VANCOUVER, British Columbia, June 27, 2022 (GLOBE NEWSWIRE) -- VERSES Technologies Inc. ("VERSES") is pleased to announce that the Neo Exchange Inc. (the "NEO Exchange" or "NEO") has granted final approval of VERSES' listing application, and that VERSES will commence trading on the NEO Exchange tomorrow under the symbol VERS.
VERSES is an AI-as-a-Service provider specializing in the next generation of artificial intelligence that enables a new class of context-aware AI applications that can sense, understand, act, and adapt to dynamic conditions, situations, and environments. Their flagship platform, COSMtm, is an AI Operating System (AIOS) for developing and deploying AI apps and intelligent services that provides insight, prediction, and real-world optimization.
COSMtm powered AI apps are currently being deployed in industrial supply chain environments helping companies improve margins by optimizing labor efficiency, facility management, and worker experience, as well as in government-led smart city initiatives such as Flying Forward 2020 enabling autonomous drones to monitor threats, inspect buildings, and deliver assets across the European Union.
"VERSES' public listing is an exciting step for us as we bring to market smarter solutions capable of enabling AI-driven applications," said Gabriel René, CEO and Co-Founder of VERSES. "As VERSES expects to expand into new industries, our listing gives us an opportunity to reach an increased number of investors and stakeholders who share in our excitement and connect with our vision to imagine a smarter world where AI applications can be easily deployed anywhere for anything by anyone."
Among VERSES' leadership is Chief Commercial Officer, Michael Wadden, who was a key part in the development of Accenture Digital (now Accenture Song) leads VERSES' sales efforts that led to securing a multi-year contract with Third Party Logistics company, NRI Distribution. Under this contract, NRI Distribution has agreed to pay VERSES US$9M over six years, with such contract being renewed with the written confirmation of NRI Distribution for another US$17.5M payable over an additional five years. The aggregate fees of both terms is US$26.5M. Heading up VERSES' R&D team is Dr. Maxwell Ramstead, a pioneer in developing a mathematical framework with origins in computational neuroscience. The Company's board of directors was recently joined by Jay Samit, former Independent Vice-Chairman of business consulting firm, Deloitte, which penned an article describing the Spatial Web technologies that VERSES is building as fundamental to the "Next Era of Computing."
VERSES listing on the NEO Exchange enables the Company's Class A Subordinate Voting Shares (the "Subordinate Voting Shares") to be traded on a senior exchange in Canada. The Subordinate Voting Shares are qualified by VERSES' long-form non-offering prospectus, dated June 21, 2022 (the "Prospectus"), a copy of which may be obtained under the VERSES' profile on SEDAR at www.sedar.com.
VERSES is a next-generation AI company providing foundational technology for the contextual computing era. Modeled after natural systems and the design principles of the human brain and the human experience, VERSES' flagship offering, COSMtm, is an AI Operating System for enhancing any application with adaptive intelligence. Built on open standards, COSM transforms disparate data into a universal context that fosters trustworthy collaboration between humans, machines, and AI, across digital and physical domains. Imagine a smarter world that elevates human potential through innovations inspired by nature. Learn more at VERSES.io, LinkedIn, and Twitter.
About Neo Exchange Inc.
The NEO Exchange is Canada's Tier 1 stock exchange for the innovation economy, bringing together investors and capital raisers within a fair, liquid, efficient, and service-oriented environment. Fully operational since June 2015, NEO puts investors first and provides access to trading across all Canadian-listed securities on a level playing field. NEO lists companies and investment products seeking an internationally recognized stock exchange that enables investor trust, quality liquidity, and broad awareness including unfettered access to market data.
NEO Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.
Investor Relations Inquiries
This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as "intends" or "anticipates", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "should", "would" or "occur". This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, VERSES' expectation that it will continue to expand into new industries, the impacts and benefits of listing on the NEO Exchange, including the Company's ability to reach investors and stakeholders as well as their perceptions of the Company, and VERSES' agreement with NRI Distribution including the amounts payable thereunder and the renewal thereof.
In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that VERSES will continue to expand into new industries, benefits arising from listing on the NEO Exchange will be consistent with management's current expectations, VERSES' agreement with NRI Distribution will be renewed and all amounts payable thereunder will be received by VERSES, and certain other assumptions as more particularly set forth in the Prospectus.
These forward-looking statements involve numerous risks and uncertainties and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, that the listing on the NEO Exchange will not have the benefits and impacts as currently anticipated by management; the Company will not expand into new industries as anticipated by management, VERSES' agreement with NRI Distribution will not be renewed and/or VERSES will not receive all amounts payable thereunder, and other risk factors set forth in the Prospectus. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws. We seek safe harbor.
These press releases may also interest you