(TheNewswire)
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Edmonton, Alberta – TheNewswire - September 3, 2024 – Visionstate Corp. (TSXV: VIS) (“Visionstate” or the “Company”), a provider of smart facility management solutions, continues to build momentum in the Canadian market as it sets its sights on U.S. market expansion. The company's proprietary WANDA platform, a leading tool for facility management, is at the forefront of these initiatives, helping to maintain clean and safe environments across a range of institutions, particularly in the education sector.
Growing Market Penetration and
Endorsements
Visionstate's WANDA platform has achieved remarkable penetration into
Canadian educational institutions, particularly colleges and
universities. A recent endorsement from Queen's University highlighted
WANDA's effectiveness in tracking cleaning tasks and protocols,
reinforcing the platform's value in maintaining sanitary environments.
This validation underscores the ongoing importance of robust cleaning
programs, even as the immediate threat of COVID-19 has
subsided.
In response to growing deployments at larger institutions, Visionstate
has made targeted investments in its reporting and analytics
capabilities. These enhancements ensure that WANDA continues to
deliver high value to its customers, facilitated by Visionstate’s
Canadian distribution partner.
Strategic Focus on AI
Integration
Demonstrating its commitment to innovation, Visionstate has re-branded
an operating division from Next Vision IoT Inc. to Next Vision AI
Inc., emphasizing a strategic focus on artificial intelligence. This
initiative is being driven in partnership with the Alberta Machine
Intelligence Institute (Amii), a leading AI
development institute based in Edmonton. The 12-month project with
Amii aims to integrate AI into the WANDA platform, with key
developments in schedule and route optimization. These AI-driven
improvements will enable facility management companies to optimize
cleaning routes and schedules, enhancing operational efficiency and
reinforcing Visionstate’s leadership in the sector.
U.S. Market Expansion
With a secure distribution partner in Canada, Visionstate is now
turning its attention to the U.S. market. The U.S. represents a
significant opportunity for expansion, particularly given the presence
of Visionstate's largest customer, the world's leading private equity
real estate firm. To capitalize on this potential, Visionstate is
investing in dedicated sales and marketing resources in the
U.S.
As part of its expansion strategy, Visionstate will participate in the
ISSA Cleaning Show in Las Vegas from November 19-24, 2024. The company
aims to forge new partnerships for U.S. sales and marketing and
explore opportunities in other international markets. Visionstate has
built scalability into its software, ensuring readiness for this
expansion. For direct U.S. sales, Visionstate will retain all revenue
from license fees, except where resellers are involved. Additionally,
the company is rolling out direct marketing and digital lead
generation campaigns to drive sales leads in this new market.
Sol Spaces Inc. – A
Visionstate Portfolio Company
Visionstate’s portfolio company, Sol Spaces Inc. (solspaces.com) has made
significant strides in the current quarter, generating approximately
$150,000 in revenue. This success is largely due to the sale of
residential greenhouses and the development of a community-scale
greenhouse for a prominent First Nations
community near Edmonton. This project addresses critical food security
challenges and exemplifies Sol Spaces’ commitment to innovative,
resilient infrastructure.
Looking ahead, Sol Spaces plans to commoditize its greenhouse
offerings by 2025, positioning them for broader distribution. Sol
Spaces’ products are unique in that they represent the next
generation of greenhouses which incorporate new technologies that help
mitigate extreme temperatures and can extend growing seasons. The
company is also advancing its development of next-generation living
spaces, focusing on energy efficiency and affordability, which aligns
with Visionstate’s broader commitment to sustainable technology.
Visionstate Corp. Owns approximately 40% of Sol Spaces Inc.
Financial Performance and
Outlook
Q3 has historically been a slower quarter for Visionstate IoT Inc. due
to seasonal factors, particularly affecting revenue related to one
time set up fees. However, the company anticipates strong growth in
Q4, driven by new contracts with large Canadian colleges and
universities. These contracts will contribute to Visionstate’s
Software-as-a-Service (SaaS) revenue model, further strengthening its
residual income streams. The company also expects additional fees from
the development of new auditing features for WANDA, which will enhance
monthly revenue.
Visionstate’s management remains focused on profitability, with
software margins exceeding 70% and continued cost control measures.
The company successfully closed a $500,000 financing round post-Q3,
securing the necessary working capital to support its growth plans,
including U.S. market expansion, AI development, and other key
initiatives.
Looking Forward
As Visionstate continues to expand its market presence and
technological capabilities, the company anticipates significant growth
from markets outside of Canada. The upcoming ISSA conference in Las
Vegas will be a critical launch point for these efforts, as it
provides an international platform to showcase Visionstate’s
facility management solutions.
In the coming months, Visionstate IoT Inc. will also focus on
developing new inspection and auditing technology for a major
customer. The launch of a standalone auditing application within the
next 12 months will further expand Visionstate’s product offerings,
reinforcing its position in the facility management industry.
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 (IoT), big data, and analytics, and sustainability. Through its portfolio companies, Visionstate is committed to the development and commercialization of innovative solutions that enhance operational efficiency, sustainability, and customer experience across multiple sectors.
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.
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.
Forward-Looking Statements
Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
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