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Visionstate Partners with Gangline Canada to Develop Radio Frequency Identification Applications
2021-08-10 07:17 ET - News Release
EDMONTON, Alberta, Aug. 10, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSXV: 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.
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.
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