“We are excited to provide RAD’s innovative security solutions to our clients,” said Rene Pasculescu, CEO at Civitas Group. “Our current security clients, as well as those looking to elevate their security situation, can now deploy any one of these remarkable and cost-saving RAD devices.”
“The European market has been on our expansion roadmap and we’re thrilled to partner with the leaders and innovators at Civitas,” said Steve Reinharz, President and CEO of RAD. “Over time Europe should be an important contributor to RAD’s financial success.”
Specifics of the agreement were not disclosed, but the company confirmed that the agreement covers all RAD security devices, mobile and stationary, including the recently announced ROAMEO mobile robot and Wally HSO, actively being deployed for health screening, health monitoring and face covering detections operations.
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 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 and RAD-M 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 staffs 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.roboticassistancedevices.com or follow us on Twitter @RADbotsecurity.
Artificial Intelligence Technology Solutions Restructures Convertible Debt HENDERSON, Nev.--(BUSINESS WIRE)-- Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX) is thrilled to announce that it has restructured the vast majority of its debt, which has saved the company a tremendous amount of dilution.Specifically, AITX has restructured over 85% of its convertible debentures into non-convertible notes and warrants.
The remaining note holders have not made any conversions in over two years and the company does not anticipate any further conversions prior to restructuring the remaining balance of the debentures.
“This announcement is the result of the extraordinary efforts and commitment by the entire RAD team in creating and building a company that we believe will be the breakthrough leader in an emerging multi-billion dollar industry,” said Steve Reinharz, President and CEO of RAD and controlling shareholder of AITX. ”I thank all of our clients, investors, supporters and fans for their incredible support throughout this journey. Moving forward, you will see additional announcements regarding additional restructuring and additional financing. We are now in a much stronger position to fulfill our mission.”
“RAD’s growth over the past several months has been remarkable, and we believe that this is merely the beginning of a steep growth curve,” said Mark Folmer, RAD’s VP Security & Industry. “We look forward to delivering years of consistently improving results.”
The Company through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is looking to redefine $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 a 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 this tremendous costs 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.
The company has restructured a total of $7,141,110 of convertible debt into $7,141,110 of non-convertible promissory notes with a 36-month maturity and 12% annual compounded interest and 780M warrants with a 36-month maturity and $0.002 exercise price. The exercise price was calculated by taking the average closing price of the last ten trading days ended December 10 and adding an approximately 25% premium. Moving forward the company will seek debt and low dilutive types of financing as it continues to grow and reach it’s objectives.
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 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 and RAD-M 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 staffs 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.roboticassistancedevices.com or follow us on Twitter @RADbotsecurity.
Robotic Assistance Devices Large Opportunity on the Immediate Horizon HENDERSON, Nev.--(BUSINESS WIRE)-- Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today announced that a major dealer of AITX’s wholly owned subsidiary Robotic Assistance Devices (RAD) has received a greatly anticipated order for a 5-unit RAD solution. This integrated autonomous remote security and access solution will be deployed to a Fortune 500 end-user client with over 10 distribution centers and over 7,500 retail locations in the U.S. and Puerto Rico.
“This order holds particular significance as it is an endorsement of RAD’s vision of a fully integrated facility using its autonomous security solutions,” said Steve Reinharz, President and CEO of RAD. “The order of five units spans three different RAD devices acting as a complete system and saving the facility hundreds of thousands of dollars versus legacy human-based solutions. If you’ve ever heard us talk about RADTown, well, this is what RADTown Logistics looks like.”
Details of the agreement were not disclosed, but the company confirmed that it was told that contracts would be received by the end of this year. Implementation will be Q1 2021. Reinharz added, “This opportunity has been in play nearly a year and a half and went through exhaustive legal and other agency review. We’re delighted that the PO is expected to be in RAD’s hands by year end.”
RAD•G is AITX’s newest wholly-owned subsidiary. It’s a software company that creates solutions inline with the Autonomous Remote Services manifesto. Further details will be released in the coming months.
“RAD is growing at an astounding pace, and that couldn’t happen without an A-list team of talent working together within a culture that empowers them to thrive. Attracting such employees, keeping them motivated and delivering to their full potential, and doing so without high churn-and-burn, requires a different approach to corporate growth and development. “
AS FEATURED ON
AITX Is At the Forefront of The 4th Industrial Revolution
Steve Reinharz, founder of AITX came upon the concept of ‘Autonomous Remote Services (ARS)’ as the logical, certainly not natural, next phase in industrial evolution.
ARS represents a wholesale business transformation of the security and other industries presently bound with personnel. It’s a pure, 4th Industrial Revolution application of how we should be thinking about the best ways to deliver security, facility, concierge, and health screening services by engineering solutions from the ground up.
AITX’s wholly owned subsidiaries have created the new Autonomous Remote Services industry using custom designed robotics and artificial intelligence-based technology. These solutions empower organizations to improve efficiencies in high frequency workflow tasks, deploy needed technology in areas previously impossible, solve complex challenges, and do it all at costs significantly lower than legacy solutions.
“…the EQ philosophy extends to clients, investors, and other stakeholders. Technology solutions created by an EQ-empowered workforce will be thoughtful, performance-driven, deliver honestly against expectations, and deliver value based on merit – just like the team that developed it. “
“By creating a corporate culture driven by EQ strategy, you can feel confident that RAD’s tremendous team has all the direction, structure, support, and focus necessary to deliver on our mission. “
AITX and its wholly owned subsidiaries deliver robotics and artificial intelligence-based hardware and software solutions that empower organizations to gain new insight, solve complex challenges, and fuel new business ideas at a reduced cost.
