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:
Facebook:
https://www.facebook.com/PredictivAI/
Twitter:
https://twitter.com/predictivai
LinkedIn:
https://www.linkedin.com/company/predictivai/
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.