TORONTO, Jan. 03, 2019 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX VENTURE: ITT; OTC: INOTF; FRANKFURT: 7IT) (“ITT” or the “Company”) a strategic investor and operator of emerging technology companies with innovative IoT, AI and Blockchain solutions, is pleased to provide an update detailing the milestones and growth initiatives accomplished throughout 2018.
New Leadership:
On December 6, 2018, ITT appointed Ron Shuttleworth as its Chief Executive Officer.
Mr. Shuttleworth brings 25 years of experience in the technology sector as an operator, investor, analyst and investment banker, specializing in mergers and acquisitions and financings. As an operator, he has held positions of CEO, CTO and Product Manager with direct experience in fintech, enterprise software and marketing automation. Mr. Shuttleworth also has experience as a venture capitalist investing in early-stage technologies and as a hedge fund analyst responsible for selecting stocks and balancing risk in a portfolio. He was also a top-ranked research analyst for eight years, specializing in technology, media and communications.
New Board Directors:
At the annual shareholders meeting on December 11, 2018, shareholders elected Messrs. Ron Shuttleworth, Libin Zhao, Hon. Jerry Grafstein, Gali Bar-Ziv, and Millard Roth as directors of the Company, with Mr. Shuttleworth and Mr. Zhao being the new additions to the Board.
Mr. Zhao brings more than 30 years of experience in operations, business development and mergers & acquisitions. He is also an accomplished turnaround expert, having assisted a number of companies with refinancing their debt, improving their balance sheets, and creating efficiencies in operations leading to profitability. Mr. Zhao led a coal resource integration program in Guizhou Province, PRC implementing a successful restructuring strategy that achieved leading market share for coal reserves within the province. He created a new business model to help corporations solve short-term cash-flow deficiencies and improve their competitive advantages. Mr. Zhao has successfully led New Hope Asset Management Co., Ltd. which manages six enterprises with total assets of over US$2 billion.
Revenue Milestone:
With the acquisition of Weather Telematics Inc. (“WTX”) on May 31, 2018, ITT recorded its first revenue during Q2 2018. From June 1, 2018 being the acquisition date, to October 31, 2018, WTX recorded revenues of $82,452 (2017- $Nil). Revenues consisted of the sale of predictive road-weather alerts software and hyper-local weather data.
Portfolio Company Updates:
Weather Telematics Inc.
On June 1, 2018, ITT completed the acquisition of all the issued and outstanding shares of Weather Telematics Inc. (“WTX”), a data science company offering smart mobility solutions that improve efficiency by mitigating weather risk, for safer connected and autonomous transportation. For full terms of the transaction, please see press release dated June 4, 2018.
“Weather Telematics is at the forefront of AI-based technologies for predictive road risk alerts and weather analysis that increases efficiency through enhanced safety, mitigating transportation risk,” said James Sutcliffe, Chief Operation Officer of ITT. “We have a robust sales pipeline across multiple industry verticals including: automotive OEM, insurance, logistics & supply chain and are focused and committed to closing several of these sales contracts over the coming months.”
New Hope IoT Intl. Inc.
New Hope IoT Intl. Inc. (the “JV”) continues to develop and expand its offerings of products and solutions for the China market through its relationships with technology providers. On August 14, 2018, the JV entered into a channel agreement with PointGrab Ltd. to market, sell and service its products in China. Leveraging its innovative sensing technology platform, CogniPointTM, PointGrab is poised to pioneer the next generation of office workplace optimization solutions.
Braingrid Corp.
Braingrid Corp. (“Braingrid”) entered into a binding definitive agreement on October 10, 2018 with Match Capital Resources Corp. to list its shares by way of a reverse takeover. Braingrid commenced trading on December 28th, 2018. ITT holds a 5.47% minority equity position in Braingrid and is expected to benefit from this liquidity event.
About Internet of Things Inc.
Internet of Things Inc. is a strategic investor and operator of emerging technology companies with innovative technology solutions. The Company creates value through its portfolio companies’ expertise in IoT, AI and Blockchain solutions, by turning data into actionable intelligence to drive more efficiency into organizations.
The Company owns Weather Telematics Inc., has a joint venture partnership, New Hope IoT Intl Inc., with New Hope Data Technology Co. Ltd., and has its headquarters in Toronto, Canada.
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Internet of Things Inc.
Ron Shuttleworth, Chief Executive Officer
Mobile: (647) 500-7371
Email: Rshuttleworth@iotintl.com
Kim Nguyen, Director of Corporate Communications
Mobile: (647) 201-7993
Email: knguyen@iotintl.com
To learn more, visit: www.iotintl.com
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 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.
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