AITX's Subsidiary Robotic Assistance Devices Dealer Seeing Momentum Accelerate with AVA Deployments

Rhea-AI Summary

Artificial Intelligence Technology Solutions, Inc. (AITX) reports success with its AVA technology through its dealer, St. Moritz Security Services. This partnership highlights a growing demand for cost-effective security solutions in gated communities. St. Moritz placed its fifth AVA order, supporting five communities with deployments. The technology, recognized with a 2022 award for Access Control, offers advanced visibility and security at a lower cost. AITX's sales pipeline includes over 35 Fortune 500 companies, and the company is pursuing uplisting to the OTCQB.

Positive

• Successful deployment of AVA in multiple gated communities.
• St. Moritz achieved over $140 million in 2022 sales, indicating strong market presence.
• AVA technology recognized with a 2022 award in Access Control category.
• Sales pipeline includes over 35 Fortune 500 companies, indicating potential for growth.
• AITX is pursuing uplisting to the OTCQB, which may enhance visibility and trading.

Negative

• None.

RAD Dealer’s Focus on Placing AVA at Gated Communities a Success

Detroit, Michigan, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), along with its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD) today announced that one of its authorized dealers, St. Moritz Security Services, Inc. is experiencing success with deployments of AVA at gated communities. St. Moritz has also placed their fifth AVA order to be deployed at a community in southern Florida.

“We’ve experienced terrific response and results with RAD’s AVA at gated communities,” said Evan Nardone, Chief Technology Officer at St. Moritz Security Services, Inc. “These are primarily HOA managed properties and they’re looking for cost-effective, easy to use solutions that don’t require a full-time guard at the gate. AVA is it.”

St. Moritz added that they are actively supporting five gated communities with AVAs deployed or awaiting installation.

“We love the attention that St. Moritz is placing on AVA at HOAs and other gated properties,” said Mark Folmer, President of RAD. “Ongoing staffing issues and clients’ desire to cut costs is certainly driving interest in RAD solutions. St. Moritz is doing an excellent job filling those needs with RAD,” Folmer continued.

St. Moritz achieved over $140 million in annual sales in 2022 which ranks them as one of the largest American-owned security companies in the U.S. and in the top 2% of all security companies worldwide. St. Moritz has thirty offices nationwide and covers the entire U.S. and Canada.

AVA (Autonomous Verified Access) is a compact and stanchion mountable unit that provides an edge-to-edge 180° field of vision with advanced access control over gates and other controlled points of entry. AVA takes full advantage of the RAD Software Suite providing an ideal solution for gated communities, logistics and distribution centers, storage yards, parking structures and lots, corporate campuses; anywhere that increased security and visibility is needed at a fraction of the cost. At ISC West in late March, AVA was named a winner of the 2022 SIA New Products and Solutions Awards in the category of Access Control Software, Hardware, Devices and Peripherals.

RAD has a 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.

RAD’s parent company AITX has filed for uplisting to the OTCQB. Future announcements will be made regarding the status of the OTCQB application.

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 design elements, performance, quality, and the user’s experience of all security robots whether, ROSA^™, AVA^™, ROAMEO^™, RADDOG^™, RIO^™, or RAD Light My Way^™. Read about how RAD is reinventing the security services industry by downloading the Autonomous Remote Services Industry Manifesto, and request a copy of the recently published ‘Navigating the New Economy: Jobs & Automation, Challenges & Opportunities’.

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. No information contained in this news release should be construed as any indication whatsoever of the Company's future stock price, revenues, or results of operations. Additionally, industry data provided herein is of no predictive value regarding the future sale of the Company’s products. 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.

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 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 staffs 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, stevereinharz.com, www.radsecurity.com, radgroup.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.

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Steve Reinharz
949-636-7060
@SteveReinharz

Attachment

• Artificial Intelligence Technology Solutions, Inc.

FAQ

What recent success has AITX achieved with its AVA technology?

AITX reported successful deployments of its AVA technology in gated communities through its dealer, St. Moritz Security Services.

Who is St. Moritz Security Services and what role do they play for AITX?

St. Moritz Security Services is an authorized dealer for AITX, successfully deploying AVA technology in gated communities.

What is the significance of the 2022 award for AVA technology?

AVA was recognized in the 2022 SIA New Products and Solutions Awards for its innovations in Access Control.

How is AITX's sales pipeline structured?

AITX has a sales pipeline of over 35 Fortune 500 companies, indicating strong potential for future business and recurring revenue.

What are AITX's plans regarding stock market listing?

AITX is seeking an uplisting to the OTCQB, which could improve its trading visibility and access to investors.