TORONTO, Aug. 31, 2020 /CNW/ - Internet of Things Inc. (TSXV: ITT) (OTC: INOTF) (FRANKFURT: 71T) ("ITT Inc." or the "Company"), a software and solutions provider in the artificial intelligence and industrial IoT markets, announces today that it has changed its name to Predictiv AI Inc. (the "Name Change"). In addition, the Company has consolidated its outstanding common shares (the "Shares") at a ratio of 5.5 pre-consolidation shares for 1 post-consolidation share, 5.5:1 (the "Consolidation"). The Company's Shares will trade on a post-consolidated basis under its new name and ticker symbol "PAI", on the TSX Venture Exchange at the opening of trading on September 1, 2020. The Company changed its name to reflect its broader commitment and expertise in accelerating artificial intelligence (AI) innovation as it advances AI and machine learning solutions.
As outlined in the Company's April 20, 2020 news release in relation to the closing of a non-brokered private placement financing (the "Private Placement"), the Company provided an undertaking to the TSX Venture Exchange to hold a special shareholders meeting to approve a consolidation within 180 days of completion of the Private Placement. The board of directors of ITT Inc. (the "Board") believes that the Consolidation will expand its competitiveness in the marketplace and make its securities more attractive to a wider audience of potential investors resulting in a more efficient market for its Shares. During the annual and special meeting of the Company's shareholders held on August 21, 2020, the Name Change and Consolidation were both approved. Immediately prior to completion of the Consolidation, the Company has 337,401,919 Shares issued and outstanding. After giving effect to the Consolidation, the Company will have approximately 61,345,803 Shares issued and outstanding, subject to the rounding of fractional common shares.
The shareholders re-elected Messrs. Jim Grimes, Hon. Jerry Grafstein, Millard Roth, and Michael Lende as directors of the Company. In addition, shareholders also approved the reappointment of RSM LLP, Chartered Accountants, as auditors.
Subsequent to the shareholder meeting, the board of directors reappointed Michael Lende as President and CEO and Khurram Qureshi as Chief Financial Officer.
"If you can predict the future, you can profit from it," said Michael Lende, President and CEO of Predictive AI. "Predictiv AI is what you get when historical datasets meet current datasets to produce future trends. We provide the tools to look into the future and help our customers make the right decisions to operate safer, better, and smarter. We help myriad industries identify patterns so they can crack the code and be more efficient, effective, and precise at mining and managing data to avoid hidden risks and improve outcomes."
Predictiv AI is already applying its next generation AI and machine learning analytics to shape the future in the public safety sector with the introduction of ThermalPass, an AI-enabled, thermal sensor temperature screening system. ThermalPass was developed to mitigate the spread of COVID-19 and other contagions in high-traffic locations like supermarkets, drugstores, schools, office complexes, movie theaters, sports arenas and more.
"We help our customers ask the right questions from their datasets to avoid the unexpected and better manage risk," said Daryl Smith, Chief Technology Officer of Predictiv AI. "We started out in one of the most notoriously difficult fields on the planet – forecasting weather and predicting global road conditions. Today, we are applying our powerful data analytics engine to answer even more difficult business questions and deliver game-changing results."
Predictiv AI is bringing together the brightest minds in the field of AI to apply cutting-edge technology and research to solve complex business challenges. The Company is continuing to evolve its Weather Telematics' Alert Fleet product to help drivers understand and manage the potential risk of driving in adverse weather. The Alert Fleet system is a cost-saving software/sensor system that provides fleet owners with the tools they need to run significantly safer and more efficient fleets.
Weather risk is a major cost factor affecting North America's transportation industry. According to the National Bureau of Economic Research, more than 10 percent of US GDP is directly affected by weather and climate change, with the demand for hyper-local weather data becoming a life-and-death necessity.
Predictiv AI produces insights for companies so they can become more operationally efficient, reduce costs, improve outcomes, enhance workflow, increase awareness, identify hidden opportunities, and save lives. Over the past five years the Company, formerly known as Internet of Things Inc., has provided transformative services to the public safety and security markets, a sector that is projected to reach US$912 Billion by 2027.1
With the global AI market expected to reach US$202.57 Billion by 2026,2 Predictiv AI's capabilities position the Company to succeed and potentially outpace the market as it continues to spur positive innovation by providing a bridge to big data to help businesses realize better market insights.
For more information on Predictiv AI visit: www.predictiv.ai and follow Predictive AI on:
1Verified Market Research.
2Fortune Business Insights™ Pvt. Ltd.,
About Predictiv AI: Predictiv AI Inc. is a technology company which helps businesses and organizations make smarter decisions using advanced artificial intelligence, deep machine learning and data science techniques. Its Weather Telematics Inc. subsidiary uses patented air quality monitoring sensors to provide predictive weather risk information to the insurance, logistics, fleet management and public safety sectors. The Company's R&D division, AI Labs Inc., develops new products that solve real-world business problems. The joint venture with Commersive Solutions Corp. is developing innovative technologies for use in various public spaces, starting with the ThermalPass™ fever detection system.
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, ThermalPass achieving the commercial results anticipated by the Company, market demand for ThermalPass and other 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
SOURCE Predictiv AI Inc.
For further information: Company Contact: Michael Lende, President & CEO, Mobile: 416-884-5911, Email: [email protected]; Media Contact: Dwain Schenck, Schenck Strategies, Mobile: 203-223-5230, Email: [email protected]