VSBLTY Groupe Technologies Corp. (CSE:VSBY) (OTCPK:VSBGF) announced Tuesday that Echelon Wealth Partners Inc. will act as the leading agent and sole book-runner of a brokered private placement of $1,000 principal amount 10% convertible unsecured debentures for gross proceeds of up to $3 million.
According to the company’s press release, the debentures will bear interest at a rate of 10% per annum on an accrual basis, will be calculated and payable on a semi-annually, and will mature 24 months after the date of issuance.
The principal amount may be convertible at any time before the mature date at $0.45 per unit if converted any time within the first year of the closing date or will be convertible at $0.60 per unit if converted after the one-year mark but before the maturity date.
The debentures will be offered and sold via private placement to accredited investors in Canada within the meaning of National Instrument 45-106, while investors outside of Canada will be on a basis that doesn’t require the qualification or registration of any of the shares or the warrants comprising the debentures.
VSBLTY will use the net proceeds of the private placement for acquisitions as well as general and corporate working capital purposes.
The news comes less than a month after VSBLTY Groupe announced the closing of a convertible debenture offering which resulted in gross proceeds totaling $745,500.
VSBLTY is Well-Positioned to Capitalize on the Global AI Market
The global artificial intelligence (AI) market is expected to explode in the next seven years at a CAGR of 33.1%, growing from $202.57 billion USD in 2018 to $202.57 billion USD by 2026. VSBLTY Groupe has been working tirelessly to deploy its AI and machine learning technology and has selected channel partners that are dominant in their selected categories.
The company signed its first large deployment in May, adding its technology to vending machines and coolers in South Africa and Australia to provide beverage companies with insight into their customers. This large deployment. which is already generating a profit, is in partnership with Onyx-Glass and replaced services that were previously provided by Intel (NYSE:INTC).
VSBLTY’s technology has also been deployed and is producing revenue in conjunction with a large, world-class point of purchase (POP) manufacturer that works with several Fortune 50 consumer packaged goods (CPG) companies.
On top of that, the company is in the final stages of signing a partnership agreement with the largest in-store media sales business in Canada and the US, which will provide speed-to-market for VSBLTY solutions to be sold as a media network purchase.
VSBLTY is also infiltrating the Latin American market through a partnership with Energetika, a leading provider of intelligent lighting solutions for economically efficient applications that incorporate security.
Energetika chose VSBLTY to install safety lighting and integrated security that includes facial recognition and crowd analytics for residential, commercial, and governmental applications in Mexico City and other Latin American cities that have been designated as a “Smart City.”
In short, VSBLTY is positioned to take a sizable stake in the global AI market. Investors interested in disruptive technology will want to keep a close eye on VSBLY Group Technologies to see where else this company will offer its AI and machine learning technology.
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