infinitii ai inc. closes oversubscribed convertible debenture offering for $1 million

VANCOUVER, BC, July 10, 2024 /CNW/ - infinitii ai inc. ("infinitii ai", the "Company") (CSE: IAI) (FSE: 7C5) (OTC: CDTAF) is pleased to announce it has closed an oversubscribed private placement announced on June 25. The financing is led by ThreeD Capital Inc. ("ThreeD") alongside other long-time shareholders.  

"We are pleased to announce that our original goal of raising $875,000 has been oversubscribed to now total $1 million," said Jean Charles Phaneuf, infinitii ai's CEO. "ThreeD Capital has once again led an investment in infinitii ai's market opportunity, product vision and our proven business execution."

The Company has issued convertible debentures with a face value of $1,024,997. The debentures carry an interest rate of 10% per year compounded semi-annually, have a maturity date of July 9, 2027 and are convertible along with any accrued interest into units (each a "Unit") at $0.05 per Unit. Each Unit consists of one share in the capital of the company (each a "Share") and one warrant for the purchase of one Share at a price of $0.10 expiring 36 months from their issue. The proceeds will be used for working capital and payment of outstanding convertible debts.

In its most recent quarter, infinitii ai announced its highest-ever quarterly result for software sales, generating $675,484 in revenues for the three-month period ended March 31, 2024, compared to $573,404 for the three-month period ended December 31, 2023, an 18% increase and generated $1,783,032 in revenues for the nine-month period ended March 31, 2024, compared to $1,541,345 for the period ended March 31, 2023, a 16% increase.

During the nine-month period ended March 31, 2024, the cash required for the Company's operating activities of $650,659 decreased by 38% compared to the same period in the previous year as management continued to make judicious use of cash to focus on capturing revenue opportunities from product and services initiatives aimed at new partnerships and vertical markets.

About infinitii ai inc.

Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai has evolved into a machine learning software leader that serves water utility customers in cities and municipalities including Toronto, Seattle, Miami-Dade County, Montreal, Boston, Dallas, Region of Peel, York Region Hamilton, and Los Angeles County, among others. The Company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Ltd., K2 Geospatial and SCG Flowmetrix Technical Services Inc. and TREKK Design Group, LLC.

infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it's real-time, historic, wireless, satellite, SCADA or public data sets including USGS, NOAA and weather forecasts – it doesn't matter where the data originates, infinitii ai transforms raw data into actionable information. Visit www.infinitii.ai to learn more.

The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

Forward-looking statements

This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on certain key expectations and assumptions made by the management of infinitii ai, including the expectation of future revenue growth. Although infinitii ai believes that the expectations and assumptions upon which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because infinitii ai can provide no assurance that they will prove to be correct. Any forward-looking statements contained in this press release are made as of the date of this press release. infinitii ai disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.

SOURCE infinitii ai inc.

Nathan Rudyk, Director, Corporate Communications, [email protected], [phone], infinitii ai inc.