Robotic Assistance Devices Announces Large Expansion Order Received from Fortune 50 Client
Artificial Intelligence Technology Solutions, Inc. (OTCPK: AITX) has announced a record nine-unit order for its Wally HSO solution from a Fortune 500 client, with the end-user being a Fortune 50 global company. Seven units are already confirmed, with two expected shortly. This order marks the highest dollar value order in RAD's history and is likely to positively impact Q1 revenue and earnings. Additionally, further orders and dealer activities are anticipated, demonstrating growing demand for RAD's solutions in safety screening operations.
- Record nine-unit order for Wally HSO from Fortune 500 client.
- Seven units confirmed; two more expected shortly.
- Highest dollar value order in RAD's history.
- Positive impact anticipated on Q1 revenue and earnings.
- Potential for additional future orders and dealer activities.
- None.
Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today announced that its wholly-owned subsidiary Robotic Assistance Devices (RAD) has received its highest dollar value order commitment to date, a nine-unit Wally HSO order from a Fortune 500 company with the ultimate end-user being a renowned Fortune 50 global company.
Seven of the nine orders are in hand with the last two additional orders expected this week. These orders are from the logistics client that placed two Wally HSO units in service near the end of 2020 bringing their Wally HSO count to eleven. This particular client has several additional RAD units deployed throughout the country with dozens of additional units under contemplation.
"We are just days away from closing FY 2021 and it’s with great pleasure that I announce this substantial order from one of our most prestigious end-users,” said Steve Reinharz, Founder and President of RAD. “This order is validation of our Wally HSO solution, and the entire RAD ecosystem.”
The end-user had been evaluating the Wally HSO platform since November of 2020, verifying its performance in conducting and documenting routine required safety screening of employees entering mission critical facilities.
Wally HSO is one of RAD’s stationary solutions that allow end users to save significant expense while improving performance versus legacy solutions. The application of RAD’s solutions and the direction of Artificial Intelligence Technology Solutions, Inc. can be found at www.aitx.ai in the Autonomous Remote Services manifesto. Through RAD, AITX seeks to bring a significant paradigm change to the 1.1 million strong manned guarding industry.
"These orders mark the single largest dollar value order received since we started RAD and since this user opts to purchase these units there will be a significant positive impact on the company’s Q1 revenue and earnings,” Reinharz added. “The recurring monthly subscription revenue will begin after the first year.”
The company also stated that additional anticipated orders and dealer channel activity would be announced at a later date.
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, 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/20210223005454/en/
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