Predictiv AI Terminates Its SMRT Labs Joint Venture
TORONTO, Nov. 16, 2021 /CNW/ - Predictiv AI Inc. (TSXV: PAI) (OTC: INOTF) (FSE: 71TA) ("Predictiv AI" or the "Company"), www.predictiv.ai, a software and solutions provider in the artificial intelligence markets, today announces the termination of its joint venture by transferring its 51% interest in SMRT Labs Inc. (the "joint venture") to its partner, Commersive Solutions Inc. The termination agreement released Predictiv AI from all current and future obligations and liabilities related to the joint venture.
SMRT Labs was the business unit that was tasked to bring the ThermalPass offering to market. While there was early sales traction for ThermalPass units, the joint venture was unable to meet its sale targets as a result of changing regulations and the market landscape for COVID-19 driven solutions. PAI was advancing its portion of required funds into SMRT Lab's business, and it decided to terminate the joint venture and focus on its Weather Telematics business unit, which provides immediate business opportunities. Weather Telematics' Data-As-A-Solution platform is gaining early traction in weather data science, a rapidly growing market in the area of predictive analytics.
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 fleet management, logistics, insurance, and public safety sectors. The Company's R&D division, AI Labs Inc., develops new products that solve real-world business problems.
For more information on Predictiv AI, visit: www.predictiv.ai and follow Predictive AI on:
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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, Alert Fleet achieving the commercial results anticipated by the Company, market demand for 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.
Predictiv AI Company Contact: Jim Grimes, President and CEO, Mobile: 416-500-7117, Email: [email protected]
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