VERSES appoints Michael Blum as new chairman of the board and Jay Samit as executive

Jay Samit to Step Down from Board to Lead Go-To-Market as Head of Global Partnerships

Michael Blum appointed as president

VANCOUVER, British Columbia, Sept. 10, 2024 (GLOBE NEWSWIRE) — VERSES AI Inc. (CBOE:VERS) (OTCQX:VRSSF) (“VERSES” or the “Company”), a cognitive computing company specializing in next-generation intelligent systems, announces that Jay Samit is resigning from his position as Chairman of the Board to take a position within the Company, while appointing Michael Blum to the vacant position of President. Mr. Samit’s new role at VERSES will be as Head of Global Partnerships, focusing on the deployment of Genius to system integrators, channel partners, business process outsourcing firms, and strategic investors.

“With G42’s strategic investment, IEEE working group approval of Spatial Web standards, and recent research demonstrating the technical scalability of the technology, VERSES is at an inflection point and I feel this is the right time to make a more direct impact by leveraging the relationships I’ve built throughout my career to help bring Genius to market,” said Jay Samit.

“We thank Jay for his service as Chairman of the Board, but we are even more excited that he will lead and nurture our key global partnerships,” said Gabriel René, CEO of VERSES. “Jay’s experience as a pioneering CEO at Fortune 500 companies and leading global consulting firms such as Deloitte, combined with his extensive international connections, will be invaluable assets as we bring Genius to market.”

“At the same time, I would like to welcome Michael to the Board and look forward to working with him in this exciting phase of VERSES’ development,” continued Mr. René.

Michael Blum is the co-founder and CEO of Hedgeye Risk Management, a leading independent investment research firm with a client base of over $10 trillion in assets spanning nearly 100 countries. In 2014, Blum co-founded Firefly Space Systems, which designs and develops small-lift launch vehicles, working with NASA, DARPA, and Boeing, among others. Previously, Blum was the co-founder and COO of Falconhenge Partners LLC, a hedge fund. Prior to working on Wall Street, Blum spent seven years in Silicon Valley, including at Paypal, where he developed business and product strategy. Mr. Blum holds a B.A. in Economics and International Studies (with honors) from Yale University.

“I am pleased to join the VERSES board,” said Chairman Michael Blum. “I believe VERSES’ nature-based approach to software is a paradigm shift. It will transform the economics of computing, enabling an entirely new category of previously unattainable products and applications, creating a safer, smarter world.”

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 officers and directors, 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, current and future research projects, benchmarking, and the beta and launch of Genius. Such statements and information reflect the current view of VERSES.

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 could 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, among others: the Company’s ability to utilize the proceeds of the Private Placement as announced or at all; currency fluctuations; the limited business history of the parties; disruptions or changes in the credit or securities markets; results of operations and project development; project cost overruns or unanticipated costs and expenses; and general development, market and industry conditions. The Company undertakes no obligation to comment on any third party analyses, expectations or statements relating to its securities or its financial or operating results (where applicable).

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 foregoing 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 differ materially 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.