VERSES Announces NRI Transition to GENIUS™

VANCOUVER, British Columbia, Aug. 14, 2024 (GLOBE NEWSWIRE) — VERSES AI Inc. (CBOE:VERS) (OTCQB:VRSSF) (“VERSES” or the “Company”), a cognitive computing company developing next-generation intelligent software systems, today announced that third-party logistics company NRI USA, LLC (“NRI”) will transition to the GENIUS Beta program.

“NRI was an early adopter of our offerings and saw the vision of what our intelligent software could deliver. Since we entered into a commercial agreement with them, our business model has evolved from an industry-specific offering to our current flagship platform offering, GENIUS. It therefore made natural sense to transition our relationship to the GENIUS platform,” said Gabriel René, CEO of VERSES.

“It was great to leverage the early capabilities of Wayfinder, but we need more than just routing capabilities. The 3PL and supply chain industry is more complex than ever and at times very unpredictable. The ability to apply our vast amounts of data to the reasoning capabilities of GENIUS is incredibly exciting for our company. This will be a foundational building block as more advanced Genius capabilities are released in the future,” said Pete McKenna, CEO of NRI.

Due to the change in the platform and structure of the GENIUS offering, the existing SaaS agreement dated August 25, 2021 is null and void by both parties and no further commitments are required by either party with respect to the SaaS agreement. Both companies intend to enter into a new agreement for GENIUS on terms negotiated by the parties.

ABOUT THE VERSES

VERSES is a cognitive computing company that creates next-generation intelligent software systems modeled on the wisdom and genius of Nature. Our flagship product, designed around the first principles of science, physics, and biology, GENIUS™, is a toolkit for developers to generate intelligent software agents that add reasoning, planning, and learning capabilities to existing applications. Imagine a smarter world that elevates human potential with technology inspired by nature. Learn more at poems.ai, LinkedIn AND X.

On behalf of the Company

Gabriel René, Founder and CEO, VERSES AI Inc.

Press inquiries: [email protected]

Investor Relations Inquiries

United States, Matthew Selinger, Partner, Integrous Communications, [email protected] 415-572-8152

Canada, Leo Karabelas, president of Focus Communications, [email protected] 416-543-3120

Note Regarding Forward-Looking Statements

In this press release, the words “estimate,” “project,” “believe,” “anticipate,” “intend,” “expect,” “plan,” “predict,” “may” or “should” and the negatives of these words or variations thereof or comparable terminology are intended to identify forward-looking statements and information. Although VERSES believes, in light of the experience of its respective directors and officers, current conditions and expected future events and other factors deemed appropriate, that the expectations reflected in the forward-looking statements and information in this press release are reasonable, undue reliance should not be placed on them because the parties can give no assurance that such statements will prove to be correct. Forward-looking statements and information in this press release include, but are not limited to, a statement regarding the Company and NRI expecting to enter into a new agreement.

There are risks and uncertainties that could cause actual results to differ materially from those anticipated in these forward-looking statements and information. The Company has used various material assumptions in making the forward-looking statements in this press release. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements or other future events to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. There are a number of important factors that could cause the actual results of VERSES to differ materially from those indicated or implied by the forward-looking statements and information. These factors include, but are not limited to: the Company’s ability to negotiate a new commercial agreement with NRI. The Company undertakes no obligation to comment on the analyses, expectations or statements made by third parties regarding its securities or its financial or operating results (as applicable).

In addition, forward-looking statements involve various known and unknown risks, uncertainties and other factors that may cause the actual plans, intentions, actions, results, performance or achievements of the Company to be materially different from any future plans, intentions, actions, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: the risk that the Company will not be able to negotiate a new commercial agreement with NRI. VERSES cautions that the foregoing list of material factors is not exhaustive. When relying on VERSES’s forward-looking statements and information for the purpose of making decisions, investors and others should carefully consider the above factors and other uncertainties and potential events. VERSES has assumed that the material factors referred to in the preceding paragraph will not cause such forward-looking statements and information to be materially different from actual results or events. However, the list of such factors is not exhaustive and is subject to change, and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents VERSES’s expectations as of the date of this press release and is therefore subject to change after such date. VERSES does not undertake any obligation to update this information at any particular time, except as required by applicable law.