29, 2023
Read more here: https://t.co/fTy9mK8ogT#technology #IOT #bigdata #analytics #TSXV pic.twitter.com/krCJ7bve96
TRANSATLANTIC MINING: DRILLING TO COMMENCE AT THE MONITOR PROJECTS BIG ELK COPPER PROSPECT
Transatlantic Mining Corp. has mobilized a diamond drill rig to its Monitor copper-gold project. The inaugural plan is to drill up to 1,000 metres of diamond core to test the copper anomalism found on earlier surface geological reconnaissance. Grades of up to 30 per cent copper at the nearby Big Elk prospect have previously been reported near surface.
The Monitor copper-gold project straddles the Montana and Idaho border, approximately five miles south of Taft, Idaho, United States.
About the Monitor claim group
Transatlantic has a drill permit in place to commence drilling activities at the Big Elk prospect as part of its joint venture agreement within the greater Monitor copper-gold project.
"No drilling has been completed on the Big Elk prospect historically, and, with copper anomalism on the surface, the company looks forward to its maiden drill program to test the depth and strike extents of its surface copper expression," commented Bernie Sostak, chief executive officer of Transatlantic Mining.
Review by qualified person
Dr. Aslam Awan, PhD, MAusIMM (CP Geo), is the qualified person pursuant to National Instrument 43-101 for having reviewed only the technical information contained in this news release. Dr. Awan is the principal for AAA Geo Consultants.
About Transatlantic Mining Corp.
Transatlantic Mining is an emerging precious metal and base metal explorer. The company has a focus on converting projects into mines within stable mining jurisdictions. The company currently has property interests, including an 80-per-cent joint venture position on the Monitor copper-gold project in Montana/Idaho (United States) and 100 per cent of the Golden Jubilee gold project with its associated mining rights. The company has an extended lease, right to mine and purchase arrangement for the Miller gold mine in Montana to 100-per-cent ownership by way of payment royalty.
Visionstate Expands WANDA Product Globally
Edmonton, Alberta – TheNewswire - September 21, 2023 – Visionstate Corp. (TSXV:VIS) (“Visionstate” or the “Company”) , a leading innovator in IoT technology for the facility management industry, is proud to announce significant advancements in its global expansion efforts. With a strong focus on enhancing facility management practices, Visionstate IoT Inc., the company’s main operating division, continues to make strides in improving operational efficiency and cleanliness in various sectors.
Major Deployment in Canada
Visionstate IoT has embarked on a major deployment project in collaboration with one of the largest universities in Canada. To date, the company has successfully completed installations in five buildings, with 12 more buildings slated for deployment. This landmark project showcases Visionstate's commitment to revolutionizing facility management across academic institutions, ensuring a safe and productive environment for students and staff.
International Trials in the UK and Australia
In London, UK, Visionstate is conducting a trial of its cutting-edge IoT technology at the head office of a prominent global ride-sharing company. This initiative aims to demonstrate the capabilities of Visionstate's solutions in optimizing workspace cleanliness and maintenance protocols within corporate environments.
Meanwhile, Visionstate has successfully completed an installation in Australia, marking its initial foray into this burgeoning market. The company is excited about the prospects of expanding its footprint and delivering its innovative solutions to organizations across the Australian continent.
Expanding Presence in the US
In the United States, Visionstate IoT is aggressively expanding its presence and forging key partnerships. The company is currently working with partners to deploy its flagship product, Wanda, in a prominent restaurant chain. Visionstate will also be a prominent presence at key industry tradeshows across the US over the next 12 months, aiming to solidify its position as a frontrunner in facility management technology within the US market.
Global Partnership and Strategic Initiatives
Visionstate is actively working towards concluding a comprehensive contract with its global partner, which will encompass Canada and specific territories internationally. This strategic partnership is expected to elevate Visionstate's reach and influence in the global facility management arena.
Enhanced Marketing and Online Presence
Over the next quarter, Visionstate will intensify its efforts to expand its social media presence for Wanda, engaging with a wider audience and sharing valuable insights on facility management best practices. The company is also set to launch a targeted marketing campaign in the US, aimed at raising awareness about its innovative solutions. In addition, Visionstate will unveil a new website that will better represent its products and capabilities, making it easier for potential customers to explore the benefits of its cutting-edge technology.
Wanda, Visionstate's flagship facility management tool, is designed to meticulously track cleaning and maintenance protocols, ensuring optimal cleanliness and operational efficiency in various industries.
"We are excited about the rapid expansion of our IoT technology solutions worldwide," said Shannon Moore, President of Visionstate IoT Inc. "Our commitment to enhancing facility management practices continues to drive us forward, and we look forward to delivering our innovative solutions to more organizations, helping them achieve excellence in cleanliness and efficiency."
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. Visionstate IoT Inc. is a wholly-owned subsidiary of Visionstate Corp. 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,
“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: @visionstate
Facebook: @visionstate
LinkedIn: Visionstate Corp.
East West financial results came out recently and the company still has $5 million cash in it’s treasury, with Total assets of $5.8m CAD & Liabilities of $1.16m CAD.
Oil production in New Zealand is stable, showing $600K in revenue for the quarter with a $76,000 comprehensive income.
The major catalyst seen in their MD&A is a sale for their Romanian assets could come in Q4 2023. Keeping in mind that NIS had estimated spending at least $60 million USD on this project, so an asset sale would generate a large portion of cash back to East West.
On Page 3 of the Q1 2023 MD&A: The Company and its legal counsel continue to work on the final documentation including possible amendments which would allow closing to occur. In addition the Company has recently been advised by NIS that it is considering a sale of the remaining exploration blocks and the Company has agreed that its 15% interest can be included in such efforts. While the sale process is advancing there is no guarantee that terms will be settled. The Company expects an update in the fourth quarter of calendar 2023.
Additionally, it looks as if a fund has acquired a position in East West (see page 14 of the presentation):
https://www.mineralandfinancial.com/wp-content/uploads/2023/08/MFI-Investor-Presentation-Aug-2023-v-2.0.pdf
Visionstate closes $500,000 private placement
2023-08-18 09:31 ET - News Release
Ms. Shannon Moore reports
VISIONSTATE ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED PRIVATE PLACEMENT
Visionstate Corp. has closed the private placement offering previously announced on June 8, 2023. At the close, Visionstate raised $500,000 through the issuance of 25 million units at a price of two cents per unit. Each unit is composed of one common share in the capital of Visionstate and one common share purchase warrant, whereby each warrant entitles the holder to purchase one additional common share at a price of five cents per common share for a period of two years following the date of closing.
If the closing price of the common shares is equal to or exceeds seven cents per common share for greater than 20 consecutive trading days, then the warrant term shall automatically accelerate to a date that is 30 calendar days following the date a press release is issued by the company announcing the reduced warrant terms, without further notification made by the company.
The issuance of units to a person holding more than 10 per cent of the common shares of Visionstate constitutes a related-party transaction in accordance with TSX Venture Exchange Policy 5.9 -- Protection of Minority Security Holders in Special Transactions, which incorporates Multilateral Instrument 61-101. The offering will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. In particular, Visionstate has determined 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 per cent 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 per cent 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 $2.5-million and Visionstate is not listed on the Toronto Stock Exchange, but only on the TSX Venture Exchange.
The net proceeds from the sale of units will be used by the company toward the development and rollout of ViCCi 2.0, an artificial intelligence (AI) application designed to enhance customer service, for marketing and sales initiatives of the Wanda technology to global markets, and for general operating capital.
Pursuant to applicable Canadian securities laws, the common shares and warrants comprising the units are subject to a four-month hold period from the time of closing of the offering.
About Visionstate Corp.
Visionstate is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things (IoT), 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 will continue to innovate, reduce environmental impact and transform consumer experiences.