TORONTO, April 04, 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, is pleased to provide an update on its joint venture, New Hope IoT Intl Inc. (the “JV”), to build out its solutions and products portfolio of innovative growth-ready industrial IoT solutions. The JV has:
- advanced the Proof of Concept (PoC) with Augury, an Internet of Things technology start-up based in the United States and Israel, which has developed a predictive-maintenance solution.
- secured a channel agreement with a leading Israeli machine learning and computer vision company that provides sensing solution to the smart building industry. The JV is currently in discussions with a leading US$100+ billion Chinese conglomerate with subsidiaries in insurance, banking, and financial services to deploy the sensing solution.
- signed a cooperation agreement with an Israeli cold chain monitoring and tracking company. The JV will initially target pharmaceutical and frozen food supply chain customers to utilize the cold chain logistics solution.
Michael Frank, CEO of ITT Inc. said, “As a follow-up to our last corporate update on September 27, 2017, we are moving forward with Augury, and it was decided to not move forward with Gemsens and Gate Tell /Telit. We are continuing our ongoing evaluation of compelling products and solutions to meet evolving customer needs. We are excited about the partnerships that the JV has in place and we expect to leverage near term revenue-generating opportunities as we expand our market presence in Greater China.”
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.
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