Visionstate Corp. Releases Letter From the President
EDMONTON, Alberta, May 02, 2018 (GLOBE NEWSWIRE) -- Visionstate™ Corp. (TSX VENTURE:VIS) Visionstate (or “the Company”) is pleased to share this message from John Putters.
Dear Fellow Stockholders,
Over the past year we have witnessed dramatic growth in the adoption of new technologies in the realm of the Internet of Things (IoT). This technology is being used to facilitate safety and security, optimize building maintenance and energy usage, and is improving efficiencies all around us. It is a powerful tool that is even further amplified when paired with real-time analytics and other technologies. Visionstate is on the leading edge of this emerging technology. With expertise in IoT, AI and sustainable building technology, Visionstate is developing disruptive new products for commercial markets that are just starting to understand the business application potential for these technologies. I am excited for what the future holds!
WANDA, our IoT next generation solution device for monitoring common areas, is providing value to customers in diverse locations including airports, hospitals, shopping centers and schools. We had been limited by our sales capacity and eager to greatly expand our sales reach. This was accomplished by aligning with a multinational company that specializes in the distribution of cleaning and supplies products, Bunzl. This agreement has given Visionstate a global sales, marketing and distribution reach for WANDA and expands our sales reach even beyond North America.
Together with Bunzl significant resources have been devoted to developing training and sales materials, culminating in live training sessions earlier this year that involved every member of the Bunzl Canada sales team. This front-line team was extremely excited about WANDA and the value it could bring to many of their existing customers. As efforts are ramped up to train our partner’s sales staff in Europe and Australia, these regions will be putting into place the infrastructure to sell and distribute WANDA as well. We anticipate accelerated sales growth as these regions complete their training and fully execute on product sales.
If you haven’t heard, our WANDA technology was awarded the top innovation award by the UK’s Cleaning & Support Services Association (CSSA)! This is a huge positive for Visionstate, as WANDA beat out other top global companies in this cleaning industry showcase event. Because of this, WANDA’s visibility in the marketplace has grown and our sales team has gained a tremendous tool that will help them in selling this product.
In addition, the Visionstate team is currently executing on several new pilot projects in the US, including some of the largest healthcare jurisdictions in the country. Other pilot projects that are underway include school districts and airports in the US. These projects demonstrate a growing interest by building operators, as they understand the return on investment offered by IoT solutions such as WANDA. These projects have the potential to generate orders for hundreds of WANDA devices within the next 6-12 months.
Our Investment Strategy
Looking to the future, our board of directors created a subcommittee specifically to address investment strategies for Visionstate Inc. Based on their recommendations, the board has asked that the primary focus be on leveraging recent acquisitions to make significant enhancements to WANDA and CINDI, so that the latter can be brought to market as quickly as possible. An important part of this strategy will be leveraging the capabilities of Chatbot Incubators, by integrating their AI capabilities into our CINDI product. This strategy will serve to diversify Visionstate’s revenue streams and consolidate our position as a leader in IoT applications.
In addition, our board recommends moving forward with a smaller development investment in Exceed Solar, as it is ready to go to market. Sustainable technology is an area that I am excited about and this latest addition to Visionstate Corp. will provide an excellent gateway to enter into the residential smart home market with its intelligent sensors. This investment will take the form of a convertible debenture secured against Exceed Solar assets, to protect Visionstate Corp. shareholders.
Also, recently discussed by the board is the high risk and volatility of cryptocurrency. The board has determined that the risk and uncertainty in this technology is too high and direct benefits back to Visionstate and its products not clear. In addition, the high amount of power consumption goes against our company’s value and goal of sustainable technology. Therefore, the board is recommending against further investment in this technology.
With this direction from our board, we will remain laser focused on improving Visionstate’s core solutions and increasing market awareness and revenues across global markets for these products. Our recent capital raise provides the capacity to continue expanding functions for core products to execute on these board directives.
Ongoing improvement and innovation to our core product is clearly a priority and WANDA will continue to be enhanced. A new people counter functionality was recently introduced and multi-language options are being rolled out to customers this week. Currently in beta testing phase are cleaning product monitoring sensors that measure and communicate supply levels in real time, as well as enhanced cellular connectivity with 4G technology.
The next phase of product development has begun for CINDI, which includes integrating chatbot technology into a digital concierge function that adds a new and exciting aspect to this product. With a focus on mobile functions and artificial intelligence (AI), the new and improved CINDI product will target the hospitality industry and be ready for market in the second half of this year.
Exceed Solar is on pace to unveil a beta version of the customizable, solar-powered “Sol Spaces” module next month. We anticipate much buzz for this revolutionary yet affordable product with a trial-living program that will debut this summer in an area just outside of Fairmont BC.
I imagine other possibilities across our Visionstate Corp. technologies, such as potentially integrating WANDA technology into Sol Space modules, to take advantage of synergies between sustainable housing and monitoring residential power usage.
Executive Team Additions
I’m excited to have excellent new additions to our team, adding key highly experienced associates that will be instrumental to Visionstate’s long-term success and growth:
Debra Williams, EVP in charge of Visionstate’s Global Strategy and Business Development, has been building out plans and working to expand our global sales and distribution, and is actively working on developing key strategic partnerships. Since starting with us, she has been instrumental in landing several new accounts and is working closely with institutional customers and pilot projects to expand our business in the U.S.
Christine Beuchert was brought on recently as Director of Marketing and Communications to lead Visionstate’s marketing efforts and improve sales materials. She has improved the frequency and quality of our communications with investors and is working on new initiatives that will buttress sales efforts, including a new Visionstate sales video that will explain our WANDA product, including enhanced functions, in multiple languages. She has also been given the mission of updating our branding and website and will be developing a new pitch deck and related sales materials.
Our goal is to build shareholder value by increasing revenues from WANDA while establishing a base of new core technologies that will diversify revenue streams and broaden our portfolio. We will stay growth-oriented and pioneer through utilization of new technologies.
Thanks to you our shareholders for supporting us on this mission of making the world a better place through disruptive and sustainable innovation!
President and Chief Executive Officer