VSBLTY FORGES ALLIANCE WITH THE AL JABR GROUP TO BRING COMPUTER VISION & AI SECURITY SOLUTIONS TO THE MIDDLE EAST
VSBLTY Groupe Technologies Corp. has entered into a letter of intent for a joint venture with Al Jabr Group to enhance digital out-of-home solutions across five Middle Eastern countries, including the UAE, Qatar, Oman, Bahrain, and Saudi Arabia. Al Jabr has invested USD $1.6 million in VSBLTY and will assist in hardware procurement and installation. The partnership aims to leverage advanced AI technology in sectors such as oil & gas, smart cities, and retail, with plans for broader expansion in the region.
- Establishment of a joint venture with Al Jabr Group, enhancing market presence in the Middle East.
- Al Jabr Group's investment of USD $1.6 million indicates strong confidence in VSBLTY's technology.
- Plans for technology deployment in five Middle Eastern countries, with potential for further expansion.
- Focus on AI applications in high-growth sectors: oil & gas, smart cities, and retail.
- The agreement is non-binding, which may introduce uncertainties in execution.
PARTIES SIGN LOI AND COMMIT TO JOINT VENTURE CONTRACT WITHIN 60 DAYS
Philadelphia PA, Sept. 01, 2022 (GLOBE NEWSWIRE) -- VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt 5VS) (“VSBLTY”), a leading software provider of security and retail analytics technology, today announced it has formed an alliance with the Al Jabr Group to bring digital out-of-home solutions and the Store as a Medium (SaaM) concept to retail outlets, the oil & gas industry and smart cities in five middle east countries. A family-owned multi-dimensional company with more than 6,000 employees in the region, Al Jabr already has invested USD
In making the announcement, VSBLTY Co-founder & CEO Jay Hutton said, “We have agreed to a non-binding letter of intent and are now working with Al Jabr management to create a definitive agreement and a 50-50 joint venture structure within the next 60 days that will enable us to create a go-to-market plan for VSBLTY-Middle East to roll out our cutting-edge technology in five countries.” Hutton said the first territories will be United Arab Emirates, Qatar, Oman, Bahrain and Saudi Arabia, but eventually they will introduce its proprietary AI technology, as well as security solutions, in Egypt, Pakistan, Nigeria, Algeria, Tunisia, Morocco, and Iraq.
“Initially, we will be providing AI applications in three business sectors: oil & gas, smart cities and retail,” Hutton explained. He also reported that VSBLTY is now planning a SaaM deployment for the largest supermarket chain in the Middle East and AI activations have begun in two smart cities.
Mohammed Ajmal, Al Jabr Group CFO, explained that the family-owned company will use its 40 years of business experience in the region to drive the marketing and deliver turnkey installations using VSBLTY’s advanced technology. “We are delighted to align our company with a worldwide technology leader like VSBLTY and we look forward to launching what we are confident will be a successful joint venture,” Ajmal added.
“VSBLTY-Middle East will take advantage of the outstanding business and other relationships the Al Jabr family has across many industries. This gives us a great pathway to expand in the kingdom as well as in the border regions,” Hutton emphasized. “There is a tremendous focus on technology here and that creates an opportunity for us to make this area the AI hub for the entire Middle East,” the VSBLTY CEO concluded.
VSBLTY technology provides enhanced customer engagement and audience measurement using machine learning and computer vision. Its industry leading VisionCaptor™ and DataCaptor™ software combine motion graphics and interactive brand messaging with cutting-edge computer vision measurement and insights. VSBLTY’s AI driven software Vector™ provides enhanced facial recognition that is crucial to strengthening today's security requirements when recognizing weapons or suspicious persons in a crowd.
Investor Relations
CHF Capital Markets
Cathy Hume, CEO, +1-416-868-1079, x251
Harbor Access
Jonathan Paterson, 475-477-9401
Jonathan.Paterson@Harbor-Access.com
Graham Farrell, +1-416-842-9003
Graham.Farrell@Harbor-Access.com
CONTACT: Linda Rosanio, 609-472-0877
About VSBLTY (http://vsblty.net/)
Headquartered in Philadelphia, VSBLTY (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt: 5VS) (OTC: VSBGF) (“VSBLTY”) is the world leader in Proactive Digital Display™, which transforms retail and public spaces as well as place-based media networks with SaaS-based audience measurement and security software that uses artificial intelligence and machine learning. Its proprietary technology effectively integrates with other digital retail solutions, including QR codes and mobile applications. The firm is also recognized for its leadership role in the growing Store as a Medium movement that enables brands to reach customers when and where buying decisions are being made while producing a new revenue stream for retailers.
About Al Jabr Group (https://www.aljabr.com.sa/ )
The company had its beginning early in the 20th century when Sheikh Hamad Bin Mohammed Aljabr, an ambitious and visionary entrepreneur, started a business in agricultural real estate development and production. In 1952, the sons of Sheikh Hamad—Abdulaziz, Mohammed and Abdullatif—expanded on his vision and entered the world of commerce with the establishment of a small company trading in foodstuffs. Since then, the company has grown into a sophisticated corporation, with interests and endeavors in several widely differentiated businesses. It launched its first international activity in 1956, and today Al Jabr Group is a multi-line conglomerate maintaining a well-diversified portfolio invested in various sectors such as Automobile, Banking & Finance, Real Estate, Oil & Gas Services, Contracting, Home Appliances, Food & Beverages, Laundry & Dry Cleaning, Light Industry and Agriculture. The company later expanded its offices and distribution networks across Saudi Arabia and the Arabian Gulf region.
CONTACT: Ajmal Mohammed
FAQ
What is the recent development involving VSBLTY Groupe Technologies Corp. (VSBGF)?
Which countries will VSBLTY target with its new joint venture?
How much has Al Jabr Group invested in VSBLTY?
What technologies will be deployed in this partnership?
What are the potential risks of the joint venture between VSBLTY and Al Jabr Group?
