Visionstate Corp. Signs Letter of Intent to Invest in Exceed Solar
Visionstate™ Corp. (TSX VENTURE:VIS) Visionstate (or “the Company”) is pleased to announce that it has entered into a letter of intent with Edmonton-based Exceed Solar Inc. (“Exceed Solar”) to acquire 30% of the business in a cash and share transaction (the “Transaction”).
The transaction demonstrates Visionstate’s commitment to expanding and diversifying its technology portfolio. “We are pleased to be partnering with Exceed Solar,” said Visionstate Corp. CEO John Putters. “They are developing new products that have huge potential to transform the economics of residential housing. This investment brings new alternative energy technology and further diversification to our portfolio. I’m also excited for potential synergies in product development with Visionstate Inc.”
Exceed Solar specializes in alternative energy applications and is poised to be a disruptive force in the housing industry. They recently unveiled plans to create modular, prefabricated living spaces that use solar-powered technology and are net-zero energy capable. These modules, called “Sol Spaces”, are customizable, affordable and can be assembled by the owner. Pre-orders are currently available and product roll out is expected later this year. Additional information about Exceed Solar can be found at www.exceedsolar.com.
“We are thrilled that Visionstate Corp. will be investing in our company,” said Exceed Solar Co-Founder and Director of Sales and Marketing, Stanton Pawchuck. “Visionstate management understands our passion for the environment and supports our approach to developing sustainable and affordable housing. Their experience with startups will help us achieve our goal of disrupting the traditional housing industry.”
Visionstate Corp.’s objective is to diversify the Company’s product portfolio by investing in high growth and synergistic opportunities in areas including artificial intelligence, blockchain and sustainability-related technologies. For instance, Exceed Solar’s modular and bio-friendly units could be enhanced with sensors for measurement of energy generation and usage, thereby leveraging Visionstate’s existing building monitoring technologies.