Predictiv AI Provides Year in Review Corporate Update
TORONTO, Jan. 5, 2021 /CNW/ - Predictiv AI Inc. (TSX-V: PAI) (OTC: INOTF) (FSE: 71TA) ("Predictiv AI" or the "Company"), a software and solutions provider in the artificial intelligence markets, is pleased to provide a corporate update detailing the milestones and growth initiatives accomplished throughout the year and their strategic significance going forward.
Predictiv AI's 2020 Corporate Highlights:
- Appointed Michael Lende as President, CEO, and to the Board of Directors.
- New management team, led by experienced and entrepreneurial leaders in the artificial intelligence and data-science space appointed.
- Completed two non-brokered private placement financings for gross proceeds of $2.75 million.
- Completed corporate name change to Predictiv AI Inc. (formerly Internet of Things Inc.). In addition, the Company consolidated its outstanding common shares at a ratio of 1 post-consolidation share for 5.5 pre-consolidation shares. The name change reflects the corporation's broader commitment and expertise in accelerating artificial intelligence (AI) and machine-learning innovations.
- Established AI Labs Inc. ("AI Labs") as a wholly-owned subsidiary, to design and develop new products. The initial innovation from AI Labs from concept to working prototype was ThermalPass, a sensor-based temperature screening system for entrances to factories, supermarkets, schools, office buildings, mass-transit stations, hospitals, long-term care facilities, and other high-traffic locations.
- Established SMRT Labs Inc. ("SMRT Labs") as a joint venture company to commercialize ThermalPass. SMRT Labs is owned 51% by AI Labs and 49% by Commersive Solutions Corp., a developer of integrated, point-of-sale technologies that creates unique retail experiences.
- Commercialized ThermalPass under SMRT Labs Inc., offering two SKU's, the ThermalPass Portable (US $6,900) and ThermalPass Pro (US $7,300).
- Received orders for 62 units of ThermalPass following the commercial launch in mid-October 2020, including initial orders from hospitals, long-term care facilities and prisons in Canada, as well as hospitals and public schools in the US;
- Completed development of Alert Fleet, a cost-saving software/sensor system that provides fleet owners with the tools they need to run significantly safer and more efficient fleets through Weather Telematics Inc. ("Weather Telematics"), a wholly-owned subsidiary of Predictiv AI.
- Formed a new strategic channel partnership with inField Solutions Inc. to commercialize Alert Fleet.
- Entered into a collaboration agreement with IBI Group Inc. and Weather Telematics, to develop the Winter Ice and Snow Decision Support System for Operations Management (WISDOM) platform -- a resource management and decision support tool to assist in the effective and timely response to winter road conditions.
- Secured a multi-year agreement with Synoptic Data PBC for data provision services. This licensing contract will generate seven-figure revenue over the term for Weather Telematics and will launch its next generation of weather and road temperature sensors, which turns vehicles into their own mobile weather stations.
"In 2020, we achieved a number of key milestones at Predictiv AI in R&D, sales and marketing, operations and corporate development. On behalf of our leadership team and board of directors, I would like to thank our shareholders and strategic partners for their unwavering commitment to the company," said Michael Lende, President and CEO of Predictiv AI. "Our goals for 2021 are to continue to extend and strengthen our innovative product portfolio, to ramp up sales of ThermalPass and AlertFleet, both internally as well as through strategic channel partners, and to continue targeting whitespace categories and verticals which we view as innately scalable. In 2021, our focus remains on building the business by increasing revenue and driving shareholder value."
Predictiv AI is not making any express or implied claims that its product has the ability to eliminate, cure, or contain the COVID-19 (or SARS-2 coronavirus) at this time.
For more information on Predictiv AI or ThermalPass, visit: www.predictiv.ai and follow Predictive AI on:
Facebook: https://www.facebook.com/PredictivAI/
Twitter: https://twitter.com/predictivai
LinkedIn: https://www.linkedin.com/company/predictivai/
About Predictiv AI Inc.
Predictiv AI Inc. www.predictiv.ai is a technology company which helps businesses and organizations make smarter decisions using advanced artificial intelligence, deep machine learning and data science techniques. Its Weather Telematics Inc. subsidiary uses patented air quality monitoring sensors to provide predictive weather risk information to the insurance, logistics, fleet management and public safety sectors. The Company's R&D division, AI Labs Inc., develops new products that solve real-world business problems. The joint venture with Commersive Solutions Corp. is developing innovative technologies for use in various public spaces, starting with the ThermalPass™ fever detection system.
Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of the Company to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: ThermalPass and Alert Fleet achieving the commercial results anticipated by the Company; market demand for ThermalPass and Alert Fleet; and, other factors referenced in the Company's other continuous disclosure filings, which are available at sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Predictiv AI Inc.
Company Contact: Michael Lende, President and Chief Executive Officer, Mobile: 416-884-5911, Email: [email protected]; Media Contact: Dwain Schenck, Schenck Strategies, Mobile: 203-223-5230, Email: [email protected]
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