EDMONTON, Alberta, Feb. 12, 2018 (GLOBE NEWSWIRE) -- Visionstate™ Corp. (TSX VENTURE:VIS) Visionstate (or “the Company”) is pleased to announce that further to its announcement on December 20, 2017, and January 25, 2018, Visionstate has received final TSX Venture Exchange approval for the expedited acquisition of Montreal-based 10384801 Canada Inc., doing business under the name “Chatbot Incubator” (“Chatbot”) (the “Transaction”).
Pursuant to the terms of the Transaction, Visionstate has purchased 30% of the shares held by Chatbot shareholders in exchange for 4,000,000 common shares of Visionstate at a deemed price of $0.065 per common share, for the consideration of $260,000. Visionstate will have the option to acquire the remaining 70% of the shares held by current Chatbot shareholders in exchange for a further 9,000,000 common shares of Visionstate, also at a deemed price of $0.065 per share, for further consideration of $585,000. The total acquisition price will be $845,000 in the event Visionstate exercises its option, which will expire 180 days after the closing of the initial 30% purchase. The parties are at “arm’s-length” and no insiders will be created as a result of this Transaction.
The common shares issued in connection with the Transaction are subject to a four (4) month hold period under applicable securities legislation expiring on June 7, 2018.
“This is a significant milestone for Visionstate,” said Visionstate Corp. CEO, John Putters, “not only does this acquisition immediately diversify our portfolio, but it also demonstrates our ability to deliver on our M&A strategy.”
Chatbot Incubator designs and develops custom chatbots, which are programs that use Artificial Intelligence (AI) to facilitate conversations between brands and their customers. These personalized interactions allow businesses to essentially clone their best sales agent and make them available 24/7, integrating all needed product information delivered with consistent and personalized messaging. Chatbot Incubator’s technology is deployed on the messaging platforms that customers use most: mobile text and Facebook messenger, making them easier to access and available to customers whenever and wherever needed. These chatbots can be customized to include photos, video, games, group chats, digital offers and ecommerce functionality.
“We are very impressed with how seamless the Visionstate acquisition process was,” said Chatbot Incubator founder, David Weiser, “we are looking forward to working with John and his team to add value to the innovative products and services they have developed, as well as to releasing our future products and services under the Visionstate umbrella.”
About Visionstate Corp.
Visionstate Corp (TSX VENTURE:VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of sustainability, analytics and the Internet of Everything. Visionstate provides investors access to holdings in disruptive technologies that include artificial intelligence (AI), blockchain platforms and cryptocurrency. Through Visionstate Inc. it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state of the art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centers and other public facilities across North America. An extension of that product, CINDI™, has the potential to transform the guest service experience in the hotel industry. With the recent acquisition of Chatbot Incubator, specializing in applications for artificial intelligence, development is underway to make CINDI™ into a personal concierge, offering personalized services in every guest room. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
For more information please visit www.visionstate.com and follow @Visionstate on Twitter and Facebook. Visionstate is listed on the TSX-V exchange under the ticker symbol "VIS”; additional investor information is available on SEDAR.
Forward Looking Statements
This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Visionstate’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Visionstate’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Visionstate assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For more information about Visionstate, please contact John Putters at (780) 425-9460 or jputters@visionstate.com.
Contact: John Putters
Phone: 780.425.9460
Email: jputters@visionstate.com