Puget to Introduce Proprietary Software that Utilizes Artificial Intelligence to Optimize Distribution and Transportation Systems
Innovation holding company plans to solve logistics challenges with AI
April 30, 2021 16:10 ET
| Source: Puget Technologies, Inc.
BOCA RATON, Fla., April 30, 2021 (GLOBE NEWSWIRE) -- Puget Technologies, Inc. (“Puget”; OTC PINK: PUGE), a Nevada corporation subject to reporting pursuant to Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended, announces that the company’s Chief Technologies Officer (CTO), Victor Germán Quintero Toro has contributed proprietary software to Puget, subject to retained royalty rights, designed to improve the functioning of logistics in transportation and distribution systems. The methodology involved is believed to be unique and subject to protection as trade secrets, however, Puget may elect to reinforce such protection through patents in the near future.
“The solutions currently available in the marketplace to manage distribution and transportation logistics are limited to just a few specifically customized applications. In contrast, Puget’s software can solve extremely complex problems for its end users by customizing the myriad of variables not currently included in out-of-the-box modular software. It does so in a seamlessly integrated environment without the need for additional capital expenditures. By data mining in big data environments with advanced artificial intelligence algorithms and other proprietary trade secrets, Puget’s newly acquired software is the only technology on the market today, in my opinion, that supports the majority of variables that affect these end users,” commented Mr. Quintero Toro.
“Designed specifically to seamlessly integrate functionality within the big data environments of existing distribution and transportation systems, the software does not replace existing technology. One of the main advantages of this solution is the optimization of company’s operations since this software complements and enhances existing platforms to deliver efficiencies, enabling cost reduction without the need for a significant capital outlay. I’m looking forward to commercializing this technology with Puget’s assistance,” Mr. Quintero Toro explained.
Mr. Quintero Toro’s past experience working to solve similar problems at Walmart distribution centers around the world contributed to the domain expertise needed to come up with such an innovative, integrated solution.
The software has already been beta tested in the public transportation system of the City of Manizales in the Republic of Colombia, where it achieved a 30% reduction in hydrocarbon emissions as a result of better route management. The beta test results were presented at the Congreso Latino-Iberoamericano de Investigacion de Operaciones (CLAIO), and a summary was published in the publication Annals of Operations Research and in the Journal of Heuristics
