Deepspatial Announces $1.5M Government Contract in the Agricultural Sector Utilizing Geospatial AI Platform and Solutions

Rhea-AI Summary

Deepspatial (CSE:DSAI)(OTCQB:DSAIF) has secured a 3-year contract worth CAD $1.5M with the Government of Uttarakhand, India, to utilize its Geospatial AI platform. This initiative aims to enhance agriculture by enabling efficient crop-cutting experiments and on-field surveys, benefiting farmers and government officials. The Indian agriculture market was valued at USD 435.9 billion in 2022 and is expected to grow at a CAGR of 4.9% from 2023 to 2028. CEO Dr. Rahul Kushwah expressed optimism about future contracts and plans for dividends, indicating a focus on long-term shareholder value.

Positive

• Secured a 3-year contract valued at CAD $1.5M.
• Utilizing advanced Geospatial AI solutions in agriculture.
• Positive outlook on the agricultural market projected to grow at 4.9% CAGR.

Negative

• None.

• Deepspatial signs 3-year extension contract valued at CAD $1.5M
• Government Agricultural departments to utilize Deepspatial's Geospatial AI platform and solutions

TORONTO, ON / ACCESSWIRE / January 18, 2023 ­­/ 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 won a 3-year contract valued at CAD $1.5M. Using the Company's Geospatial AI platform and solutions, Government bodies will be able to efficiently conduct and validate crop-cutting experiments, on-field surveys, and other key processes for farmland activities across the state of Uttarakhand, India.

The Agricultural project is an initiative of the Directorate of Agriculture, Government of Uttarakhand and is one of the first states in India to roll out a data collection project of this magnitude using new technologies. The Government initiative will help ensure proper insurance coverage, support for facilities, and help create plans and protocols for the farmers of the State. Overall, the project focuses on providing key data insights for better decision-making and an advanced support system for farmers and government decision-makers.

The Deepspatial platform is used by a multitude of sectors and industries and for a vast selection of use cases. Agriculture is a vast market opportunity for Deepspatial, as there are many processes in the industry that are still far behind in digitization. Farmers, planners, Government officials, manufacturers and others will benefit immensely by adopting new technology solutions such as artificial intelligence, geospatial mapping, and AI data-driven insights. In 2022, India's agriculture market was valued at USD 435.9 billion.In the forecast period of 2023-2028, the market is projected to grow at a CAGR of about 4.9%.¹

"The agricultural industry is an important vertical for Deepspatial, not only for revenue-generating reasons and the overall growth trajectory of the Company but also for the positioning of one of our technologies on a global scale. We are extremely proud to have the opportunity to make a pivotal difference in the agricultural industry on this kind of scale. It was no surprise to Deepspatial when we were awarded this Government contract - as we've previously demonstrated the power and robustness of our technology along with the impact of our AI driven platform and the uniqueness of our approach," commented Dr. Rahul Kushwah, Chief Executive Officer at Deepspatial.

"We expect to announce several more meaningful contracts during the first half of 2023 and we remain focused on continuing to create long-term shareholder value - and speaking of shareholder value - we intend for Deepspatial to be a dividend-paying company in the not-so-distant future," concluded Kushwah

^{1 https://www.expertmarketresearch.com/reports/indian-agriculture-market}

About Deepspatial

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.

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FAQ

What is the value of the contract won by Deepspatial with the Government of Uttarakhand?

Deepspatial won a contract worth CAD $1.5M with the Government of Uttarakhand.

How long is the contract that Deepspatial signed?

The contract signed by Deepspatial is for a duration of 3 years.

What technology will be used in the agricultural project by Deepspatial?

Deepspatial will utilize its Geospatial AI platform and solutions in the agricultural project.

What market growth does India's agriculture sector expect from 2023 to 2028?

India's agriculture market is projected to grow at a CAGR of about 4.9% from 2023 to 2028.

What future plans does Deepspatial have regarding contracts?

Deepspatial expects to announce several more meaningful contracts during the first half of 2023.