TORONTO, April 13, 2018 (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 market, announces that it has received approval from the TSX Venture Exchange for the joint venture agreement dated May 18, 2017, between ITT Inc. and New Hope Data Technology Co., Ltd. (“New Hope”).

As consideration for New Hope providing the resources, personnel and financing to the New Hope IoT Intl Inc. joint venture, ITT Inc. will issue up to a total of 28 million common shares to New Hope upon the JV generating CDN $3.5 million in aggregate net income over the first three years. Releases will occur annually from escrow as net income milestones are achieved.

The Company issued 1.5 million common shares to Goldenmount Capital International Inc. as a finder’s fee on the transaction. The shares are subject to a 4-month hold expiring August 11^th, 2018.

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, nearly 70,000 employees and annual revenues of nearly 100 billion Yuan. Leveraging its resources and expertise, New Hope Group has constantly branched out into new industries and sectors, from feed production to agriculture technology, food processing, channel construction, facility building and financial service, as well as focused on investing and operating emerging innovative companies that have growth potentials.

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 Inc. has a joint venture partnership with New Hope Data Technology Co. Ltd for China. Its wholly-owned subsidiary Digital Blockware Inc. develops and provides customized, scalable blockchain solutions. The company is headquartered in Toronto, Canada.

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Internet of Things Inc. 
Michael Frank, CEO
Tel: (416) 792-9088
Email: investor@iotintl.com
To learn more, visit: www.iotintl.com

Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regards to the joint venture, the use of the Company and the joint venture within the New Hope's manufacturing processes and projected revenue and income of the joint venture.  While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties.  As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events.  These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties.  The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws.  Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement.  Continued reliance on forward-looking statements is at an investors' own risk.

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