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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): January 29, 2024
ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
000-55079 |
|
27-2343603 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
10800
Galaxie Avenue
Ferndale,
MI 48220 |
(Address
of principal executive offices) |
(877)
787-6268 |
(Registrant’s
telephone number, including area code) |
Not
Applicable |
(Former
name or former address, if changed since last report.) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
When
used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we”
refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item
8.01 Other Events
On
January 29, 2024, we will be issuing a press release titled “AITX’s RAD Announces Booked January Annual Recurring Revenue
Up 476% Year Over Year”, which press release is attached hereto as Exhibit 99.1.
The
information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1)
is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained
herein.
ITEM
9.01. EXHIBITS
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
January 29, 2024 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX’s
RAD Announces Booked January Annual Recurring Revenue Up 476% Year Over Year
Detroit,
Michigan, January 29, 2024 — — Artificial Intelligence
Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions
along with its wholly owned subsidiary, Robotic Assistance Devices, Inc. (RAD), today announced significant sales increases year over
year. As of January 26, 2024, RAD has received orders that, when fully deployed, will produce approximately $258,000 in annual recurring
revenue (ARR) compared to January 2023 when the Company’s sales produced approximately $54,000 in annual recurring revenue.
January
2024 booked sales are on pace with the approximate 400% increased revenue bookings the Company has enjoyed since the summer of 2023.
In
January 2023, the Company booked six units with 12-month contracts, and another six units for pilot projects and dealer demonstration
units. The 12-month contracts produced approximately $54,000 in annual recurring revenue.
In
contrast, the 26 RAD devices booked in January 2024, all of which are on a minimum 12-month contract, are set to produce approximately
$258,000 in annual recurring revenue, when fully deployed.
Among
the January orders, three orders totaling 8 units are for existing clients expanding their RAD deployments, demonstrating continued trust
and satisfaction in RAD’s solutions. A significant new client in Hawaii has ordered their first 4 ROSA™ units, marking
what potentially could be the beginning of an extensive, lucrative relationship. Additionally, 12 units, a combination of ROSA and RIO™
units, are fulfilling the previously announced order for a Midwest grocery chain. The final 2 units, concluding a 12-month negotiation
process through one of RAD’s large dealers, further exemplifying the Company’s growing market reach and penetration.
Troy
McCanna, Sr. Vice President of Revenue Operations at RAD, commented, “We’re seeing an unprecedented level of orders awaiting
final client signature. This reflects not only the growing demand for our solutions, but also the confidence clients are placing in our
technology.”
Mark
Folmer, CPP, PSP, FSyI, President of RAD, added, “The advancement in discussions for larger-scale rollouts with key customers is
moving at an encouraging pace. This is indicative of our growing footprint in the security solutions market and the effectiveness of
our offerings.”
Steve
Reinharz, CEO of AITX and RAD, stated, “We are committed to making careful investments in sales and R&D while watching revenues
grow as we work to control core SG&A expenses. Our primary focus remains on balancing competing needs to achieve positive operational
cash flow, a milestone that will mark a significant achievement for the Company.”
This
impressive start to CY 2024 represents RAD’s commitment to innovation and customer satisfaction, setting a positive tone for the
year ahead and reinforcing the Company’s trajectory towards operational profitability.
ROSA
is a multiple award-winning, compact, self-contained, portable, security and communication solution that can be installed
and activated in about 15 minutes. ROSA’s AI-driven security analytics include human, firearm, vehicle detection, license plate
recognition, responsive digital signage and audio messaging, and complete integration with RAD’s software suite notification and
autonomous response library. Two-way communication is optimized for cellular, including live video from ROSA’s high-resolution,
full-color, always-on cameras. RAD has published five Case Studies detailing how ROSA has helped eliminate instances of theft, trespassing
and loitering at hospital campuses, multi-family communities, car rental locations and construction sites across the
country.
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 these 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.
About
Artificial Intelligence Technology Solutions (AITX)
AITX
is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex
challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-M and RAD-G companies
help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics
of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities
of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for
use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn
more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and
www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
CAUTIONARY
DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The
information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence
Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees
of future performance and may involve subjective judgment and analysis. As such, there are no assurances that the Company will meet its
expectations with respect to its future sales volume or becoming cash flow positive. The information provided herein is believed to be
accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness.
The Company has no obligation to provide the recipient with additional updated information. No information in this publication should
be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.
###
Steve
Reinharz
949-636-7060
@SteveReinharz
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