Visionstate upsizes previously announced placement to $1.5 million due to market demand

EDMONTON, Alberta, Feb. 11, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate”) is pleased to announce that due to strong investor demand it has increased the size of the previously announced non-brokered private placement offering of units (“Units”) to $1,500,000 or up to 30,000,000 units, at a price of $.05 per Unit, subject to regulatory approval. Each Unit is comprised of one (1) common share in the capital of Visionstate Corp. (VIS) and one (1) common share purchase warrant at $0.07 cents for a period of 36 months from the date of closing.

The closing of the offering is subject to certain conditions, including but not limited to, the receipt of all regulatory approvals, including the acceptance of the TSX Venture Exchange. The securities issued under the offering will be subject to the standard four-month hold.

Visionstate intends to use the proceeds from the Private Placement to invest in corporate development and awareness, general operating capital, as well as investing in the Company’s strategy to expand its Internet of Things technology into the cannabis sector with Freedom Cannabis Inc., which was announced as a non-binding Memorandum of Understanding on January 21, 2021.

About Visionstate Corp.

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

Issued on behalf of the Board of Directors of Visionstate Corp.

“John A. Putters”

Visionstate Corp.