Visionstate Corp. Announces Sales Growth
EDMONTON, Alberta, June 27, 2018 (GLOBE NEWSWIRE) -- Visionstate™ Corp. (TSX VENTURE:VIS) Visionstate (or “the Company”) is pleased to report substantial sales growth in the current fiscal year compared to the previous year. This trend highlights the growing interest in Visionstate's WANDA™ solution, an IoT (Internet of Things) touch screen solution designed to streamline and improve cleaning services in the building services sector.
Since the start of Visionstate's current fiscal year on October 1, 2017, the Company has seen a year-over-year increase in sales of 125% and an increase in gross profit of 250%. The relatively higher increase in gross profit is reflective of reduced costs associated with selling and deploying the WANDA solution. Meanwhile, license fee revenue has increased by 173% during the same time period.
"Our sales growth reflects the increased interest in adopting IoT solutions," said Visionstate President John Putters. "Increasingly, we see building managers and operators seeking out IoT solutions as they strive to better manage their properties and differentiate their services through a unique offering. There is widespread interest in finding ways to utilize technology to elevate the level of customer service."
WANDA is a touch screen device that collects information on cleaning activities and replenishment of supplies, uses people sensors to track traffic and provides detailed analytics, reporting and dashboards. The WANDA solution’s appeal is based on its ability to provide valuable data to management at large public buildings including hospitals, shopping centres, arenas, casinos, convention centres and airports. This information is used to assess performance and empowers management to make decisions that can optimize operations and reduce costs.
During the month of June, Visionstate grew its client base with the addition of two new hospitals and a large casino. The Company is also continuing with four strategic pilot projects in the US involving two large hospital groups, a school board and a chain of gas and convenience stores in the southeastern United States. These pilot projects are projected to successfully conclude within the next three months and we expect them to be followed by enterprise-wide roll outs.