Versus Systems Inc. (NASDAQ:VS, CSE:VS) hosted an investor webinar on Wednesday, March 29, 2023, which provided an update on the company’s recent financial and operational highlights, notably a strengthened balance sheet offering it "greater flexibility to evaluate potential partnerships and acquisition opportunities".
In a statement ahead of the webinar, Matthew Pierce, CEO of Versus Systems commented: “The Versus balance sheet is stronger today than it has been since our early days on Nasdaq. The warrant exercises and recent financings give us an enhanced runway to execute our growth strategies in the year ahead, both with our current offerings and with our continued research and development in AI.
“At the end of 2022 and going into 2023, we decreased our operating cash burn by 60%, and we continue to reduce operating costs to promote efficiency. In conjunction with our cost-cutting efforts, we have entered 2023 with an improved balance sheet with sufficient capital to fund our growth for the year ahead.”
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He added: “As we progress further into 2023, we aim to support organic growth through continued product development and innovation, while being opportunistic with potential inorganic growth opportunities as they arise. From a product development standpoint, we are placing particular emphasis on artificial intelligence - an area in which we have been filing patents for years - to bring machine learning and enhanced personalization to our gamification and reward capabilities.
“With our strengthened balance sheet, we also have greater flexibility to evaluate potential partnerships and acquisition opportunities that can expand the power and reach of our platform. We look forward to providing further updates on our strategic progress.”
Versus Systems is an engagement and rewards company that makes live events, games, shows, and apps more fun to watch and play. The company adds interactive games, polling, trivia, predictive elements, and other win conditions to existing entertainment - whether in-venue or online - making the content more contextual, personal, and rewarding.
Versus works with world-class sports teams, leagues, venues, entertainment companies, and other content creators to make engaging, rewarding experiences for fans all over the world.
Contact the author at jon.hopkins@proactiveinvestors.com