EDMONTON, Alberta, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Visionstate™ Corp. (TSX VENTURE:VIS) ("Visionstate" or the "Company") is pleased to announce that, subject to regulatory approval, the Company intends to complete an offering of up to 7,000,000 units (“Units”) at a price of $0.05 per Unit for gross proceeds of $350,000 by way of a private placement (“Private Placement”). Each Unit is comprised of one (1) common share of Visionstate (“Common Share”) and one (1) Common Share purchase warrant (“Warrant”). Each Warrant entitles the holder to purchase one (1) additional Common Share at a price of $0.075 per Common Share for a period of two (2) years following the date of closing (the “Term”), provided that if after four months and one day following the closing date the closing price of the Common Shares exceeds $0.15 per Common Share for a period of greater than twenty (20) consecutive trading days, then the Term shall automatically accelerate to expire on the date which is thirty (30) calendar days following the date a press release is issued by Visionstate announcing the reduced warrant term and the issuance of the press release shall be deemed to be sufficient notice to all warrant holders of the shortened Term as a result of the acceleration.
In connection with the Private Placement, 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 will not exceed $15,000 in the previous 12 months, unless that shareholder obtains 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 hold Common Shares on the record date of February 21, 2018. Shareholders resident 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 Private Placement to exceed $350,000, then Visionstate will accept such subscriptions on a first come, first served basis.
Visionstate intends to use the proceeds from the Private Placement for acquisitions, technology development and general working capital. There is no minimum offering.
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 Venture 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.
Contact:
John Putters, CEO
Visionstate Corp.
Ph: 780-425-9460
Email: jputters@visionstate.com
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.