Visionstate Executes Agreement for the Acquisition of Artificial Intelligence Developer, Chatbot Incubator
EDMONTON, ALBERTA January 25, 2017 -- Visionstate Corp. (TSX VENTURE: VIS) ("Visionstate" or the "Company") is pleased to announce that it has executed a final agreement for the acquisition of Montreal‐ based 10384801 Canada Inc., doing business under the name “Chatbot Incubator” (“Chatbot”) (the “Agreement”).
The Agreement officially marks Visionstate’s first move towards growing the business through M&A activity. "We are pleased to have executed this agreement with Chatbot Incubator,” said Visionstate Corp. CEO, John Putters. “Now that the structure is officially in place, we can focus on implementing a roadmap that will combine our shared synergies.”
Chatbot Incubator specializes in applications for artificial intelligence (AI), particularly in customer service delivery and sales and marketing. AI technology from Chatbot Incubator will be leveraged for Visionstate's CINDI product, a digital in‐room device that delivers concierge services to customers and tracks guest supplies used by housekeeping staff. Visionstate will also explore and develop opportunities to bundle the AI with its interactive directories to replicate customer service in the retail and office building environments.
“We’re looking forward to working with the Visionstate team,” said Chatbot Incubator founder, David Weiser. “Now we can zero in on growing the company as part of a solid and mutually beneficial structure.”
Visionstate Corp.’s objective is to diversify the Company’s product portfolio by investing in high growth opportunities in areas such as artificial intelligence, and blockchain related technologies. The Company looks for technologies that are synergistic to Visionstate’s existing product portfolio in analytics, interactive customer service, and IoT applications designed to streamline operations.
The terms of the Agreement include the issuance of common shares of Visionstate to the shareholders of Chatbot Incubator as consideration for the acquisition. Approximately 30% of the shares held by Chatbot shareholders will be purchased 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 approximately 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 in 180 days after the closing of the initial 30% purchase. The parties are at “arm’s‐ length” and no insiders were created as a result of this Agreement.