Versus Systems Provides Corporate Update

Strengthened Balance Sheet and Reduced Cash Burn Provide Greater Flexibility for Strategic Growth Opportunities

Artificial Intelligence to Serve as Key Tenet of 2023 Product Development

LOS ANGELES, March 29, 2023 (GLOBE NEWSWIRE) -- Versus Systems Inc. (“Versus” or the “Company”) (Nasdaq: VS) will host an investor webinar today, Wednesday, March 29, 2023, to provide an update on the Company and recent operational highlights. The webinar will begin at 2:00 p.m. PT (5:00 p.m. ET). Investors will be able to access the event here or in the investor relations section of the company’s website at https://ir.versussystems.com/.

Recent Financial Highlights

• Operating cash burn now down to $550K/month, a 60% decrease from 2022 peak
• Closed $2.1 million public offering on December 9, 2022
• Recorded $4.4 million in warrants exercised for cash in February 2023
• Closed $2.25 million registered direct offering on February 6, 2023

Recent Operational Developments

• Expanding WINFINITE, an integrated consumer engagement platform that facilitates interactive and rewarded advertising solutions for consumer brands. The platform offers a library of games that are consumer-ready, with in-game prizing designed to improve customer engagement and boost consented first party data.
• Launched 100-location QSR interactive advertising campaign in March 2023; that is driving increasing in-venue beverage sales by over 15%.
• Expecting AI-enhanced developments in summer of 2023
  

Management Commentary

“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,” said Matthew Pierce, CEO of Versus Systems. “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.