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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): September 28, 2023
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
000-55079 |
|
27-2343603 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
10800
Galaxie Avenue
Ferndale,
MI 48220 |
(Address
of principal executive offices) |
(877)
787-6268 |
(Registrant’s
telephone number, including area code) |
Not
Applicable |
(Former
name or former address, if changed since last report.) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
When
used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we”
refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item
8.01 Other Events
On September 28, 2023, we
will be issuing a press release titled “AITX’s Subsidiary, Robotic Assistance Devices, Announces Planning for 1000 RIO Version
4 Production Run”, which press release is attached hereto as Exhibit 99.1.
The
information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1)
is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained
herein.
ITEM
9.01. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
September 28, 2023 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX’s
Subsidiary, Robotic Assistance Devices, Announces Planning for 1000 RIO Version 4 Production Run
RAD
also Considering Expanding Manufacturing Capacity to Accommodate 2000 ROSA Units in 2024
Detroit,
Michigan, September 28, 2023 — Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX),
a global leader in AI-driven security and productivity solutions along with its wholly owned subsidiary, Robotic Assistance Devices,
Inc. (RAD), today announced plans related to the development and production of its innovative RIO™ solar-powered security tower
solutions.
Specifically,
the Company noted that it has begun an approximately 5-month effort to complete full design upgrades for RIO version 4.x with prototypes
and supply chain coordination. These efforts are expected to yield the most highly designed RAD solution with the most comprehensive
input from related supply chain vendors. It is expected that RIO version 4.x production will begin at the beginning of AITX’s fiscal
year, March 2024.
“Planning
this size of an endeavor, and allowing sufficient time enables us to work through the supply chain to find cost savings on parts and
manufacturing,” said Steve Reinharz, CEO of AITX and RAD. “Furthermore, it allows completion of improvements to ROSA that
will provide further cost and production savings. The goals of these efforts are to solidify RAD’s lead in the solar-powered tower
space by offering unmatched functionality at an unmatched price. This is the first existing market we are targeting to dominate.”
“ROSA’s
forthcoming enhancements, to be in version 4.0, are the culmination of RAD’s Autonomous Remote Solutions concepts that we have
pioneered over the years,” commented Ioan Pop, Vice President of Research and Development at RAD. “We’ve made great
strides in design efficiencies, reduction in power consumption, and vast improvements and enhancements to our AI analytics.”
Expect
further details to be disclosed at the AITX Investor Town Hall and RAD Technology Reveal to be held on November 3rd. Those interested
in attending the event may register here.
Beginning
in the first half of 2024 and based on expected sales demand, RAD plans to scale RIO units’ production to approximately 100 units
per month.
“RIO’s
expected sales success gives us a new challenge at the REX, manufacturing space,” said Luke Ross, Vice President of Production
at RAD. “We plan on continuing to invest in the REX, building ROSA, AVA, TOM and RADDOG, and other electronics assembly and testing
while evaluating an additional location for RIO assembly and QC. If we’re planning for 100 units a month, we will simply need more
space.”
“This
is not simply about expansion and innovation,” said Mark Folmer, CPP, PSP, FSyI, President of RAD. “It’s also about
steering the Company on the path towards becoming cash flow positive, a pivotal milestone underscoring our commitment to delivering shareholder
value, consistent growth and industry leadership.”
Sitting
atop a standard RIO 360 configuration are dual ROSA units. ROSA is a multiple award-winning, compact, self-contained, portable,
security and communication solution that can be installed and activated in about 15 minutes. ROSA’s AI-driven security analytics
include human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration
with RAD’s software suite notification and autonomous response library. Two-way communication is optimized for cellular, including
live video from ROSA’s high-resolution, full-color, always-on cameras. RAD has published four Case Studies detailing how ROSA has
helped eliminate instances of theft, trespassing and loitering at multi-family communities, car rental locations
and construction sites across the country.
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 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 these tremendous cost 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.
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 staff 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.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and
www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
CAUTIONARY
DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The
information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence
Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees
of future performance and may involve subjective judgment and analysis. As such, there are no assurances that the Company will meet its
expectations with respect to its future sales volume or becoming cash flow positive. The information provided herein is believed to be
accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness.
The Company has no obligation to provide the recipient with additional updated information. No information in this publication should
be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.
###
Steve
Reinharz
949-636-7060
@SteveReinharz
v3.23.3
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