Detroit, Michigan, May 03, 2023 (GLOBE NEWSWIRE) -
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Posted On: 05/04/2023 3:47:29 AM
Detroit, Michigan, May 03, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the "Company" (OTCPK:AITX), a global leader in AI-driven security and productivity solutions today announced additional steps on the path to achieving potential profitability.
The Company revealed a set of measures on April 5, 2023, aimed at cutting expenses by up to $200,000 each month. The initiatives announced today are expected to save the Company up to an additional $100,000 per month. The cost savings are based on eliminating 11 full-time equivalent team members.
"The Company's demonstrated resilience over the past few years reinforces my belief that we are on the right path to profitability and dominance of the market we're working to create - the market of autonomous remote services," commented Reinharz. "The measures that we've implemented, along with the unwavering dedication of the entire team, the efforts of our channel partners, and support from our customers will pave the way."
AITX CEO, Steve Reinharz, conducted a Company-wide town hall meeting on May 1st, 2023, during which he announced initiatives for RIO(TM) version 2, a refocus on mobility solutions, and price changes as operational tuning continues. These items will be announced in greater detail in the coming weeks.
Reinharz expects that these actions, combined with those previously announced, along RAD's strong sales funnel will result in monthly profitability within the next 8 to 14 months. While the Company has prepared forecasts aiming for positive cash flow by December 31, 2023, there are no assurances whatsoever that this target will be achieved. The Company has also stated that any necessary expansion of production and deployment teams will remain within budget.
AITX, through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry's existing and costly manned security guarding and monitoring model. RAD delivers this tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.
RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.
Read More: https://investorshangout.com/post/view?id=657...z80j4uZcYy
The Company revealed a set of measures on April 5, 2023, aimed at cutting expenses by up to $200,000 each month. The initiatives announced today are expected to save the Company up to an additional $100,000 per month. The cost savings are based on eliminating 11 full-time equivalent team members.
"The Company's demonstrated resilience over the past few years reinforces my belief that we are on the right path to profitability and dominance of the market we're working to create - the market of autonomous remote services," commented Reinharz. "The measures that we've implemented, along with the unwavering dedication of the entire team, the efforts of our channel partners, and support from our customers will pave the way."
AITX CEO, Steve Reinharz, conducted a Company-wide town hall meeting on May 1st, 2023, during which he announced initiatives for RIO(TM) version 2, a refocus on mobility solutions, and price changes as operational tuning continues. These items will be announced in greater detail in the coming weeks.
Reinharz expects that these actions, combined with those previously announced, along RAD's strong sales funnel will result in monthly profitability within the next 8 to 14 months. While the Company has prepared forecasts aiming for positive cash flow by December 31, 2023, there are no assurances whatsoever that this target will be achieved. The Company has also stated that any necessary expansion of production and deployment teams will remain within budget.
AITX, through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry's existing and costly manned security guarding and monitoring model. RAD delivers this tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.
RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.
Read More: https://investorshangout.com/post/view?id=657...z80j4uZcYy
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