Visionstate Partners with Gangline Canada to Develop Radio Frequency Identification Applications
Edmonton, Alberta, August 10, 2021 - Visionstate Corp. (TSX-V: VIS) (“Visionstate” or the “Company”) is pleased to announce it has signed a letter of intent with Gangline Canada Inc. (“Gangline”) to enter into a joint venture agreement to develop radio frequency identification (RFID) applications.
The joint venture agreement is a result of the two companies successfully collaborating on deploying its first RFID application, which is being used to track safety slings that are mandated for use in the oil and gas sector. The RFID application facilitates improved inventory management for its customers.
“We are very pleased with the initial deployment of this technology,” explained Visionstate Corp. CEO John Putters. “It demonstrates how RFID technology can be implemented to improve operations and inventory management.”
The two companies intend to create a new joint venture company to pursue further opportunities in oil and gas for the RFID application. The joint venture will leverage the two companies strengths, including Visionstate’s technical expertise and Gangline’s extensive connections in the target market.
RFID is a tracking application that consists of tags, readers and middleware. RFID devices serve the same purpose as a bar code that provides a unique identifier for an object but does not need to be scanned directly, providing for a more robust inventory management system.
According to ReseachAndMarkets.com, the global RFID market size is estimated to be USD$10.7 billion in 2021 and is projected to reach USD$17.4 billion by 2026. The growth is attributed to lower-cost hardware, increased government regulation, and the implementation of new technologies designed to improve operational efficiencies.
About Gangline Canada Inc.
Gangline Canada Inc., is an Edmonton-based business focused on the creation of engineering applications and distribution of the patented Gangline™ solution. The Gangline™ is a professionally-engineered, pipe restraint system designed to limit the whip range of pipes (such as those used in oil fields and fracking work sites), should a catastrophic failure occur to the flow line or union connections. The company has successfully developed a Quality Management System to handle inventory, and related periodic applications, and is now focused on developing and deploying its RFID applications to the oil fields.
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.
Issued on behalf of the Board of Directors,
“John A. Putters”
Visionstate Corp.
To learn more, please contact:
Visionstate Corp.
John Putters, CEO
jputters@visionstate.com
Tel: 780-425-9460
CHF Capital Markets
Perry Rapagna, Manager, Corporate Development
perry@chfir.com
Tel: 416-868-1079 x230
CAUTIONARY STATEMENT
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press 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.
