Robotic Assistance Devices Announces Dealer Agreement with St. Moritz Security Services

Rhea-AI Summary

Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) announced a partnership between its subsidiary Robotic Assistance Devices (RAD) and St. Moritz Security Services, a top security firm in North America. This agreement will enable St. Moritz to offer RAD’s autonomous remote security solutions, such as the ROSA and AVA units, enhancing their service portfolio. St. Moritz reported over $100 million in annual revenue in 2019 and will deploy these solutions at distribution centers for a nationwide furniture retailer. Further details will follow in future announcements.

Positive

• Partnership with St. Moritz, a major North American security firm, enhances market reach.
• Immediate sales pipeline for RAD with St. Moritz active for up to fifty units.
• St. Moritz's significant revenue and nationwide coverage could drive growth for RAD.

Negative

• None.

Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today announced that its wholly-owned subsidiary Robotic Assistance Devices (RAD) has entered into an agreement with St. Moritz Security Services, Inc., one of the ten largest security firms in North America. Through this agreement, St. Moritz broadens its offering to include all of RAD’s autonomous remote security solutions.

“We are thrilled to now be able to offer RAD’s remarkable security solutions to our clients,” said Matthew Schwartz, CEO at St. Moritz. “End-users are looking for cost-effective and innovative alternatives to traditional manned-guarding, and the solutions that RAD offers fit perfectly into our business model,” Schwartz concluded.

St. Moritz achieved over $100 million in annual revenue in 2019, 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. Their sales pipeline with RAD is already active with up to fifty units, a mix of RAD ROSA and AVA units, expected to close soon. These devices will be deployed at the distribution centers for a nationwide furniture retailer. Additional details will be disclosed in a future announcement.

“It’s a great honor to welcome St. Moritz to the RAD dealer channel,” said Steve Reinharz, President and CEO of RAD. “Their impressive client base and their commitment to delivering excellent service aligns very well with our objectives. We anticipate great opportunities in supporting St. Moritz as we roll out RAD solutions to their end-users.”

Specifics of the agreement were not disclosed, but the company confirmed that the agreement covers all RAD security devices, mobile and stationary, including the popular ROSA and AVA units. These two solutions are experiencing an acceleration in market acceptance due to their low-cost and high-performance in expanding a facility’s security operations.

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™, ROSA™, Wally™, Wally HSO™, AVA™, or ROAMEO™. Read about how RAD is reinventing the security services industry by downloading the Autonomous Remote Services Industry Manifesto.

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.

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 and RAD-M 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 and www.roboticassistancedevices.com, or follow Steve Reinharz on Twitter @SteveReinharz.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005091/en/

FAQ

What is the significance of the partnership between AITX and St. Moritz?

The partnership allows St. Moritz to offer RAD's innovative security solutions, potentially increasing RAD's market penetration.

How much revenue did St. Moritz generate in 2019?

St. Moritz achieved over $100 million in annual revenue in 2019.

What security solutions are included in the AITX and St. Moritz agreement?

The agreement includes RAD’s ROSA and AVA units among all of RAD's security devices.

Where will RAD's security solutions be deployed?

RAD's solutions will be deployed at distribution centers for a nationwide furniture retailer.

What are the potential benefits of RAD's solutions for St. Moritz's clients?

RAD's solutions provide cost-effective and innovative alternatives to traditional manned-guarding.