AITX’s Subsidiary Robotic Assistance Devices Receives 15 New Contracts Totaling 42 Devices
Artificial Intelligence Technology Solutions, Inc.
Detroit, Michigan, Jan. 04, 2023 (GLOBE NEWSWIRE) — Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), today announced that its wholly owned subsidiary, Robotic Assistance Devices Inc. (RAD), has received 15 new contracts for 42 security robots.
The configuration of the 42 RAD devices placed on order is 25 ROSA stationary robots, 10 ROSA-P, switched-powered, pole-mounted solutions, 5 AVA access control devices, and 2 TOM autonomous visitor management solutions.
“This is the type of sales announcement we have been building towards,” said Steve Reinharz, CEO of AITX and RAD. “The mix of these 15 orders is a well-balanced combination of new or expansion business, and dealer channel versus direct to the end-user fulfillment. Our sales team has worked hard to earn every single one of these orders and we do not take them for granted. Now it’s up to our production and operations teams to build and deploy these 42 devices ASAP.”
The Company has identified the order type (dealer channel vs. direct, new vs. existing) of the 15 orders placed.
- Nearly one-third (31%) of the units ordered are for existing direct end-users, broadly expanding their deployments of RAD devices;
- Over 21% of the units ordered are through existing dealers expanding RAD device deployments at existing end-users;
- Nearly 20% of the units ordered are for new direct end-users;
- 14% of the units ordered are through existing dealers with new end-user business;
- 14% of the units ordered are through newly signed authorized dealers bringing RAD new end-users.
“As shown by the depth and breadth of these multiple orders, RAD’s sales pipeline is flowing with a wide variety of high-quality opportunities, new channel partners and new end-users,” said Mark Folmer, RAD President. “I applaud our business development team and dealers for helping RAD start the calendar year with a bang.”
AITX through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide a cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers this tremendous costs savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.
RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are “forward-looking statements” that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. No information contained in this news release should be construed as any indication whatsoever of the Company’s future stock price, revenues, or results of operations. Additionally, any industry data provided herein is of no predictive value regarding the future sale of the Company’s products. There is no assurance that the Company will complete the estimated orders within the specified time periods reference above. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staffs and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.stevereinharz.com, www.radsecurity.com, www.radgroup.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
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Steve Reinharz
949-636-7060
@SteveReinharz
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