TORONTO, Oct. 09, 2018 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX VENTURE: ITT; OTC: INOTF; FRANKFURT: 7IT) (“ITT” or the “Company”) a strategic investor and operator of emerging technology companies with innovative IoT, AI and Blockchain solutions, is pleased to provide a corporate update detailing its recently accomplished milestones and growth initiatives.
Revenue Milestone
With the 100% acquisition of Weather Telematics Inc. (“WTX”) on May 31, 2018, management is pleased to announce that the Company realized its first revenue this quarter. For the two months period from June 1, 2018 being the acquisition date, to July 31, 2018, WTX recorded revenues of $63,714 (2017- $Nil). Revenues consisted of the sale of predictive road-weather alerts software and hyper-local weather data.
Portfolio Company Updates
Weather Telematics Inc.
On June 1, 2018, the Company completed the acquisition of WTX, a data science company offering smart mobility solutions that improve efficiency by mitigating weather risk, for safer connected and autonomous transportation. For full terms of the transaction, please see press release dated June 4, 2018.
“Weather Telematics is at the forefront of AI-based technologies for predictive road risk alerts and weather analysis that increases efficiency through enhanced safety, mitigating transportation risk,” said James Sutcliffe, COO of Internet of Things. “We have a robust sales pipeline across multiple industry verticals including: automotive OEM, insurance, logistics & supply chain, and are working diligently on closing several over the coming months.”
On September 6, 2018, Weather Telematics was granted a patent from the European Patent Office for the mobile collection, analysis, and processing of meteorological data, originally filed in 2015. The patent of Weather Telematics’ existing hardware and software solutions enables the collection of granular data, in addition to providing the ability to license its technology.
On September 19, Weather Telematics’ CEO Robert Moran presented at the 2018 United States Department of Transportation (“DOT”) Road Weather Management Stakeholder Meeting on how the company’s predictive analytics platform can aid Federal and State governments enhance road and vehicle safety and lower their respective operating costs. The U.S. DOT notes that of the more than 5.7 million vehicle crashes each year, approximately 22% of these crashes are weather related.
New Hope IoT Intl. Inc. (or “the JV”)
The JV continues to expand and develop its offerings in the Chinese market through its relationships with technology providers. On August 14, 2018, the JV entered into a channel agreement with PointGrab Ltd. to market, sell and service its products in China. Leveraging its innovative sensing technology platform, CogniPointTM, PointGrab is poised to pioneer the next generation of office workplace optimization solutions.
Braingrid Corp. (“Braingrid”)
Further to the June 4, 2018 press release issued by Match Capital Resources Corp. (“Match”) (TSX VENTURE: MHC), Match has entered into a letter of intent with Braingrid to acquire all the issued and outstanding securities of Braingrid (the “Transaction”). The Transaction is subject to TSX Venture Exchange approval and applicable shareholder and regulatory approvals.
Preceding the closing of the Transaction expected on or prior to October 31, 2018, Braingrid is required to have completed a non-brokered private placement to raise gross proceeds of up to $3-million at a price of $0.80 per security, giving Braingrid a pre-money valuation in excess of $25-million.
ITT holds an 8.33% minority equity position in Braingrid.
Blockstrain Technology Corp. (“Blockstrain”)
Blockstrain management continues to achieve corporate milestones and have been very active building out their team & platform. Please go to the Blockstrain website to watch the new corporate video.
Other matters
The Company also announces that it has settled debts totalling $77,000 owed to an officer of the Company, via the issuance of 799,585 common shares of the Company, at a price of $0.0963 per share, subject to TSX Venture Exchange final approval.
For further information, access Internet of Thing’s investor presentation here.
About Internet of Things Inc.
Internet of Things Inc. is a strategic investor and operator of emerging technology companies with innovative technology solutions. The Company creates value through its portfolio companies’ expertise in IoT, AI and Blockchain solutions, by turning data into actionable intelligence to drive more efficiency into organizations.
The Company owns Weather Telematics Inc., has a joint venture partnership, New Hope IoT Intl Inc., with New Hope Data Technology Co. Ltd., and has its headquarters in Toronto, Canada.
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Internet of Things Inc.
Kim Nguyen, Director of Corporate Communications
Tel: (416) 792-9088
Email: knguyen@iotintl.com
To learn more, visit: www.iotintl.com
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 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.
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