Visionstate Corp. Announces Final TSXV Approval for Chatbot Acquisition
EDMONTON, ALBERTA February 12, 2018 – Visionstate™ Corp. (TSX VENTURE:VIS) Visionstate (or “the Company”) is pleased to announce that further to its announcement on December 20, 2017, and January 25, 2018, Visionstate has received final TSX Venture Exchange approval for the expedited acquisition of Montreal-based 10384801 Canada Inc., doing business under the name “Chatbot Incubator” (“Chatbot”) (the “Transaction”).
Pursuant to the terms of the Transaction, Visionstate has purchased 30% of the shares held by Chatbot shareholders 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 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 180 days after the closing of the initial 30% purchase. The parties are at “arm’s-length” and no insiders will be created as a result of this Transaction.
The common shares issued in connection with the Transaction are subject to a four (4) month hold period under applicable securities legislation expiring on June 7, 2018.
“This is a significant milestone for Visionstate,” said Visionstate Corp. CEO, John Putters, “not only does this acquisition immediately diversify our portfolio, but it also demonstrates our ability to deliver on our M&A strategy.”
Chatbot Incubator designs and develops custom chatbots, which are programs that use Artificial Intelligence (AI) to facilitate conversations between brands and their customers. These personalized interactions allow businesses to essentially clone their best sales agent and make them available 24/7, integrating all needed product information delivered with consistent and personalized messaging. Chatbot Incubator’s technology is deployed on the messaging platforms that customers use most: mobile text and Facebook messenger, making them easier to access and available to customers whenever and wherever needed. These chatbots can be customized to include photos, video, games, group chats, digital offers and ecommerce functionality.
“We are very impressed with how seamless the Visionstate acquisition process was,” said Chatbot Incubator founder, David Weiser, “we are looking forward to working with John and his team to add value to the innovative products and services they have developed, as well as to releasing our future products and services under the Visionstate umbrella.”