Visionstate Signs Letter of Intent to Acquire Exceed Solar, a Renewable Energy Company
23 April 2021 - 9:23PM
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 |
jputters@visionstate.com |
perry@chfir.com |
LinkedIn:@VisionstateCorp. |
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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.
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