AITX's Subsidiary Robotic Assistance Devices Provides Detailed Example of Lengthy Sales Cycle to Fortune 500 Clients

Rhea-AI Summary

Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced an order for a ROSA security robot from its subsidiary, Robotic Assistance Devices, Inc. (RAD), through CBRE and Grainger for a Fortune 500 client. Mark Folmer, President at RAD, emphasized that this order signifies increasing adoption of RAD's technology among large enterprises.

RAD's focus on cost-effective security solutions is timely, especially as companies seek automation amid economic uncertainty. With a robust sales pipeline of over 35 Fortune 500 clients, RAD anticipates ongoing business growth. The parent company, AITX, has filed for uplisting to OTCQB.

Positive

• Order received for a ROSA security robot from a Fortune 500 client, indicating growing adoption of RAD's technology.
• Strong sales pipeline with over 35 Fortune 500 companies expected to generate recurring revenue.
• RAD's focus on cost-saving security solutions aligns with market demand during economic uncertainty.
• Uplisting application filed by AITX to OTCQB could enhance visibility and credibility.

Negative

• None.

RAD Comments on the 16 Month Sales Process to Large Opportunity End-Users

Detroit, Michigan, Oct. 05, 2022 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today announced that its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD) has received an order for one ROSA security robot. The sales order has been identified by RAD as being an example of the complexities and extensive undertaking involved in selling advanced technological solutions to B2B clients.

“This particular sales order was facilitated through both CBRE and Grainger for a prominent Fortune 500 client,” said Mark Folmer, President at RAD. “While a sales order for a single ROSA unit may appear to be insignificant from a revenue perspective, this is a key data point for us as we begin to see further adoption of the RAD platform by Fortune 500 companies.”

The order for this ROSA unit was recommended by CBRE, the facility management company for the end-user, with Grainger handling order processing and fulfillment responsibilities.

In June of 2021 RAD was invited by Grainger to submit ROSA and RAD Light My Way as entries to CBRE’s annual ‘Innovation Challenge’. On October 26, 2021 it was announced that ROSA and RAD Light My Way had been honored as winners of this prestigious award.

“RAD’s primary focus from a sales perspective has always been large enterprises whose bottom line would see the most benefit from RAD’s cost reductions regarding onsite security. Our data suggests that during times of economic uncertainty large corporations such as these are more open towards adopting new technology as cost saving measures,” said Steve Reinharz, CEO of AITX and RAD. “Receiving this order as a direct result of CBRE’s Innovation Challenge solidifies our position as a trusted platform in this rapidly growing industry.”

According to a report by Gartner, the typical buying group for a complex B2B solution involves six to ten decision makers‚ each armed with four or five pieces of information they’ve gathered independently and must deconflict with the group. “There were certainly hundreds of opportunities in this sales process for any one decision maker to say ‘no’ or ‘not now’”, added Reinharz. “The RAD sales team just grinds through the objections and keeps their eyes on winning.”

“Winning the CBRE Innovation Challenge introduced RAD’s platform and solutions to dozens of decision makers within CBRE and Grainger,” added Folmer. “Having these individuals introduce our solutions to several of their respective clients and associates has been a boon for us. Our sales funnel started to fill with a substantial number of solid opportunities from companies in our target markets.”

“We tend to talk about our ‘research’ often, but as a technology company it’s imperative that we review every datapoint available to us. Our sales and marketing team has found that the sales cycle for RAD is beginning to tighten as more enterprise clients begin the search for cost saving measures in their organizations. We’ve seen some big clients eager to move away from their reliance on human resources and towards automation processes wherever possible,” Reinharz concluded.

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 SCOT^™, ROSA^™, Wally^™, Wally HSO^™, AVA^™, ROAMEO^™, CASSIE^™, 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’.

About CBRE Group, Inc.
CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

About W.W. Grainger, Inc.

W.W. Grainger, Inc., with 2021 sales of $13.0 billion, is a leading broad line distributor with operations primarily in North America, Japan and the United Kingdom. Grainger achieves its purpose, We Keep the World Working^®, by serving more than 4.5 million customers worldwide with a wide range of product categories that keep customer operations running and their people safe. The Company also delivers services and solutions, such as technical support and inventory management, to provide tangible value and save customers time and money. Grainger offers more than 2 million maintenance, repair and operating (MRO) products in its High-Touch Solutions assortment and more than 30 million products through its expanding Endless Assortment offering.

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 order did AITX announce?

AITX announced a recent order for a ROSA security robot from its subsidiary RAD for a Fortune 500 client.

How many Fortune 500 companies are in RAD's sales pipeline?

RAD has a sales pipeline of over 35 Fortune 500 companies.

What is the significance of the ROSA sale for AITX?

The ROSA sale signifies increased adoption of RAD's technology among large enterprises, which could lead to further business opportunities.

What is AITX's plan regarding stock exchange listing?

AITX has filed for uplisting to the OTCQB, potentially increasing its market visibility.