VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSD) (“VERSES” or the “Company”), a cognitive computing company specializing in next-generation intelligent software systems today announced that, following a strategic review of its business operations and market opportunities, the Company intends to discontinue its artificial intelligence (“AI”) research and development activities and refocus its efforts on evaluating and pursuing alternative business opportunities.
The Company’s Board of Directors have determined that a strategic pivot away from AI research and development is in the best interests of shareholders given the Company’s limited capital, capital market conditions, the state of our product development, and the timetable to commercialization and revenue.
As part of this strategic pivot, the Company will cease its AI-related operations, including research, development, and related expenditures.This will allow the Company to preserve capital while pursuing strategic alternatives and potential new business initiatives intended to maximize value for shareholders.
“When I was appointed interim CEO in February, the Company was already facing extreme liquidity constraints and a challenging path to product development and revenue.During the past 4 months, we conducted exhaustive fundraising efforts and corporate development initiatives, such as merger with strategic and financial partners, or asset sales that we were unable to close,” said CEO David Scott“. After careful consideration, we believe it is in the best interest of our shareholders to stop operations and redirect the Company’s focus and resources toward pursuing other opportunities that may better position us to preserve and create shareholder value. We will continue to update shareholders as material developments occur.”
The Company has accepted the resignation of James Hendrickson, President and Chief Operating Officer, and Hari Thiruvengada, Chief Technology Officer, as the result of disagreements with the Board of Directors regarding, among other matters, the Company’s compensation practices, including the non-payment of earned wages to certain W-2 employees, including himself and has accepted the resignation of Karl Friston, Chief Science officer. The Company is also terminating its licensing agreement with Prodigii AI, LLC, and will not continue its relationship with the major global investment firm
The Company is continuing to pursue a range of financing and strategic opportunities designed to maximize shareholder value; however, there can be no assurance that this pursuit will result in any transaction that will enable the Company to continue operations. There can be no assurance regarding the outcome or timing of this process. The Company may determine that no transaction or opportunity is appropriate.
About VERSES
VERSES® is a cognitive computing company building next-generation intelligent agentic systems modeled after the wisdom and genius of Nature. Designed around first principles found in science, physics and biology, our flagship product, Genius,™ is an agentic enterprise intelligence platform designed to generate reliable domain-specific predictions and decisions under uncertainty. Imagine a Smarter World that elevates human potential through technology inspired by Nature. Learn more at verses.ai, LinkedIn and X.
Source : VERSES AI Inc.
