Philadelphia, PA, Aug. 11, 2021 (GLOBE NEWSWIRE) -- VSBLTY Groupe Technologies Corp. (CSE: VSBY) (Frankfurt: 5VS) (OTC: VSBGF) (the Company or “VSBLTY”), a leading software provider of security and retail analytics technology, today announced that it has entered into a license agreement (the “License Agreement”) with RADAR USA, Inc. (“RADAR USA”) to develop a security product offering and associated services for sale in the United States and Canada. RADAR USA was formed in 2021 as a collaboration between VSBLTY and RADAR APP in Mexico, where the security network deployment has reached 10,000 cameras.
Jay Hutton, VSBLTY founder & CEO, said, “The licensing agreement with RADAR USA is a major step toward bringing effective and affordable security technology into U.S. and Canadian neighborhoods and making them safer. The collaborative security technology will allow private citizens and public safety entities to gain an improved view of their environments and better allocate resources.”
Pursuant to the License Agreement, VSBLTY has granted an exclusive license to RADAR USA in respect to certain market segments in the US and Canada with a focus on Homeowners Associations, municipal governments and critical infrastructure. Under the License Agreement, VSBLTY will receive a pre-paid, non-refundable fee of $2,000,000 USD, payable based upon certain funding milestones. The upfront license fee represents a certain number of licenses beyond which a subsequent recurring license fee will apply.
RADAR APP has also entered into a license agreement with RADAR USA, pursuant to which RADAR APP has granted to RADAR USA an exclusive license to its RADAR APP™ software applications and related intellectual property on the same terms and compensation structure as provided to VSBLTY under the License Agreement. RADAR APP™ is a collaborative security application that integrates citizens, local police and technology in a single platform. It operates with an interface that connects street lighting, cameras and alarm systems, allowing real-time interaction between people, police headquarters and patrol cars, preventing and immediately addressing any emergency.
Hutton further commented, "We have witnessed the significant growth of the RADAR APP network in Mexico over the last couple of years. We believe that the application of the technology, powered by VSBLTY AI, could also be successful in the USA. As a matter of strategy, we have aligned with RADAR APP, along with some key funding partners, to pursue the USA market. This approach allows VSBLTY to remain focused on our core development initiatives as we continue to expand our computer vision portfolio and capabilities.”
Certain VSBLTY management and directors have participated in an initial arm’s length financing round for RADAR USA. None of the management or directors of VSBLTY holds greater than a 1.04 percent interest in RADAR APP USA.
VSBLTY also announced the signing of Harbor Access LLC (“Harbor Access”) to optimize the company’s awareness in the North American and European Equity markets and implement a capital market communications program. Harbor Access is an investor relations and investor access firm representing and advising micro to mega market cap companies, with a collective more than 75 years of direct capital market experience.
Jonathan Paterson, managing partner of Harbor Access LLC, has been appointed by VSBLTY to conduct promotional activity on behalf of the company starting August 15, 2021, through March 1, 2022, and consisting of Investor Relations support and guidance. Also involved in promotional activity for VSBLTY are Graham Farrell and Jody Kane, both employed by Harbor Access. The company is being compensated by VSBLTY with a monthly cash retainer of US$9500. No employee of Harbor Access or associated person, including family members and friends, hold any stock in VSBLTY or any company that has a commercial relationship with Harbor Access.
Jonathan Paterson, (203) 862-0492, Jonathan.Paterson@HarborAccessllc.com, 263 Tresser Blvd., 9th Fl., Stamford, CT 06901, USA
Graham Farrell, (416) 842-9003, Graham.Farrell@HarborAccessllc.com, 130 King St. W., Suite 1900, Toronto, ON, Canada
Jody Kane, (203) 862-0492, Jody.Kane@HarborAccessllc.com, 263 Tresser Blvd., 9th Fl., Stamford, CT 06901, USA
On Behalf of the Board of VSBLTY Groupe Technologies Corp.
"Jay Hutton”
CEO & Director
Investor Relations
CHF Capital Markets
Cathy Hume, CEO, +1-416-868-1079, x251
CONTACT: Linda Rosanio, 609-472-0877
About VSBLTY (vsblty.net)
Headquartered in Philadelphia, VSBLTY (CSE: VSBY) (Frankfurt: 5VS) (OTC: VSBGF) (“VSBLTY”) is the world leader in Proactive Digital Display™, which transforms retail and public spaces as well as place-based media networks with SaaS-based audience measurement and security software that uses artificial intelligence and machine learning.
FORWARD-LOOKING STATEMENT
This news release contains forward-looking statements, including statements regarding the fees to be paid to VSBLTY pursuant to the License Agreement, and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact included in this release are forward-looking statements that involve risks and uncertainties.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements.
The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, and which are described in the Company’s public filings available under its profile at www.sedar.com. The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company does not intend to update any of the included forward-looking statements except as required by Canadian securities laws.
The Canadian Securities Exchange has not reviewed, approved, or disapproved the content of this news release.
