Deepspatial Announces New Sector, Revenue-generating Government Contract with Food, Civil Supplies, and Consumer Affairs Department using GeoAI Platform

Rhea-AI Summary

Deepspatial has secured a significant contract with the Food, Civil Supplies, and Consumer Affairs Department of Meghalaya, marking its entry into a lucrative government sector. Utilizing its GeoAI Platform, the company will enhance public distribution services by providing targeted marketing intelligence. The market for geotargeted marketing is projected to grow from USD $10.7 Billion in 2020 to USD $32 Billion by 2025. This contract presents potential for expansion across various states in India, indicating a strategic growth opportunity for Deepspatial.

Positive

• Secured a revenue-generating contract with the Food, Civil Supplies, and Consumer Affairs Department in Meghalaya.
• Potential for expansion into other states in India, leveraging the new vertical.
• The market for geotargeted marketing intelligence projected to grow significantly, from USD $10.7 billion in 2020 to USD $32 billion by 2025.

Negative

• None.

Deepspatial to provide Geotargeted Marketing Intelligence via its GeoAI Platform to Government client for advertising its Public Distribution Services

Deepspatial enters a new vertical with potential for expansion in Government and Enterprise

TORONTO, ON / ACCESSWIRE / October 5, 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 has received a revenue-generating contract in a lucrative, new sector through its partner, from the Food, Civil Supplies, and Consumer Affairs Department in the State of Meghalaya.

Deepspatial's GeoAI Platform will be used by the Food, Civil Supplies, and Consumer Affairs department to revolutionize the way they reach and inform citizens about key public distribution services. Deepspatial's Platform will provide predictive and prescriptive insights at specific granular levels for delivering informational and educational campaigns of the Government department which helps to educate and spread key information to the citizens of the State of Meghalaya.

"Governments are finally starting to realize the power of Geospatial AI for their efforts, and it's hugely exciting that we are at the forefront of the adoption. We are confident our technology will prove necessary for the Food, Civil Supplies, and Consumer Affairs Department, and look forward to engaging with other states to implement Deepspatial's Platform," said Dr. Rahul Kushwah, Chief Executive Officer at Deepspatial.

"Contracts like these can be incredibly lucrative with the potential for large scale-up across India's several States. The market size for geotargeted marketing intelligence alone was valued at USD $10.7 Billion in 2020 and is expected to grow to USD $32 Billion by 2025.¹ The demand for GeoAI is rapidly growing - and our IP is growing exponentially alongside that demand. With new verticals we constantly impact, Deepsatial is making its name in the GeoAI-solutions space," concluded Kushwah.

¹https://www.marketsandmarkets.com/Market-Reports/geomarketing-market-196816785.html

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

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FAQ

What is the new contract announced by Deepspatial on October 5, 2022?

Deepspatial announced a contract with the Food, Civil Supplies, and Consumer Affairs Department in Meghalaya to provide geotargeted marketing intelligence via its GeoAI Platform.

How will Deepspatial's GeoAI Platform be used in the new government contract?

The GeoAI Platform will deliver predictive and prescriptive insights to enhance public distribution services and inform citizens about key programs.

What is the expected market growth for geotargeted marketing intelligence?

The geotargeted marketing intelligence market is expected to grow from USD $10.7 billion in 2020 to USD $32 billion by 2025.

What are the implications of this contract for Deepspatial's future?

The contract opens avenues for expansion into other states in India and positions Deepspatial favorably in the growing GeoAI market.

What is the stock symbol for Deepspatial?

The stock symbol for Deepspatial is DSAIF.