AITX’s RAD Receives Large RIO Expansion Order from Fortune 50 Client

Rhea-AI Summary

Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc. (AITX), has received a large expansion order from a Fortune 50 client for 167 RAD Security Solutions. The order includes 10 RIO units, marking an increase in the client's nationwide rollout that began in 2023. This order strengthens the relationship between RAD and the client, with over 100 RIO security towers already deployed and a total of 167 devices on order. The Company anticipates the client's deployed units to surpass 150 by the end of May 2024, showcasing the trust and value large enterprises place in RAD's security solutions. RAD is driving change in the security industry through its innovative AI-driven solutions, aiming to achieve $700,000 in RMR and become cash flow positive.

Positive

• RAD's expansion order from a Fortune 50 client signifies growing trust in its security solutions.

• The relationship with the client is strong, with over 100 RIO security towers deployed and 167 devices on order.

• The Company anticipates exceeding 150 deployed units by the end of May 2024.

• RAD's innovative AI-driven solutions are at the forefront of the evolving security landscape.

• The Company aims to achieve $700,000 in RMR and become cash flow positive in the short term.

Negative

• Despite the positive expansion order, RAD needs to close more deals to reach its short-term financial goal.

• There may be risks associated with overreliance on a single large client for a significant portion of orders.

RAD’s Single Largest Client has Placed Orders for 167 RAD Security Solutions

Detroit, Michigan, May 01, 2024 (GLOBE NEWSWIRE) -- Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), is pleased to announce an expansion order has been received from a highly-respected Fortune 50 client. Specifically, RAD has received orders for an additional 10 RIO^™ units, a continuation of the client’s nationwide rollout that began in the summer of 2023. This new order expands the ever-strengthening relationship between RAD and the client, which has seen over 100 RIO security towers deployed to date, and a total of 167 RAD devices placed on order. This is the first time the total order count for this one client has been revealed.

The Company noted that it anticipates that the client’s deployed units will surpass 150 by the end of May 2024.

“We are incredibly proud of the growing relationship with this amazing client, a clear indication of the trust and value that large enterprises see in RAD's security solutions,” commented Mark Folmer, CPP, PSP, FSyI, President of RAD. “Our sales funnel is brimming with opportunities from similarly impressive companies, all eager to leverage our proven technology and take advantage of the associated cost savings. The landscape of security is evolving quickly, and RAD is at the forefront, driving change and delivering results that exceed our clients’ expectations.”

Steve Reinharz, CEO / CTO of AITX and RAD commented, “I expect the capabilities of our fourth-generation solutions to help accelerate clients through the sales process. For now, we’re focused on closing a couple more big deals to stay on track for to our short-term goal of achieving $700,000 in RMR and becoming cash flow positive.”

Sitting atop a standard RIO 360 configuration are dual ROSA units. ROSA is a multiple award-winning, compact, self-contained, portable, security and communication solution that can be installed and activated in about 15 minutes. ROSA’s AI-driven security analytics include human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration with RAD’s software suite notification and autonomous response library. Two-way communication is optimized for cellular, including live video from ROSA’s high-resolution, full-color, always-on cameras. RAD has published five Case Studies detailing how ROSA has helped eliminate instances of theft, trespassing and loitering at hospital campuses, multi-family communities, car rental locations and construction sites across the country.

AITX, through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house. 

RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.

About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M, RAD-R, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees of future performance and may involve subjective judgment and analysis. As such, there are no assurances that the Company will meet its expectations with respect to its future sales volume, becoming cash flow positive, ARR or RMR. The information provided herein is believed to be accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.

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Steve Reinharz
949-636-7060
@SteveReinharz

FAQ

How many RIO units were ordered by the Fortune 50 client?

The Fortune 50 client ordered 167 RAD Security Solutions from RAD.

What is RAD's relationship with the client like?

RAD has a strong relationship with the client, with over 100 RIO security towers already deployed and 167 devices on order.

What is RAD's short-term financial goal?

RAD aims to achieve $700,000 in RMR and become cash flow positive.

What are the main features of ROSA units deployed by RAD?

ROSA units include AI-driven security analytics, human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration with RAD's software suite.

How does RAD's AI-driven solutions aim to revolutionize the security industry?

RAD's AI-driven solutions aim to provide cost savings of between 35%-80% compared to traditional manned security models, redefining the $25 billion security and guarding services industry.