Detroit, Michigan, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), today announced that its wholly owned subsidiary, Robotic Assistance Devices Inc. (RAD), has provided an update on sales activities and expansion of its authorized dealer channel.
“Never in the history of RAD has our sales pipeline been as full as it is now,” said Steve Reinharz, CEO of AITX and RAD. “Calendar year 2022 is wrapping up with some amazing opportunities that we expect to close by the end of the first quarter of 2023.”
In a press release dated December 6, 2022, the Company noted that RAD has approximately 280 units deployed and approximately 250 units on backorder. In the same announcement, RAD forecasted, with high probability, that it will receive additional unit orders totaling 250 and 500 units over the next six months.
“RAD has received verbal commitments from 38 clients, representing immediate orders for over 200 devices,” said Mark Folmer, RAD President. “We expect to close these opportunities soon, although things could slip into January given the upcoming holidays.”
Furthermore, the Company is in the final sales stage with an additional 78 companies, representing orders estimated to include 450 units that have the likelihood to close within the first six months of FY 2023.
“I’m so pleased that we received the more than 600 ROSA shells recently. Some form of ROSA accounts for about 75% of our expected order intake. We should be able to build, ship and deploy relatively quickly,” Reinharz added.
The Company identified additional recent developments of significance.
- Two new authorized dealers have been signed since the last announcement bringing the total number of RAD dealers to 54.
- The expansion of RAD’s software and hardware development team is underway, with the goal of adding 15 new members to the team.
“The RAD sales team is wrapping up the year in a very big way,” Folmer added. “Calendar 2022 was solid for RAD, and we’ll be ringing in 2023 in a great position, with a large backlog of orders, and full sales funnel.”
AITX through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide a cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers this tremendous costs savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.
RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are “forward-looking statements” that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. No information contained in this news release should be construed as any indication whatsoever of the Company's future stock price, revenues, or results of operations. Additionally, any industry data provided herein is of no predictive value regarding the future sale of the Company’s products. There is no assurance that the Company will complete the estimated orders within the specified time periods reference above. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staffs and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.stevereinharz.com, www.radsecurity.com,www.radgroup.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
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Steve Reinharz
949-636-7060
@SteveReinharz
