In this InvestorIntel interview, host Tracy Weslosky talks to Visionstate Corp.‘s (TSXV: VIS) CEO John Putters about the increase in sales and diversification of its client base for its WANDA family of facility management software, as well as its investment in portfolio companies.

John tells Tracy the need for facilities maintenance software increased dramatically during Covid, and “we’re seeing a dramatic increase not only these sales but the adoption of our software across many different sectors.” As a result of increased sales, he continues, “based on the last six months in terms of growth and installations, we fully expect to be profitable by the end of our fiscal year 2023, which would end September 30th in 2023, and we’re well on that path.”

In the interview John also talks about Visionstate’s portfolio companies, including Freedom Cannabis Inc., a Canadian producer of cannabis products, that signed a definitive agreement to acquire the assets of Calgary-based Boaz Pharmaceuticals and recently set a record for monthly revenue at $2 million. “They’re growing fast and they’re one of the dominant companies now in the Canadian landscape in terms of their sales on the retail side of things,” John says. “The reason why Visionstate invested in them is because we worked with them on IOT [Internet of Things] technology… and we’re working with them to expand that throughout the cannabis sector.” The goal, John explains, is for Freedom Cannabis to become a public company, providing Visionstate with liquidity.

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About Visionstate Corp.

Visionstate Corp. (TSXV: 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.

To learn more about Visionstate Corp., click here

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The Internet of Things (IoT) is just taking off now. The Global IoT market size is forecast to grow from US$478.36 billion in 2022 to US$2,465.26 billion by 2029, at a CAGR of 26.4%. In some cases, the current global supply chain disruptions and rising costs are highlighting the need to have good IoT processes in place and thereby accelerating the rollout of the IOT.

Visionstate Corp. (TSXV: VIS) (Visionstate) 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 & analytics, and sustainability.

Visionstate has developed their WANDA™ family of IoT software products which are used in hospitals, seniors/aged care centres, airports, shopping centres and other public facilities across and beyond North America. The products include wandaNEXT™ and wandaMOBILE™.

Some common applications for the WANDA™ family of products include:

• wandaNEXT™ – Is a system that offers real-time ‘notifications, analytics & reporting’ as well as an understanding of staff performance and facility needs. One example might be cleaning services in a hospital or other facility. wandaNEXT™ preassigned managers and designated cleaning staff are instantly notified when a patron requests service through wandaNEXT™. Cleaning staff then use wandaNEXT™ to record their response. wandaNEXT™ captures the exact time service is requested, the specific type of service required, and how quickly the cleaning staff responds to the request. There is also a dashboard where you can summon reports that give a detailed deep dive into a facility’s data (results).
• wandaMOBILE™ – Uses quickscan QR codes to track the hard work and supplies of frontline cleaning and maintenance workers. As above, staff is automatically notified when someone uses their mobile device and a WANDA™ Quickscan QR Code to request service. Then, with either WANDA™’s available hand-held devices or their own personal phones and tablets, cleaning and maintenance staff use the WANDA™ Mobile App and the Quickscan QR Code to record their response activities.

Recent news

In some interesting news reported in April 2022, Visionstate announced that their Internet of Things software solution for facilities (WANDA™) has gone global, with adoption accelerating due to COVID-19. The news stated: “WANDA™ has quickly become an important tool in the fight against COVID-19 and other diseases as the sixth wave of the virus continues to create health concerns across Canada and beyond. WANDA™ is a mobile application, incorporating QR code functionality, that tracks cleaning and maintenance activities and measures those activities against new and more stringent protocols. “We are very pleased with the growth of Visionstate IoT Inc.,” said Company CEO John Putters. “WANDA™ is quickly becoming the primary tool for businesses, municipalities, and governments to ensure cleaning protocols are met in order to reduce the impact of COVID-19.”

Visionstate investments

Apart from its WANDA™ products, Visionstate has invested in two organizations, Exceed Solar and Freedom Cannabis.

Exceed Solar specializes in solar applications including backyard garden suites and greenhouses that are powered by renewable energy. They use cutting edge technology and building materials to maximize efficiency. The Company is currently developing a smaller, secure, solar-powered backyard greenhouse that caters to the home growing market for cannabis.

Freedom Cannabis is a private, seed-to-sale cannabis company currently in the application process with Health Canada to become a licensed producer. They are completing the first phase of their growing operations of approximately 73,000 square feet in Acheson, Alberta, Canada.

Closing remarks

The IoT sector looks set for very high growth (one forecast is a CAGR of 26.4%) in the next few years and companies that can succeed in this area stand to do very well. Visionstate’s primary focus is their suite of IoT software products under their WANDA™ brand. A global rollout is still in the early stages but has been helped by increasing demand as a result of COVID-19.

Visionstate’s 2021 revenue was ~C$540K and the Company trades on a market cap of C$3 million.