VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) ("VERSES'' or the
"Company”), a cognitive computing company specializing in the next
generation of artificial intelligence, today announced the
successful completion of Flying Forward 2020 (FF2020). The
three-year project that began in November 2020 was funded by the
European Union to test the viability of autonomous drones across
five European cities. The final two trial cities, Oulu, Finland and
Tartu, Estonia, join the three other sites – Eindhoven,
Netherlands, Milan, Italy, and Zaragoza, Spain – in demonstrating
essential digital infrastructure for governing autonomous drones.
VERSES platform, KOSM, was deployed in Oulu to map navigation
routes and landing zones in urban areas based on 5G/6G signal
strength as well as inspect locations such as winter roads and
parking spaces while in Tartu, KOSM was implemented for
preventative maintenance by automatically monitoring solar
panels.
“Today’s conclusion went extremely well,” said Guido Maria
Magliano, VERSES AI, Director of Operations. “In order to unlock
the tremendous latent value of autonomous systems, public and
private stakeholders need a radically new approach to
interoperability, governance and coordination and we believe VERSES
platform, running on open standards deployed alongside our
partners, proves that the EU’s vision for a smarter world with
safer AI powered vehicles has been demonstrated through a wide
variety of use cases is now possible, necessary and at hand.“
The FF2020 consortium includes 12 global partners, working in
concert to define a governance model, a regulatory framework, a
geospatial digital infrastructure, a Digital Toolbox, an Identity
of Things (IDoT) scheme and interoperability frameworks for
autonomous drones. These deliverables were identified in the scope
of the program as foundational to enabling a vast array of unmanned
drone use cases including emergency response, surveillance, last
mile delivery and taxi drones which collectively represent
significant commercial value in efficiency, effectiveness and
safety. Straits Research estimates that the commercial drone market
is expected to reach USD $1.2 trillion by 2030.
“We’re thrilled with our results of the program and their
validation of how VERSES technology has paved the way for legally
compliant commercialization – not just for autonomous drones but
for autonomous vehicles, sensors and AI powered systems of all
kinds,” said Gabriel René, Founder and CEO of VERSES.
Learn more about how VERSES is providing guidance for
governments on the importance of governance of Artificial
Intelligence by reading “The Future of Global AI Governance,” a
recent collaboration between VERSES and DENTONS, the world’s
largest law firm.
About VERSESVERSES 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 anyone powered by KOSM™, a
network operating system enabling distributed intelligence. Built
on open standards, KOSM 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 Flying Forward 2020Flying Forward 2020
(FF2020) is a three-year research and innovation project funded by
the European Union, under grant agreement number 101006828. The
project focuses on creating a state of the art Urban Air Mobility
(UAM) ecosystem for autonomous drone missions. It includes a
governance model and framework, a regulatory framework, a
geospatial digital infrastructure, a Digital Toolbox, an Identity
of Things (IDoT) scheme and several interoperability frameworks.
The solutions developed during the project will be tested in five
living labs across Europe: Eindhoven, Milan, Zaragoza, Tartu and
Oulu. For more information, visit www.ff2020.eu.
Media Inquiries on behalf of the Company Eric
Holder, VERSES AI Inc., Director of Communications, press@verses.ai
Investor Relations Inquiries Leo Karabelas, Focus
Communications, President, info@fcir.ca, 416-543-3120
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 Company's
ongoing work with autonomous drone flights operating BVLOS through
Flying Forward 2020. In making the forward-looking statements in
this news release, the Company has applied several material
assumptions, including without limitation, that the Company will
continue working with autonomous drone flights operating BVLOS
through Flying Forward 2020, and that the Company’s operations 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 Company ceasing its work with autonomous drone flights
operating BVLOS through Flying Forward 2020 at any time, adverse
changes in funding of Flying Forward 2020 or legislation relating
to the autonomous drone flights operating BVLOS, 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.
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