VANCOUVER, British Columbia, Oct. 20, 2022 (GLOBE NEWSWIRE) -- VERSES Technologies Inc. (NEO:VERS) (OTCQX:VRSSF) ("VERSES" or the "Company”), a contextual computing platform provider specializing in the next generation of artificial intelligence solutions, today announced the successful completion of its first-of-a-kind Autonomous Drone or Urban Air Mobility (UAM) test in Zaragoza, Spain.

As part of Flying Forward 2020, a European Commission-funded special research and innovation project developing Urban Air Mobility infrastructure, and in collaboration with the Zaragoza City Council and first responder teams, VERSES successfully deployed multiple autonomous drones to provide real-time aerial views in order to monitor the safety of hundreds of thousands of visitors participating in the cultural procession that runs through the streets of Zaragoza during the festival of La Virgen del Pilar. Utilizing VERSES’ real time mobility portal, powered by the company’s AI operating system, COSM, local authorities were able to remotely monitor the entire celebration at the Plaza del Pilar Square and surrounding neighborhoods.

Working with the Zaragoza City Council and its own legal advisors, VERSES’ COSM operating system employs artificial intelligence and digital twins to govern the behavior of the autonomous drones to ensure strict compliance with the air traffic regulation and data privacy laws. The COSM-enabled autonomous drones used in this UAM mission provided continuous, real-time monitoring of the flow of traffic, safety and security assessments and the ability to proactively identify unusual or atypical occurrences, reducing the need for extra monitoring teams on the ground and air. In addition, the COSM AI-platform ensured the governance of the autonomous drone flights were in compliance with all local laws, data management policies and security regulations, a first of its kind real-world demonstration of the goals set out by the European Commission to enable automated compliance of AI powered drones within the European Union.

“This was an exciting project for VERSES, and we appreciate the collaboration from the city of Zaragoza as we developed and delivered an urban air mobility plan for the Pilar Festival,” said Gabriel René, Founder and CEO of VERSES. “This autonomous drone work is another example of our COSM operating system in action. From the spatial mapping of an entire city to the creation of flight plans and the governance of drones via geospatial contracts in real time – this is all possible because of the adaptive intelligence capabilities that are unique to our COSM platform.”

VERSES expects to continue to work with autonomous drone flights operating Beyond the Visual Line of Sight (BVLOS) through Flying Forward 2020, a collaborative research project comprised of 12 global multidisciplinary partners focused on developing a new Urban Air Mobility ecosystem within the geospatial data infrastructure of cities throughout the European Union.

“The collaboration with VERSES and Flying Forward 2020 made it possible for autonomous drones to operate safely over the crowds, collect images of key areas of the festival and provide essential data to our first responder teams on the ground,” said Miguel Ángel Ania, Head of Innovation for the city of Zaragoza. “This information not only provided a real-time view of the city, but will help with future event planning– from the creation of evacuation routes for emergencies to the prevention of crowd surges in public spaces.”

About VERSES
VERSES is a next-generation AI company providing foundational technology for the contextual computing era. Modeled after natural systems and the design principles of the human brain and the human experience, VERSES’ flagship offering, COSM™, is an AI Operating System for enhancing any application with adaptive intelligence. Built on open standards, COSM transforms disparate data into a universal context that fosters trustworthy collaboration between humans, machines, and AI, across digital and physical domains. Verses currently operates in the mobility and transport sectors as well as in supply chain, manufacturing and smart cities. Imagine a smarter world that elevates human potential through innovations inspired by nature. Learn more at VERSES, LinkedIn, and Twitter.

About Flying Forward 2020
Flying 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.

On Behalf of the Company
Gabriel René
VERSES Technologies Inc.
Co-Founder & CEO
press@verses.io

Media and Investor Relations Inquiries
Leo Karabelas
Focus Communications
President
info@fcir.ca
416-543-3120

NEO Exchange has not reviewed or approved this press release for the adequacy or accuracy of its contents.

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.