Visionstate Signs Letter of Intent to Acquire Exceed Solar, a Renewable Energy Company
EDMONTON, Alberta : 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.