Artificial Intelligence Technology Solutions Provides Guidance
RENO, NV -- August 27, 2019 -- InvestorsHub NewsWire --
Artificial Intelligence Technology Solutions, Inc. (AITX: OTCPK),
is pleased to provide guidance for the end of the current fiscal
year and fiscal year 2021.
During the past fiscal year, Robotic Assistance Devices (RAD),
AITX’s wholly owned subsidiary, developed and commercialized three
new hardware solutions. These were SCOT) Security Control and
Observation Tower), Wally (wall mounted version of SCOT), and FRED
(Facial Recognition Entry Device). In the current fiscal year RAD
introduced ROSA (Robotic Observation Security Apparatus), AVA
(Autonomous Verified Access) and most recently ROAMEO (Rugged
Observation Assistance Mobile Electronic Officer).
Since the release of RAD’s 2nd generation set of solutions lead
by SCOT in April 2018, RAD has subsequently released software
packages called RADSoC, RADPmC, RADSight, and RAD Mobile Control.
RAD’s software ecosystem is 100% RAD developed and owned, as are
all it’s hardware solutions.
RAD’s unique solution set is specifically designed to bring cost
savings and improved performance to consumers of security guard
services and traditional security integrator services, the total
market size of which is approximately $50B annually in the US.
RAD has seven distributors that cumulatively earn over $10B in
sales per year. These distributors employ over 310,000 security
officers. RAD’s discussions with these dealers reinforce the
utility of RAD’s solution and make it clear to RAD management that
the security industry is at the beginning of a significant business
transformation lead by RAD’s technology and processes.
RAD has paid unit deployments in 15 states. Two of RAD’s
ultimate end users are Fortune 15 companies and most others are
Fortune 1000. RAD has 28 paid deployments with 3 unfilled orders at
the date of issue of this press release.
RAD expects to hit the following milestones by the end
of this Fiscal year February 29, 2020:
Deploy an additional 50 - 150 stationary units representing an
annual run rate of approximately $850,000 to $2,550,000. This is
based on an average RAD revenue of $2.00/hour per device. RAD’s
most popular unit currently earns RAD $2.10/hour.
Successfully deploy 10 ROAMEO units representing annualized
revenue of approximately $ 500,000.
Add non-traditional distribution channels.
RAD believes that an innovative forthcoming software piece,
tentatively scheduled for September, will further elevate RAD's
prominence in the industry.
RAD expects to hit the following milestones by the end
of the Fiscal year February 28, 2021:
Deploy an additional 250 - 750 stationary units representing an
annual run rate of approximately $4,250,000 to $12,000,000. This is
based on an average RAD revenue of $2.00/hour per device. RAD’s
most popular unit currently earns RAD $ 2.10/hour.
Successfully deploy an additional 50 ROAMEO units representing
annualized revenue of approximately $ 2,500,000.
Release at least one more mobile solution and one especially
innovative solution codenamed ‘Project G’.
To sum up RAD's financial projection expectations, Steve
Reinharz, Founder & President of RAD, said: "We aggressively
manage all expenditures to focus on the major milestone of positive
cash flow, as may be adjusted from bringing on additional engineers
and sales staff. Although our growth is steady, we expect a big
boost when the first - and subsequent - big orders come in. Given
the feedback, encouragement and verbal commitment to orders from
our dealers and end users we believe it is just a matter of time
until we can report exponential growth in revenue and profits."
RAD has a sales pipeline of over 35 Fortune 500 companies and
numerous other potential clients. RAD expects to continue to
attract new clients as it converts its existing sales pipeline into
paying customers. Each new Fortune 500 Customer has the potential
of making numerous reorders over time.
The company may post important information about its subsidiary
RAD on its website at www.RoboticAssistanceDevices.com and through
tweets from RAD President and CEO Steve Reinharz
(https://twitter.com/SteveReinharz).
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, and other risks. 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 RAD
Robotic Assistance Devices (RAD) 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, RAD can help organizations streamline
operations, increase ROI and strengthen business. RAD robotics
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. RAD robotic solutions are well suited for
use in multiple industries such as enterprises, government,
transportation, critical infrastructure, education and healthcare.
To learn more, visit www.roboticassistancedevices.com or
follow us on Twitter @RADbotsecurity.
Contact:
Steve Reinharz
info@roboticassistancedevices.com
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