VERSES AI INC - VRSSF STOCK NEWS

Verses AI Inc. (CBOE: VERS, OTCQX: VRSSF) announced a non-brokered private placement offering of up to 12,500,000 units at $0.80 per unit, targeting gross proceeds of up to $10,000,000.

Each unit includes one Class A Subordinate Voting share and one-half of one share purchase warrant, with each whole warrant exercisable at $1.20 per share for 36 months from the closing date, expected around September 25, 2024. The offering leverages the listed issuer financing exemption from prospectus requirements, making the shares freely tradeable without a hold period.

The offering will be conducted across Canada, excluding Québec, and may extend to the U.S. under Regulation D exemptions, subject to regulatory approvals. Finders and advisors will receive a 6.5% cash commission and compensation warrants. Net proceeds will fund general working capital and corporate purposes.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) and Analog have announced a smart city initiative in Abu Dhabi to simulate taxi fleet management. The project aims to optimize mobility and transportation using VERSES' Genius™ platform. Key objectives include increasing taxi operations during high demand, optimizing task allocation, and automating maintenance scheduling.

This collaboration is expected to generate approximately US$3,000,000 in revenue for VERSES. It's the first in a series of planned commercial projects between the two G42-funded companies in Abu Dhabi. Future initiatives will focus on smart mobility, healthcare, and energy sectors.

A webinar discussing the partnership and initiative will be hosted by VERSES CEO Gabriel René and Analog CEO Alex Kipman on October 1st at 1:00PM PT / 4:00PM ET.

VERSES AI Inc. (CBOE Canada: VERS) (OTCQX: VRSSF) held its Annual General and Special Meeting on September 13, 2024, in Vancouver. Shareholders approved all resolutions, including:

1. Fixing the board at four directors
2. Electing all director nominees
3. Re-appointing Smythe LLP as auditor
4. Renewing the omnibus share incentive plan
5. Altering the company's Articles

The board reappointed Michael Blum, resulting in a five-member board. Shareholders also authorized changes to share classes, including deleting special rights for Class A and B shares and re-designating Class A as 'Common Shares'. The board approved changing shareholder meeting quorum requirements to 33 1/3 percent of issued voting shares.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) has announced significant leadership changes. Jay Samit is stepping down as Chairman of the Board to become Head of Global Partnerships, focusing on deploying Genius to strategic partners. Michael Blum, co-founder of Hedgeye Risk Management, has been appointed as the new Chairman of the Board.

This transition comes at a important time for VERSES, following a strategic investment from G42, IEEE approval of Spatial Web standards, and recent research demonstrating the scalability of their technology. Samit's extensive experience and international contacts are expected to be valuable assets as VERSES rolls out Genius commercially. Blum, with his background in finance, space technology, and Silicon Valley, brings a wealth of experience to the board.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) announces its participation in the 5th International Workshop on Active Inference (IWAI 2024), taking place September 9th-11th in Oxford, UK. As the lead sponsor, VERSES will present 12 accepted scientific papers at this event, which is the largest conference dedicated to Active Inference, a field pioneered by VERSES Chief Scientist, Professor Karl Friston.

The research presentations will cover themes such as advancing Active Inference capabilities, multi-agent systems, real-world applications, emotional and social intelligence, ethical development, and explainability. IWAI 2024 has seen a 40% increase in attendance and a 70% increase in paper submissions compared to the previous year, indicating growing interest in Active Inference among AI researchers.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) has completed a research collaboration with NASA Jet Propulsion Laboratory (JPL), demonstrating cross-platform interoperability between Digital Twin (DT) systems for lunar explorations. The project, part of the Company's GENIUS™ beta program, showcased real-time joint testing of a lander model at CSUN and a rover DT model at JPL on distributed NVIDIA Omniverse platforms via standard-based spatial web protocols.

The collaboration addressed the challenge of interoperability between DT systems, important for collaborative lunar exploration. The team also demonstrated cross-platform collaborations between Omniverse and Unity platforms and showcased IP protection using a Physics-Informed Neural Network model. This marks a significant step towards enabling multinational cooperation on the moon, with PwC estimating the Lunar economy could grow to a $170 billion market in the next 20 years.

VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF) announced that NRI USA, will upgrade to the GENIUS Beta program. This transition marks a shift from VERSES' industry-specific offerings to their flagship platform, GENIUS. Pete McKenna, CEO of NRI, expressed excitement about applying their data to GENIUS' reasoning capabilities, viewing it as a foundational element for future advancements. As a result of this platform change, the existing SaaS contract dated August 25, 2021, will be voided, with both parties released from further obligations. VERSES and NRI plan to negotiate terms for a new GENIUS contract.

VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF) has published groundbreaking research led by Chief Scientist Dr. Karl Friston, introducing Renormalizing Generative Models (RGMs) as an efficient alternative to current AI methods. RGMs, based on 'active inference', demonstrate versatility, efficiency, explainability, and accuracy using a physics-based approach.

The research shows RGMs achieved 99.8% accuracy on the MNIST digit recognition task using 90% less data than traditional methods. This efficiency could translate to significant cost savings and faster AI development for businesses. RGMs offer a 'universal architecture' capable of performing various AI tasks, from object recognition to natural language processing, using a single, adaptable model.

VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) announces the approval of Spatial Web standards by the IEEE-SA P2874 working group. The standards, Hyperspace Modeling Language (HSML) and Hyperspace Transaction Protocol (HSTP), aim to enable AI, IoT, and robotic interoperability and governance. VERSES' CEO, Gabriel René, highlights the potential for these standards to become as ubiquitous as HTTP, WiFi, or Bluetooth.

The company's product, Genius™, is the first to apply these standards, offering a toolkit for developers to create intelligent software agents. Gartner's 2024 Hype Cycle for AI report classifies VERSES' approach as First Principles AI, noting benefits such as improved context representation and enhanced interpretability.