More NewsINTERNET OF THINGS INC. ENTERS JOINT VENTURE AGREEMENT WITH CHINESE GLOBAL CONGLOMERATE NEW HOPE GROUP $15 BILLION NEW HOPE GROUP & INTERNET OF THINGS INC. TO LAUNCH JV TO LEAD THE INDUSTRIAL IOT MARKET IN CHINA
Toronto, Canada & Shanghai, China, May 30, 2017 - Internet of Things Inc. (TSX-V: ITT; OTC: INOTF; FRANKFURT: 71T) (“ITT Inc.” or the “Company”) and New Hope Data Technology Co., Ltd. are pleased to announce the signing of a joint venture agreement based on the Letter of Intent announced on March 15, 2017. ITT Inc. is an Internet of Things (“IoT”) software and solutions provider, which acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets. New Hope Data Technology Co., Ltd., a New Hope Group affiliated and investee company (“New Hope”) provides data acquisition, monitoring, data analytics, professional services and knowledge transfer through the implementation of cutting-edge IoT technologies. New Hope is one of China’s largest privately-owned entities and in the Top 500 Enterprises for 14 consecutive years. With more than 600 subsidiaries and nearly 70,000 employees and annual revenues of approximately 80 Billion Yuan or $15.5 Billion, New Hope is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance and insurance. The joint venture will be focused on bringing global industrial IoT solutions to New Hope owned factories, as well as other manufacturing facilities across China and will be called New Hope IoT Intl. Inc. (the “NHG-ITT JV” or the “JV”).
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