Visionstate Signs LOI to acquire Chatbot Incubator, Invests in Artificial Intelligence
EDMONTON, ALBERTA June 29, 2017 -- Visionstate Corp. (TSX VENTURE:VIS) ("Visionstate" or the "Company") is pleased to announce it has entered into a letter of intent with Montreal‐based Chatbot Incubator(“Chatbot”) to acquire the business in an all share transaction (the “Transaction”).
The terms of the proposed Transaction include the issuance of common shares of Visionstate to the shareholders of Chatbot Incubator, as consideration for the acquisition. All the shares held by Chatbot Incubator shareholders will be purchased in exchange of approximately 13,000,000 common shares of Visionstate at a deemed price of 5 cents per common share, for a total consideration of approximately $650,000. The parties are at “arm’s‐length” and no insiders are created as a result of this Transaction.
The transaction marks Visionstate’s first move toward diversifying its technology portfolio which currently includes 100% ownership of Visionstate Inc., an Internet of Things (IoT) software company which provides applications building services sector. The product is installed in locations throughout North America.
Chatbot Incubator is a company that specializes in applications for artificial intelligence, particularly in customer service delivery and sales & 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 resource use by housekeeping staff. Visionstate will also examine opportunities to bundle the AI with its interactive directories to replicate customer service in the retail and office building environments.
“The chatbot revolution has just begun,” said Chatbot Incubator founder, David Weiser. “Chatbots are turning direct sales and customer service processes into engaging and efficient 24/7 multi‐directional communication channels. We are looking forward to working with Visionstate to incorporate our AI technologies into their IoT products and services, while continuing to develop and deploy chatbots and AI technologies for retail and customer service B2B and B2C applications under the Visionstate umbrella.”
"We are extremely pleased to be entering into this opportunity with Chatbot Incubator,” said Visionstate Corp. CEO, John Putters. “Not only does this enable Visionstate to leverage leading edge technologies in AI, but it significantly bolsters our product offering in interactive customer service applications.”
Visionstate Corp.’s objective is to diversify the company’s product portfolio by investing in high growth opportunities in areas such as artificial intelligence. 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.