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.
About Visionstate Corp.
Visionstate Corp (TSX VENTURE:VIS) is a growth-oriented company that invests in the research and development of promising new technology in the realm of sustainability, analytics and the Internet of Everything. Visionstate provides investors access to holdings in disruptive technologies that include artificial intelligence (AI), blockchain platforms and cryptocurrency. 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 North America. An extension of that product, CINDI™, has the potential to transform the guest service experience in the hotel industry. Development is underway to make CINDI into a personal concierge, offering personalized services in every guest room. Through building up a collection of synergistic technologies, Visionstate Corp. will continue to innovate, reduce environmental impact and transform consumer experiences.
Visionstate is listed on the TSX-V exchange under the ticker symbol "VIS”; additional investor information is available on SEDAR.
Forward Looking Statements
This news release may include certain forward-looking statements that are based upon current expectations, which involve risks and uncertainties associated with Visionstate’s business and the environment in which the business operates. Any statements contained herein that are not statements of historical facts may be deemed to be forward-looking, including those identified by the expressions "anticipate", "believe", "plan", "estimate", "expect", "intend" and similar expressions to the extent they relate to the Company or its management. The forward-looking statements are not historical facts, but reflect Visionstate’s current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Visionstate assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking statements.
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.
For more information about Visionstate, please contact John Putters at (780) 425-9460 or firstname.lastname@example.org.
Contact: John Putters
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