Visionstate Corp. announced it has signed a letter of intent with Gangline Canada Inc. to enter into a joint venture agreement to develop radio frequency identification applications. The joint venture agreement is a result of the two companies successfully collaborating on deploying its first RFID application, which is being used to track safety slings that are mandated for use in the oil and gas sector. The RFID application facilitates improved inventory management for its customers. The two companies intend to create a new joint venture company to pursue further opportunities in oil and gas for the RFID application. The joint venture will leverage the two companies strengths, including Visionstate’s technical expertise and Gangline’s extensive connections in the target market. RFID is a tracking application that consists of tags, readers and middleware. RFID devices serve the same purpose as a bar code that provides a unique identifier for an object but does not need to be scanned directly, providing for a more robust inventory management system.