Detroit, Michigan, December 15, 2022 (GLOBE NEWSWIRE) — Artificial Intelligence Technology Solutions, Inc., Channel
“Never in the history of RAD has our sales pipeline been as strong as it is now,” said Steve Reinhart, CEO of AITX and RAD. “Timeline 2022 is coming to an end with outstanding opportunities that we expect to close by the end of the first quarter of 2023.”
In a press release issued on December 6, 2022, RAD announced that it has approximately 280 units deployed and approximately 250 units on back order. In the same announcement, RAD predicted with high probability that it will receive additional unit orders totaling between 250 and 500 units in the next six months.
“RAD has received verbal commitments from 38 customers, representing immediate orders for more than 200 devices,” said RAD President Mark Follmer. We expect to close on these opportunities soon, although things may move into January with the upcoming holidays.
Additionally, the company is in the final stages of sales with an additional 78 companies, representing orders comprising 450 units that are likely to close in the first six months of fiscal 2023.
“I am delighted that we have recently received over 600 ROSA shells. Some forms of ROSA account for as much as 75% of the expected order intake. “We need to be able to build, ship and deploy relatively quickly,” Reinharz added.
The company has identified additional recent developments that are important.
- Two new authorized dealers have been signed since the last announcement.
- The expansion of the RAD software and hardware development team is underway, with plans to add 15 new members to the team.
“The RAD sales team is finishing the year in a big way,” added Folmer. “Calendar 2022 was strong for RAD, and we’re roaring into 2023 with great momentum, a great backlog and a full sales pipeline.”
AITX, through its subsidiary Robotic Assistive Devices, Inc. (RAD), is shaping the $25 billion security and protection services industry with its broad lineup of AI-based solutions-as-a-service business model. RAD solutions are specifically designed to deliver cost savings to businesses of 35%-80% compared to the industry’s existing and costly artificial protection and monitoring model. RAD directly replaces human needs in these highly cost-saving fixed and mobile robotic solutions that complement and sometimes machine-friendly environments. All RAD technologies, AI-based analytics and software platforms are developed in-house.
RAD has a prospective sales pipeline of 35 Fortune 500 companies and many other client opportunities. RAD expects to attract new business by converting existing sales opportunities into customers who generate a recurring revenue stream. Every Fortune 500 customer has multiple repeat orders over time.
Cautionary Statement Regarding 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 of the Securities Exchange Act of 1934, as amended, and such forward-looking statements. In the year The provisions of the Private Securities Litigation Amendment Act, 1995. Statements in this news release other than statements of historical fact are “forward-looking statements” based on current hopes 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: Artificial Intelligence Technology Solutions’ ability to meet its obligations; Working capital needs are derived from operating revenues, to obtain additional financing for future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals, including projections and forecasts, and to meet other risks. No information contained in this news release should be construed as an indication of the Company’s future stock price, earnings or results of operations. Further, any industry information presented herein is of no predictive value regarding the Company’s future sales. There is no assurance that the Company will complete the estimated orders within the time frame specified above. Artificial Intelligence Technology Solutions undertakes no obligation to ensure that any forward-looking statement(s) and/or the statement(s) will translate into actual results or changes anticipated by Artificial Intelligence Technology Solutions.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in delivering artificial intelligence-based solutions that enable organizations to gain new insights, solve complex problems and develop new business ideas. With next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies help organizations streamline operations, increase ROI and strengthen business. AITX technology improves the simplicity and economics of security and protection services and allows experienced personnel to focus on more strategic tasks. Customers increase the capabilities of existing employees and gain a higher level of situational awareness, all at a significantly reduced cost. AITX solutions are well suited for use in a wide range of industries such as enterprises, government, transportation, critical infrastructure, education and healthcare. To learn more, visit www.aitx.ai, www.stevereinharz.com, www.radsecurity.com, www.radgroup.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
Artificial Intelligence Technology Solutions, Inc.