Yahoo Finance Visionstate Signs Letter of Intent to Acquire Exceed Solar, a Renewable Energy Company
EDMONTON, Alberta, April 23, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate” or ‘the Company”) is pleased to announce that on April 15, 2021, it has signed a Letter of Intent to acquire the outstanding shares of Exceed Solar, an Alberta-based renewable energy company focused on smart, high-tech building envelopes for residential applications. The strategic acquisition is in line with Visionstate’s mission of advancing sustainability and represents a business opportunity for both companies as they explore synergies between their technologies.
Visionstate Corp. will acquire the outstanding shares of Exceed Solar for $100,000 cash and $200,000 in Visionstate Corp. shares at $0.10 for a total consideration of $300,000. Visionstate currently owns 40% of Exceed Solar through a convertible debenture of $200,000 signed between the companies in April 2018. The acquisition of Exceed Solar, valued at a total of $500,000, was approved by shareholders of Visionstate Corp. at the Company’s Annual General Meeting in October 2020.
Exceed Solar’s focus is on residential applications such as studios, greenhouses and garden suites that come packaged with plug-and-play solar energy. The company is currently executing on a high-tech, solar-powered greenhouse in partnership with the University of Alberta Engineering and Energy Management and Sustainable Operations departments. Research is focused on efficient energy use and cutting-edge growing applications in permaculture.
“Since the COVID-19 outbreak, more and more homeowners are turning toward backyard gardening to supplement their food supplies,” explained Visionstate CEO John Putters. “Food costs have risen dramatically over the past 18 months and will continue to do so as a result of climate change factors and the need for food security. Renewable energy applications will continue to grow in demand as we move toward using green energy to power our economies. We are very excited about the future of Exceed Solar.”
Exceed Solar’s corporate objective is to design building envelopes using sustainable materials, technology, and renewable energy in one scalable package. By using environmentally friendly structural insulated panels, the building envelopes can be easily scaled according to the project.
“Exceed Solar has learned from the evolution of computer development. Initially the PC was complex and required configuration and different components to work effectively. Today, consumers can purchase a complete package that only requires power,” added Putters.
Visionstate will be working with the Exceed Solar team and the University of Alberta to identify areas where IoT, or Internet of Things, technology can be incorporated to measure energy use and environmental conditions related to the growing cycle.
The acquisition of Exceed Solar is subject to the TSX Venture Exchange approval and a final approval from Visionstate Corp. Board of Directors.
About Visionstate Corp.
Visionstate Corp. (TSX-V: VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of the Internet of Things, big data and analytics, and sustainability. Through Visionstate Inc., it helps businesses improve operational efficiencies, reduce costs and elevate customer satisfaction with its state-of-the-art devices that track and monitor guest activities and requests. The footprint of its WANDA™ smart device now extends to hospitals, airports, shopping centres and other public facilities across and beyond North America. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
Issued on behalf of the Board of Directors,
“John A. Putters”
Visionstate Corp.
To learn more, please contact: | ||
Visionstate Corp. | CHF Capital Markets | Website: www.visionstate.com |
John Putters, CEO | Perry Rapagna | Twitter: @visionstate |
(780) 425-9460 | (416) 868-1079 x 230 | Facebook: @visionstate |
LinkedIn:@VisionstateCorp. | ||
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements
Certain information set forth in this material may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.
