FAIRFAX, VA, Oct. 15, 2026 (GLOBE NEWSWIRE) -- Visium Technologies, Inc. (OTCID: VISM) ("Visium" or the "Company") today announced that it and the counterparties to its non-binding term sheet, first announced on September 22, 2026, have agreed to extend the term sheet’s exclusivity period through March 31, 2027. The proposed transaction is an assignment of specified device contract-use, offtake and deployment rights into PT Visium Compute Indonesia, a newly formed Indonesian foreign-investment company. The parties have also widened the due diligence each will complete before negotiating a definitive agreement.
Expanded diligence
The parties have agreed to a second phase of due diligence, conducted by both sides. The Company’s review now covers:
- the final written device specifications and part number;
- the required third-party, assignment and change-of-control consents;
- U.S. export-control classification and denied-party screening;
- Indonesian foreign-investment, licensing and bonded-zone approvals in Batam;
- site and power rights that would survive a closing;
- a quality-of-earnings review of any customer deposits;
- the cross-border accounting needed to present the transaction under U.S. GAAP.
The counterparties are conducting their own diligence on the Company. The parties expect to complete this mutual diligence during the first quarter of 2027.
What remains unchanged
The term sheet remains non-binding, except for its provisions on exclusivity, confidentiality, expenses and governing law. Any definitive agreement will require approval by the Company’s qualified independent directors under Section 607.0832 of the Florida Business Corporation Act, and will be subject to the closing conditions described in the Company’s Current Report on Form 8-K filed September 21, 2026. The Company will file a Form 8-K if it enters into a definitive agreement.
Management commentary
"The cross-border accounting and the GAAP audit work for this transaction are progressing smoothly," said Paul R. Taylor, Chairman and Chief Executive Officer of Visium. "We would rather take the extra time and get it right than sign early and get it wrong."
About Visium Technologies, Inc.
Visium Technologies, Inc. (OTCID: VISM) is a publicly traded technology holding company based in Fairfax, Virginia. It focuses on advanced technology platforms, AI-driven operational systems, analytics and enterprise intelligence. For more information, visit [www.visiumtechnologies.com].
Cautionary Statement Regarding Forward-Looking Statements
This press release contains forward-looking statements, including statements about the proposed transaction, the diligence process and its expected completion in the first quarter of 2027, and the timing of any definitive agreement. Forward-looking statements can be identified by words such as "expects," "will," "may" and similar expressions. The Company’s common stock is a "penny stock," and the statutory safe harbor for forward-looking statements does not apply to the Company. Actual results may differ materially from those expressed or implied. Factors include that the parties may not complete diligence on the expected timetable or sign a definitive agreement; required consents, export-control classifications and Indonesian approvals may not be obtained; the qualified-director approval process may not be completed; and the other risks described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement except as required by law. Investors should rely solely on the Company’s SEC filings.
Contacts
Press: press@visiumtechnologies.com
Investor Relations: ir@visiumtechnologies.com
IR Concierge: 888-344-9850
Visium Technologies, Inc., 4094 Majestic Lane, Suite 360, Fairfax, Virginia 22033
www.visiumtechnologies.com