Henderson, Nevada, September 16, 2021 — Artificial Intelligence Technology Solutions, Inc., ( OTCPK:AITX ), a global leader in AI-driven security and productivity solutions for enterprise clients, today announced that its wholly-owned subsidiary Robotic Assistance Devices Inc. (RAD) has updated its business description and quantified various details about its client base and number of units deployed in the field.
“To support our corporate policy of being 100% transparent, and to dismiss any false information or rumors, it’s important that we establish the health and metrics of RAD Inc., AITX’s primary operating subsidiary,” commented Steve Reinharz, CEO of AITX and RAD. “I’m pleased to update the record with organization size, number of customers, number of deployments and other metrics we use to measure our trajectory.”
Presently, RAD has 65 employees assigned to seven departments (sales, marketing, hardware development, software development, production, client services, and administration) and expects to continue to add qualified, motivated talent to these teams. All administration, production and some research and development staff are located at the Ferndale, Michigan facility (called the RAD Excellence Center, aka the REX). The majority of the company’s research and development staff are located in the Ontario, Canada research center with additional developers in Montreal, Ottawa and Vancouver. American team members are based in California, Tennessee, Georgia, Missouri, Florida, North Carolina, Texas, Arizona and New Jersey.
The company reports that as of September 10, 2021, 139 units are deployed in the USA and Europe, with an additional 64 units on backorder, in production or awaiting shipment. “With more than 200 units either deployed or about to be deployed, that’s a tremendous increase of 576% from where we were at this same time in 2020,” said Mark Folmer, President of RAD.
Regarding the company’s customer base, RAD has 30 paying customers that represent 39 distinct end users. Three of RAD’s end user clients are Top 25 Global corporations, ranked by revenue. One of these three prominent companies has completed several reorders, with one recent reorder that has yet to be fulfilled. A total of ten paying clients have expanded their deployments with at least one reorder over the past 12 months. “Our future growth will come from a relentless pursuit of great clients, and expanding that business as we have through end-users that reorder RAD devices,” Reinharz added. “I’m pleased with the number of clients expanding their systems and excited for all the potential expansion we are working towards.”
RAD’s sales pipeline includes over 350 distinct opportunities that are in Stage 5 of RAD’s “Sales State Definitions,” meaning that RAD has customized a proposal that is based on specific customer needs and illustrates the potential return on investment (ROI) to the customer. These opportunities, if realized, have the potential to represent thousands of unit orders.
RAD’s sales and distribution channel is supported in part by 25 authorized dealers that actively present RAD solutions to their end user customers. Although RAD’s sales cycle typically ranges from 6–18 months, the company is deploying a variety of methods to shorten this sales cycle. The planned launch of the ‘RAD 3.0’ devices in October 2021 may offer improvements that shorten the sales cycle and allow quicker conversion to sales and revenue. “RAD continues to be represented by the most forward-thinking security services dealers across the country. These include the biggest names in the industry, plus several solid regional dealers. Collectively, these dealers can reach end users at an impressive pace and with great depth,” Reinharz added.
The company also confirmed that RAD has 10 product names and slogans under review at the United States Patent and Trademark Office (USPTO) and anticipates making another 15-20 similar filings by the end of November 2021. RAD also expects to file several design patent applications with the USPTO related to ‘RAD 3.0’ before the end of the fiscal year.
Robotic Assistance Devices (RAD) is a high-tech start-up that delivers robotics and artificial intelligence-based solutions that empower organizations to gain new insight, solve complex security challenges, and fuel new business ideas at reduced costs. RAD developed its advanced security robot technology from the ground up including circuit board design, and base code development. This allows RAD to have complete control over all of design elements, performance, quality and the user’s experience of all security robots whether SCOT™, ROSA180™, Wally™, Wally HSO™, AVA™, or ROAMEO™. Read about how RAD is reinventing the security services industry by downloading the Autonomous Remote Services Industry Manifesto.
Follow Steve Reinharz on Twitter @SteveReinharz for AITX updates. Follow @SteveReinharz
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, to meet business and financial goals including projections and forecasts, 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.
