SEATTLE--(BUSINESS WIRE)--Visualant, Inc. (OTCQB: VSUL) – a provider of chromatic-based identification, authentication and diagnostic solutions, with its ChromaID™ technology, released today a letter from its Founder and Chief Executive Officer providing an overview of the Company’s technology and an update on recent activities of the Company.
I am pleased to update you on Visualant and its recent activities. I am very excited about the prospects for our Company in 2017 and beyond. As many of you know, last year was a challenging year at Visualant. After much effort and hard work, we have moved the Company forward, although our stock price is not a reflection of the true value of the Company and its technology. Considering our advanced technology, our IP portfolio and ChromaID’s nearly unlimited opportunities as a platform technology applicable to so many industries, the value of our Company and its stock has not yet been recognized by the marketplace.
I would like to begin by reviewing the basics of Visualant’s award-winning technology and highlighting some of its compelling attributes and broad applications.
Almost everything in nature has a unique chromatic signature. Visualant’s award-winning technology, ChromaID, uses light to authenticate, identify and diagnose a wide variety of matter with accuracies at the wavelength of a photon. Traditional methods require the use of specialized and bulky equipment such as spectrophotometers and complex laboratory analysis which adds cost and time.
ChromaID is a platform technology that simplifies this process with its pioneering method of using structured light, a disruptive breakthrough in photonics, harnessing the power of the spectrophotometer into a handheld device at a competitive price.
Using a patented technology that includes a series of frequency-specific light-emitting diodes (LEDs), ChromaID creates a unique chromatic signature with thousands of data points providing a high degree of accuracy in a fraction of a second. This allows for instantaneous identification and analysis; saving time and increasing productivity.
- ChromaID is available for licensing in collaboration with strategic partners for a variety of proprietary applications and commercial needs.
- ChromaID is a sensor technology which has broad applications in the world of the Internet of Things (IoT).
- ChromaID technology can potentially be integrated in to many Original Equipment Manufacturer (OEM) products, including mobile and tablet devices.
- ChromaID devices are portable and field-deployable and enable real-time results.
- ChromaID devices are low-cost, scalable systems that can be offered at lower prices than all known current competing technologies.
- ChromaID Signature Reference Library™ databases are easy to build and can be stored locally or accessed via cloud-based applications. Over time, these Reference Library databases can become a significant asset of the Company.
The Company currently has 10 issued patents and 20 patents pending on our current technology and its applications. As we have previously announced, we have patents pending relating to everything from food safety, to diamond grading, to ascertaining blood glucose levels. ChromaID technology can be used to authenticate anything from manufactured goods, driver’s licenses and access cards, pharmaceuticals and beyond. ChromaID can identify e-Coli on meat, explosive residue on a terrorist’s hand and counterfeit currency.
ChromaID, as mentioned above, is also a sensor technology which exists in the environment known as the Internet of Things or IoT. We envision a time when literally millions or billions of our sensors can be doing identification, authentication and diagnostics remotely connected to the Internet. Critical infrastructure and national security are two significant areas of potential application for the sensor IoT focus of ChromaID.
There are other potential developments underway which we will be able to announce over time as we seek development partners to expand the reach and markets for our ChromaID technology
The Company’s commercialization plan includes three priorities for 2017: continue to mature the technology, expand our work in security applications and add commercialization partners. The Company plans to produce a next generation ChromaID system that will build on the success of the previous model while incorporating the feedback we have received from potential customers. Potential customers have asked for enhancements that will better demonstrate how the ChromaID will work in their applications. The Company believes it can incorporate these enhancements at a relatively low cost and that these enhancements will speed the path to commercialization.
Events impacting the growth of our business over the past year and beyond include our Joint Development Agreements with Intellicheck Mobilisa and BIOMEDX. Intellicheck, a leader in authentication is focused on utilizing ChromaID for the authentication of identification cards including driver’s licenses and access control cards. BIOMEDX is a software company on the forefront of deploying new holographic technology with a myriad of applications in health care specifically for plastic and reconstructive surgery. The BIOMEDX agreement proposes to utilize ChromaID technology to enhance the natural color, contour and elasticity of skin to closely match the patient’s and provide the patient an enhanced post-surgical preview of their appearance.
Intellicheck and BIOMEDX are two relationships providing opportunities for Visualant to access very large markets for its ChromaID technology. These are both multi-billion dollar global markets. Penetrating a small portion of these markets can provide Visualant significant initial revenue within the next twelve months and long term revenue streams from continuing deployment of our ChromaID technology in these and many other market sectors.
Our team was also enhanced late this past year with the additions of Jeff Wilson and Randy Sprague:
Jeff Wilson joined us as our Chief Financial Officer and Secretary/Treasurer in September. Jeff has extensive background as a CFO of technology companies including six years as CFO of MicroVision, the developer of the virtual retinal display technology.
Randy Sprague is a new addition to our Scientific Advisory Board. Randy was formerly Chief Engineer at MicroVision and has deep experience bringing new technology to the market. We are thrilled to have both on the Visualant team.
We are appreciative of the support from those of you who are long term shareholders. We want you to know that we are committed to the long-term success of Visualant and focused on a positive outcome for all our shareholders.
Thank you for your support of the Company. Please do not hesitate to be in touch with me. I would love to hear from you.
Founder and CEO
About Visualant, Inc.
Visualant™ is a public company whose shares trade under the stock symbol “VSUL.” The Visualant Spectral Pattern Matching™ (SPM) technology directs structured light onto a substance or material, through a liquid or gas, or off a surface, to capture a unique ChromaID™. A ChromaID can be used to identify, detect, or diagnosis markers invisible to the human eye. ChromaID scanner modules can be integrated into a variety of mobile or fixed-mount form factors. The patented, award-winning technology is disruptive, making it possible to effectively conduct analyses in the field that could only previously be performed by large and expensive lab-based tests. For more information on Visualant, visit the company’s website at www.visualant.net.
Safe Harbor Statement
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements (within the meaning of Section 27a of the Securities Act of 1933 and Section 21e of the Securities Exchange Act of 1934) regarding us and our business, financial condition, results of operations and prospects. Forward-looking statements in this press release reflect the good faith judgment of our management and are based on facts and factors currently known to us. Forward-looking statements are subject to risks and uncertainties, and actual results and outcomes may differ materially from the results and outcomes discussed in the forward-looking statements as a result of either the matters set forth or incorporated in this press release generally or certain economic and business factors, some of which may be unknown to and/or beyond the control of Visualant, Inc. Specifically, we are exposed to various risks related to our need for additional financing to support our technology development, the sale of a significant number of our shares of common stock could depress the price of our common stock, acquiring or investing in new businesses and ongoing operations, we may incur losses in the future and the market price of our common stock may be volatile,. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. We do not undertake, and we expressly disclaim, any obligation to revise or update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of the press release.