Internet of Things Inc. Provides Quarterly Update on New Hop Internet of Things Inc. Provides Quarterly Update on New Hope IoT Intl Inc. Joint Venture
TORONTO, Sept. 27, 2017 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX-V:ITT) (OTC:INOFT) (FRANKFURT:71T) (“ITT Inc.” or the “Company”) an IoT software and solutions provider targeting the Industrial IoT markets, is pleased to announce that its joint venture ("JV") with New Hope Group is quickly moving forward with strategic partnership opportunities in China. Management anticipates that these initiatives will start generating revenue in Q1 2018.
“We are working with leading edge Industrial IoT products and services companies to test their solutions in New Hope Group related factories,” said Michael Agam, President & CEO of New Hope IoT Intl Inc. “From the initiatives underway, we look to form strategic partnerships with these companies. We believe that our unique partnerships in tandem with the strength of New Hope Group and the team that we have put in place, will position us to become a leading provider in China’s Industrial IoT market. We also see the value of blockchain solutions and how the JV can benefit New Hope factories by seeking technologies in this area.”
Over the past quarter, New Hope IoT Intl Inc. JV has made progress with the following undertakings:
- The JV signed a Memorandum of Understanding (MoU) with Gemsens, a leading Industrial IoT hardware solution provider based in Israel. Under the MoU, Gemsens will develop a new product for asset management (addressing applications such as warehouse management, medical equipment location, etc.). The new product will allow for extremely accurate indoor positioning at an affordable price.
- The JV is preparing to conduct a Proof of Concept (PoC) with Augury, an Internet of Things technology start-up based in the United States and Israel, which has developed a predictive-maintenance solution that several dozen U.S. companies are currently using to collect sensor data about machines via Bluetooth Low Energy (BLE) technology. The company expects to start the PoC at the beginning of November 2017.
- The JV is undergoing a PoC with GateTell/Telit products. Since 2002, GateTell (California) has been providing intelligent Cellular Devices (also referred to as - Terminals, Modems, and Gateways), that can automatically ‘make decisions’ at the edge, hence optimizing the amount of data sent to a server or a Cloud and therefore minimizing the cost of data being transferred through the network.
Telit is the global leader in Internet of Things enablement. They offer the industry’s broadest portfolio of integrated products, platforms and services to support and enable IoT deployments from things to apps.
- Working with local as well as with international supply chain management providers to put together a comprehensive supply chain management solution based on new IoT products
In addition, the JV will be broadening its scope to become an investment centre for Industrial IoT solutions. The JV is currently working with its stakeholders to define the criteria, mandates and funding for this investment strategy.
About New Hope Group
New Hope Group (en.newhopegroup.com) was founded in 1982. New Hope Group now has more than 600 subsidiaries in 30 countries, with nearly 70,000 employees and annual revenues of nearly 80 Billion Yuan or CAD$15.5 Billion. It is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance, insurance and more. It has a AAA credit rating from China Chengxin International Credit Rating Co. Ltd. (CCXI).
New Hope Group includes New Hope Data Technology Co., Ltd, a Shanghai-based company focused on data acquisition, monitoring, analytics, knowledge transfer through the implementation of cutting-edge IoT technologies as well as professional services and data analytics.
About Internet of Things Inc.
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. ITT has its headquarters in Toronto, Canada.