- Visionstate (VIS) subsidiary, Visionstate IoT, has renewed its partnership agreement with its current distributor, Bunzl Canada
- Under the existing agreement, Bunzl Canada sells and distributes Visionstate’s proprietary Wanda IoT hygiene compliance solutions to global markets
- The renewed agreement will expand on current revenue streams and also provide new revenue streams
- The companies will collaborate to enhance Visionstate’s Wanda solutions, which are currently in higher demand due to the COVID-19 pandemic
- Visionstate (VIS) last traded on October 21 at C$0.04 per share
Visionstate (VIS) subsidiary, Visionstate IoT, has renewed its partnership agreement with its current distributor, Bunzl Canada.
Bunzl Canada is the Canadian division of Bunzl plc, a specialist international distribution and services group. Under their pre-existing agreement, Bunzl Canada has sold and distributed Visionstate’s proprietary Wanda IoT hygiene compliance solutions through global markets.
The renewal of the agreement will solidify and enhance the current partnership by expanding on existing revenue streams and providing access to new ones. Visionstate earns royalties on each Wanda unit that is sold and collects monthly residual income from ongoing license fees from its three products.
New revenue streams will include development services to create new features and functionality for Visionstate’s Wanda products.
The companies will collaborate to further enhance the range of Wanda solutions, which are currently in higher demand due to the COVID-19 pandemic.
The coronavirus has made it even more necessary for public spaces to have solutions for tracking compliance with cleaning and hygiene rules. As such, Visionstate products have garnered significant attention since the early months of 2020, prompting the company to adapt its solutions’ capabilities to the unprecedented outbreak.
John Putters, CEO of Visionstate, commented on the benefits of the company’s renewed agreement, which positions Bunzl as Visionstate IoT’s exclusive distribution partner.
“Visionstate is extremely pleased to be partnered with Bunzl.
“It leverages both companies’ strengths by bringing together a large distributor with global sales and marketing capabilities and Visionstate’s expertise and proven track record in introducing new innovations,” he said.
Visionstate (VIS) last traded on October 21 at $0.04 per share.