DeepSpatial Announces Purchase Order from a North American-headquartered, Global Frozen-Food Conglomerate

Rhea-AI Summary

Deepspatial (CSE:DSAI)(OTCQB:DSAIF) has secured a purchase order with a major North American frozen-food conglomerate. The Company will deploy its Geospatial Artificial Intelligence (Geo-AI) Platform to enhance the client's distribution network and decision-making for market expansion. The global frozen food market, valued at US$290 billion in 2021, is expected to grow at a CAGR of 6.34% from 2022 to 2030. Deepspatial aims to address distribution challenges, enhancing operational efficiency in the sector.

Positive

• Secured a purchase order with a major North American frozen-food conglomerate.
• Deployment of the Geo-AI Platform expected to enhance decision-making in distribution.
• The global frozen food market is projected to grow significantly, indicating potential business growth for Deepspatial.

Negative

• Challenges in the frozen food sector regarding infrastructure and distribution could affect the effectiveness of their solution.

TORONTO, ON / ACCESSWIRE / July 12, 2022 / Deepspatial (CSE:DSAI)(OTCQB:DSAIF) ("Deepspatial" or the "Company"), an outcome-based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI, today announced that it had secured a purchase order with a large global frozen-food conglomerate, headquartered in North America.

Deepspatial will provide the frozen-food organization with its Geospatial Artificial Intelligence (Geo-AI) Platform to plan, optimize, and govern the client's distribution network while enhancing its decision-making capability for market expansion.

The global frozen food market in 2021 was valued at US$290 billion, with a CAGR of around 6.34% from 2022 to 2030. An increase in the retail landscape, high demand for convenience food, and technological advancement in the frozen-food sector are the main driving factors for the ever-growing market.¹

Despite the rapid growth of the market, many companies are still facing expansion challenges due to multiple factors. In several jurisdictions, lack of proper infrastructure often results in a failure to supply safe, frozen food products in a timely manner. Frozen food usually has a long shelf-life, however, if not stored well (rapid change in temperatures), the product is wasted easily. Distribution remains a pain point for the frozen food sector and companies are looking for solutions to these challenges.

"We are confident that we are going to make a significant impact in the frozen-food industry, as we are addressing the needs of one of the largest players in the segment. As companies around the world seek to enhance their cold-chain operations to increase profitability and productivity, the demand for solutions like ours will continue to grow," commented Dr. Rahul Kushwah, Chief Executive Officer at Deepspatial.

"Our outcome-oriented Geo-AI Platform is a unique offering for the entire industry ensuring high growth for our clients, and for building long-term value for our shareholders," concluded Kushwah.

¹https://www.fortunebusinessinsights.com/frozen-food-market-104138

About Deepspatial Inc.

Deepspatial is an outcome based artificial intelligence company, enabling organizations to enhance their decision-making capabilities by leveraging the power of data and AI. From finding the most efficient supply chain routes to knowing where to develop next, Deepspatial's AI-driven platform enables its clients to visualize what's going on, predict what's coming, analyze data, and optimize processes to make smarter decisions for a better future. For more information, visit www.Deepspatial.ai and follow us on Twitter, Instagram or LinkedIn.

Caution regarding Forward Looking Information:

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED NOR DOES IT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results of the Company. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances. The Company's securities have not been registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or applicable state securities laws, and may not be offered or sold to, or for the account or benefit of, persons in the United States or "U.S. Persons", as such term is defined in Regulations under the U.S. Securities Act, absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein, such as, but not limited to dependence on obtaining regulatory approvals; the ability to obtain intellectual property rights related to its technology; limited operating history; general business, economic, competitive, political, regulatory and social uncertainties, and in particular, uncertainties related to COVID-19;risks related to factors beyond the control of the company, including risks related to COVID-19; risks related to the Company's shares, including price volatility due to events that may or may not be within such party's control; reliance on management; and the emergency of additional competitors in the industry.

All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except required by law.

Contacts

For more information, please contact:

Investor Relations
Corey Matthews
Investors@deepspatial.ai

Chief Executive Officer
Dr. Rahul Kushwah
Rahul@deepspatial.ai

SOURCE: DeepSpatial Inc.

View source version on accesswire.com:
https://www.accesswire.com/708244/DeepSpatial-Announces-Purchase-Order-from-a-North-American-headquartered-Global-Frozen-Food-Conglomerate

FAQ

What is the recent development for Deepspatial (DSAIF)?

Deepspatial announced a purchase order from a large North American frozen-food conglomerate for its Geo-AI Platform.

How will Deepspatial's Geo-AI Platform benefit the frozen-food sector?

The Geo-AI Platform aims to optimize the distribution network and improve decision-making for market expansion.

What is the size of the global frozen food market?

The global frozen food market was valued at US$290 billion in 2021 and is projected to grow at a CAGR of 6.34% from 2022 to 2030.

What challenges does the frozen food industry face?

The industry faces challenges such as inadequate infrastructure and distribution issues that can affect timely delivery of products.