EDMONTON, Alberta, March 14, 2019 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSX-V: VIS) (“Visionstate” or the “Company”) today provided an update on the operations, progress and near-term plans of its two portfolio companies, Exceed Solar and Freedom Cannabis.
Both investments are aligned with Visionstate’s goal of developing smart technology solutions that promote sustainability. Visionstate’s primary focus is expanding the use and enhancing the functionality of its unique Internet of Things (IoT) WANDA solution. The Company’s strategic investments in Exceed Solar and Freedom Cannabis seek to extend WANDA’s IoT application beyond the existing footprint to the housing and cannabis industries.
Exceed Solar is a private, smart tech company whose objective is to disrupt the traditional building industry by introducing scalable, affordable, and energy efficient living spaces to the housing market.
Exceed Solar has completed R&D (Research and Development) on its smart, energy efficient living spaces, and is now in sales mode with two sales already made in Q1 2019: one for its 450 square foot Garden Suite to an Indigenous community in Alberta and one unit of its Sol Bank made to a residential home in Edmonton, Alberta. The Sol Bank is an 8x12 backyard utility space with approximately 1.5 kw/hr solar energy that has tremendous flexibility in adding a power module to a backyard or rural property. Together these sales represent approximately $150,000 in revenue.
Exceed has recently entered into an option agreement to commence development of the Sol Village project on approximately 53 acres of developable land near Pigeon Lake, which will include 30 Sol Spaces powered by a solar micro grid as well as community gardening and greenhouses. Exceed Solar anticipates launching pre-sales of the living spaces for the Sol Village project in the spring of 2019. The company is now updating its website to reflect the new pricing and product details.
In addition, Exceed Solar continues to provide seminars on climate change and opportunities in renewable energy and will be participating in an Indigenous sponsored event in April 2019. These seminars have proven valuable in terms of building relationships with the local First Nations communities.
Visionstate has a convertible debenture with Exceed Solar for $200,000, of which approximately $155,000 has been allocated for research and development of the Company's scalable living spaces. The two-year debenture, which matures on April 30, 2020, carries an interest rate of 7% and can be converted for up to 20% equity in the company. Visionstate continues to monitor progress and growth of Exceed Solar and is investigating opportunities to expand its IoT technology to the housing market.
Freedom Cannabis is a private sustainable cannabis company currently waiting for a final review to become a licensed producer. An important component of Freedom’s business strategy is sourcing genetics to add to its large medicinal and recreational cannabis cultivation portfolio. The company is in the final construction phase of its state-of-the-art facility which will be one of the best of its kind in Western Canada.
Visionstate’s reporting issuer* entered into an LOI (Letter of Intent) with Freedom Cannabis in May 2017. Visionstate then invested in Freedom Cannabis in a seed-round financing in 2018 and will be extending the terms of its agreement until September 2019. *Reporting issuers are non-listed public companies that are created in order to do reverse takeovers to acquire a public listing on a Canadian stock exchange.
Freedom has since successfully completed a second round of financing, effectively doubling the value of Visionstate’s investment, as reflected in the Company's balance sheet. As their business grows, so does Visionstate’s investment.
Freedom’s approach to sustainability aligns with Visionstate’s overall trajectory, while this strategic investment also allows the Company to introduce its IoT technology into the thriving cannabis industry.
Visionstate today also announced a private placement of up to $200,000, priced at 2.5 cents per unit, plus a half warrant at 5 cents for a term of 12 months. The net proceeds will be used for product development, marketing initiatives and working capital. The units shall be subject to the four-month holding period from the closing date as per TSX regulations.
About Exceed Solar
Exceed Solar (https://www.exceedsolar.com/) creates sustainable, scalable living spaces and community solutions by leveraging renewable energy and smart technology. The Company is focusing on smaller applications such as backyard garden suites, solar powered greenhouses and utility spaces as a strategy to introduce renewable energy applications to people around the world.
About Freedom Cannabis
Freedom Cannabis (https://www.freedomcannabis.ca/) is a private, seed-to-sale cannabis company currently in the application process with Health Canada to become a Licensed Producer. Established in 2016 and based in the province of Alberta, the company assembled a team of experts and experienced professionals who are working to build one of the world’s leading cannabis companies.
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”
To learn more, please contact:Visionstate Corp.CHF Capital MarketsWebsite:www.visionstate.comJohn Putters, CEOCathy Hume, CEOTwitter:@visionstate(780) 425-9460(416) 868-1079 x 231Facebook:@email@example.com@chfir.comLinkedIn:@VisionstateCorp.