Visionstate Corp. Re-Election of Board and Stock Consolidation Update
Visionstate™ Corp. (TSX VENTURE:VIS) ("Visionstate" or the "Company") held its annual general meeting on Friday, March 2, 2018 at the Visionstate Corp. office located in Edmonton, Alberta.
During the meeting, Shareholders of the corporation voted to re-elect the Board of Directors and approved the Company’s stock option plan. They also voted on and passed an option to consolidate shares. After thoughtful consideration and discussion, the board of directors later decided that the share consolidation option would not be exercised at this time. This unanimous decision was based on the strength of current business development and sales along with the addition of new strategic business investments which will provide an immediate opportunity to augment the existing WANDA™ and CINDI™ technology platforms.
“Given that Visionstate’s IoT platform, WANDA, is quickly gaining traction in the marketplace and is supported by global partners and clients, we determined that a share consolidation would not be in the best interest to shareholders at this time,” said Visionstate CEO John Putters.
In February 2018 Visionstate announced a strategic partnership with a global logistics company, Bunzl Distribution, in order to increase market share, sales, marketing presence and improve rapid distribution of the WANDA product. An update was presented on progress surrounding training the Bunzl sales force on this technology. John Putters worked alongside Bunzl Sales leadership in implementing cross-Canada and UK training, which concluded in late February. Positive feedback from the front-line sales force and the executive team was extremely positive, and they are fully equipped and trained to position and sell WANDA at this time.
Also announced during the AGM were two new pilot projects that will introduce WANDA with its integrated sensors to people count for increased data analytics to a large U.S. based health-care provider and a county-wide school district in the U.S., both which have great potential to expand their footprint in both facilities and buildings.