Remark Holdings Wins $5.0 Million Contract in the Construction Industry

Rhea-AI Summary

Remark Holdings (NASDAQ: MARK) has secured a $5 million contract to implement its AI-driven workplace safety solutions across 100 construction sites in China, specifically in Shanghai, Shenzhen, and Guangzhou. The installation of 30 sites is projected by the end of 2021, with the remainder completed by the end of Q1 2022. The company plans to capitalize on the growing demand for safety technology, fueled by increasing governmental enforcement of workplace safety standards in the coming years. Remark Holdings' track record and solutions position it well for success in this expanding market.

Positive

• Secured a $5 million contract for AI-driven workplace safety solutions.
• Installation expected at 100 construction sites in major Chinese cities.
• 30 sites to be operational by the end of 2021, enhancing revenue prospects.
• Growing demand for workplace safety solutions due to stricter regulations.

Negative

• None.

LAS VEGAS, Sept. 23, 2021 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties, today announced the receipt of a contract totaling $5.0 million to deliver the company's AI-driven workplace safety solutions to 100 industrial real estate construction sites. Primarily in Shanghai, Shenzhen and Guangzhou, 30 sites are expected to be installed by the end of the calendar year, with the balance completed by the end of the first quarter of 2022.

...an enormous market that is expected to have more than 500,000 new construction sites in the coming years...

"Our track record of successful installations in the construction industry and experience navigating workplace AI-driven solutions for employee safety, proper machinery functionality, elevator and crane safety, and real-time fire and smoke detection allow us to participate in this fast-growing industrial real estate sector," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings, Inc. "With the government expected to more critically enforce workplace safety in the coming year, our platform solutions allow our customers to ensure their standard operating procedures are followed, and our success in helping our clients meet their needs and obligations should allow us to continue to tap into an enormous market that is expected to have more than 500,000 new construction sites in the coming years."

About Remark Holdings, Inc.

Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, public safety and workplace arenas. The company also owns and operates an e-commerce digital media property focused on a luxury beach lifestyle. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at http://www.remarkholdings.com/.

Forward-Looking Statements

This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.

Company Contacts

E. Brian Harvey
Senior Vice President of Capital Markets and Investor Relations
Remark Holdings, Inc.
ebharvey@remarkholdings.com
702.701.9514

Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626.623.2000
(+86) 13702108000

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SOURCE Remark Holdings, Inc.

FAQ

What contract did Remark Holdings win in September 2021?

Remark Holdings won a $5 million contract to provide AI-driven workplace safety solutions to 100 construction sites in China.

Where will Remark Holdings implement its workplace safety solutions?

The solutions will be implemented in Shanghai, Shenzhen, and Guangzhou.

What is the expected timeline for the installation of the safety solutions?

30 sites are expected to be operational by the end of 2021, with the remaining sites completed by the end of Q1 2022.

How does Remark Holdings plan to benefit from the contract?

The company aims to leverage increasing government enforcement of workplace safety standards to tap into a growing market.