VERSES and SimWell Partner to Enhance Digital Twin Simulations with KOSMOS

Rhea-AI Summary

VERSES Technologies Inc. (OTCQX: VRSSF) announced a strategic partnership with SimWell, a leader in digital simulations, to enhance business efficiency through advanced analytics and digital twin technologies. This collaboration aims to empower clients in various sectors such as retail, manufacturing, and logistics to leverage predictive modeling for data-driven decisions and cost optimization. SimWell becomes the first member of the VERSES developer network, focusing on building Intelligent Agents in the KOSMOS ecosystem. The partnership kicks off with a project for a global apparel brand, aiming to improve production processes and reduce operational costs.

Positive

• Strategic partnership with SimWell to enhance business efficiency.
• Focus on predictive modeling and digital twin technologies.
• Initial project for a major global apparel brand.

Negative

• None.

VANCOUVER, British Columbia, March 29, 2023 (GLOBE NEWSWIRE) -- VERSES Technologies Inc. (NEO:VERS) (OTCQX:VRSSF) ("VERSES'' or the "Company”), a cognitive computing company specializing in the next generation of Artificial Intelligence is thrilled to announce a strategic partnership with SimWell (https://www.simwell.io), a leader in digital simulations aiming to make the world more efficient through the use of advanced analytics technologies. This collaboration strives to leverage the power of knowledge models and digital twin technologies to deliver insights, optimization, and efficiency for businesses worldwide.

The partnership is expected to leverage VERSES’ advanced A.I. and SimWell’s experience building digital twins to deliver predictive modeling simulations. This collaboration aims to empower enterprise clients in the retail, warehousing, consumer brand, manufacturing, logistics, and supply chain sectors to generate real-time models to make data-driven decisions, optimize processes, and reduce costs while setting themselves apart in the competitive global market.

SimWell will become the first to join the VERSES developer network to build Intelligent Agents in the KOSMOS ecosystem. Intelligent Agents continuously transform data into an human and machine readable knowledge model, based on which they perform actions and which leads to increasingly predictive and reactive autonomous systems. SimWell has many Fortune 500 clients who rely on SimWell to help solve complex strategic and operational challenges with simulation, optimization, and digital twin technology.

“Spending $500K-$1M simulating your process before committing to multimillion dollar and multi-year projects only works if you trust the simulation and with SimWell that trust has been demonstrated repeatedly around the world.” said James Hendrickson, President and General Manager of VERSES Logistics Inc., a wholly owned subsidiary of the Company that serves as its global enterprise-specific business unit. “We’re most excited about the cultural and technical alignment between VERSES and SimWell. Our combined energy benefits global customers and partners with expertise and tools that drive transformation across enterprise verticals.”

Jon Santavy, Partner and Chief Revenue Officer at SimWell added, "This partnership with VERSES represents an exceptional opportunity to show our clients greater long-term value by harnessing the power of Intelligent Agents acting on spatial twins to automate operational decisions.”

The collaboration between VERSES and SimWell commences with a joint project for a global apparel brand, aiming to enhance production processes and minimize operational costs. This initial venture will set the stage for additional projects across a variety of industry sectors.

About VERSES

VERSES is a cognitive computing company specializing in next-generation Artificial Intelligence. Modeled after natural systems and the design principles of the human brain and the human experience, VERSES flagship offering, GIA™, is an Intelligent Assistant for everyone powered by KOSMOS™, a network operating system enabling distributed intelligence. Built on open standards, KOSMOS transforms disparate data into knowledge models that foster trustworthy collaboration between humans, machines, and AI, across digital and physical domains. Imagine a smarter world that elevates human potential through innovations inspired by nature. Learn more at VERSES, LinkedIn, and Twitter.

About SimWell

SimWell is a technology company dedicated to decision support and decision automation using simulation, optimization, and digital twin technology. Headquartered in Montreal, Quebec, SimWell is a multinational company with teams across USA, Canada, Mexico, EMEA, and APAC. Learn more at www.simwell.io.

On Behalf of the Company
Gabriel René
VERSES Technologies Inc.
Co-Founder & CEO
press@verses.io

Media and Investor Relations Inquiries
Leo Karabelas
Focus Communications
President
info@fcir.ca
416-543-3120

NEO Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.

Forward-Looking Statements Cautionary Note

This release includes certain statements and information that may constitute forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would” or “occur”. This information and these statements, referred to herein as "forward-looking statements", are not historical facts, are made as of the date of this news release and include without limitation, statements regarding discussions of future plans, estimates and forecasts and statements as to management's expectations and intentions with respect to, among other things, the expected delivery of insights, optimization and efficiency for businesses worldwide through the Company's collaboration with SimWell, the expected leverage of VERSES' advanced A.I. and SimWell's experience with digital twins to deliver predictive modeling simulations, the expectation that the Company's collaboration with SimWell will empower clients in various sectors to generate real-time models for the benefit of their operations, SimWell becoming the first developer building Intelligent Agents in the KOSMOS ecosystem and the commencement of a joint project for a global apparel brand by VERSES and SimWell. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that the partnership with SimWell will provide its expected benefits, that the partnership with SimWell will commence as intended and develop as expected, that the Company will be successful in the deployment of its resources and personnel as it relates to its partnership with SimWell, and that the Company’s operations and ability to develop its products will not be adversely impacted by COVID-19 or the ongoing conflict in Eastern Europe. These forward-looking statements involve numerous risks and uncertainties, and actual results might differ materially from results suggested in any forward-looking statements. These risks and uncertainties include, among other things, risks relating to the failure of the Company to successfully leverage SimWell's technology, that the partnership with SimWell will not proceed as intended, the impact of technological inefficiencies, cyber security attacks, increase in competition, the volatility of global capital markets, political instability, the lack of access to capital or financing when required, the loss of key personnel, the Company could face technology or software disruptions, unanticipated costs, risks related to the COVID-19 pandemic, risks relating to the extent and duration of the conflict in Eastern Europe and its impact on global markets and other risk factors disclosed in the Company’s disclosure record on www.sedar.com under the Company’s profile. Although management of the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. Readers are cautioned that reliance on such information may not be appropriate for other purposes. The Company does not undertake to update any forward-looking statement, forward-looking information or financial out-look that are incorporated by reference herein, except in accordance with applicable securities laws.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5ff307d1-e734-4eda-bdc0-f11cf0db96e1

FAQ

What is the partnership between VERSES Technologies and SimWell?

VERSES Technologies partnered with SimWell to utilize digital twin technologies and advanced analytics for improving business efficiency.

How will the partnership impact VRSSF stock?

The partnership could potentially enhance operational efficiencies for clients, which may positively influence VRSSF stock in the long term.

What sectors will benefit from the VERSES and SimWell partnership?

The partnership aims to benefit sectors including retail, manufacturing, logistics, and supply chain.

What is the initial project for the VERSES and SimWell collaboration?

The initial project focuses on enhancing production processes for a global apparel brand and reducing operational costs.