TORONTO, July 27, 2020 /CNW/ - Internet of Things
Inc. (TSXV: ITT) (OTC: INOTF) (FRANKFURT: 71T) ("ITT Inc." or the
"Company") www.iotintl.com, a software and solutions
provider in the artificial intelligence and industrial IoT markets,
is pleased to announce its proposal to change its company name
to "Predictiv AI Inc." (the "Name Change"). ITT Inc.
is also proposing to consolidate its issued and outstanding common
shares (the "Common Shares") on the basis of one (1)
post-consolidation common share for up to five and a half (5.5)
pre-consolidation common shares (the "Consolidation").
Additional information relating to the proposed Name Change and
Consolidation is included in the Company's management information
circular (the "Information Circular") for its upcoming
annual and special meeting of shareholders to be held on
August 21, 2020 (the
"Meeting"), which is available on its SEDAR profile
As part of the upcoming Meeting, shareholders of ITT Inc. will
be asked to approve special resolutions to amend its articles with
respect to the Name Change and the Consolidation.
There are currently 337,401,919 Common Shares of the Company
issued and outstanding. Upon the Consolidation becoming
effective, it is expected there will be approximately 61,345,803
post-consolidation Common Shares of ITT Inc. issued and
As outlined in the Company's April 20,
2020 news release in relation to the closing of a
non-brokered private placement financing (the "Private
Placement"), the Company provided an undertaking to the TSX
Venture Exchange to hold a special shareholders meeting to approve
a consolidation within 180 days of completion of the Private
Placement. The board of directors of ITT Inc. (the "Board")
believes that the Consolidation will increase the Company's
competitiveness in the marketplace and make its securities more
attractive to a wider audience of potential investors resulting in
a more efficient market for its Common Shares. Additionally, the
Board is recommending the Name Change, to reflect the Company's
product development focus and expansion into artificial
intelligence solutions and products.
The Consolidation and Name Change are both subject to
shareholder and regulatory approval, including the approval of the
TSX Venture Exchange.
Update on Joint Venture for ThermalPass
The Company is pleased to provide an update as ITT Inc. and
Commersive Solutions Corp. ("Commersive") have been working
diligently in expediting the development of ThermalPass to
help mitigate the spread of COVID 19. As a follow up to the
Company's press release of May 7th, 2020, ITT
Inc. and Commersive continue to work towards a definitive agreement
which is expected to be completed over the next month.
ThermalPass is the first product to be developed
and brought to market by SMRT Labs Inc., a jointly held
company, owned 51% by AI Labs Inc. ("AI Labs"), a wholly
owned subsidiary of ITT Inc., and 49% by Commersive, a developer of
integrated, point-of-sale technologies that create unique retail
ThermalPass' fever detection device uses thermal medical-grade
sensors which take 400 temperature readings per second.
As ThermalPass does not require the use of cameras, it
preserves the end users' anonymity and does not breach social
distancing as it does not require human intervention.
"Designing and developing the technology for ThermalPass
would be expected to require at least 12 months, but with our
experienced and committed team of engineers and partners, we
will have completed design, development and testing in less
than four months!", said Michael
Lende, President and CEO of ITT. "We are looking forward to
commercializing ThemalPass as a much-needed solution in today's
COVID-19 world" Michael Lende
For more information on Internet of Things Inc.
visit: www.iotintl.com and follow ITT on:
About Internet of Things Inc. (TSX VENTURE: ITT)
(OTC: INOTF) (FRANKFURT:
71T): Internet of Things Inc. is a technology company
which helps businesses and organizations make smarter decisions
using advanced artificial intelligence, deep machine learning and
data science techniques. Its Weather Telematics Inc. subsidiary
uses patented air quality monitoring sensors to provide predictive
weather risk information to the insurance, logistics, fleet
management and public safety sectors. The Company's R&D
division, AI Labs Inc., develops new products that solve real-world
business problems. The joint venture with Commersive Solutions
Corp. is developing innovative technologies for use in various
public spaces, starting with the ThermalPass™ fever detection
Cautionary and Forward-Looking Statements: Statements
contained in this news release, which are not historical facts, are
forward-looking statements that involve risk, uncertainties and
other factors that could cause actual results to differ materially
from those expressed or implied by such forward-looking statements.
There can be no assurance that such statements will prove to be
accurate and actual results and future events could differ
materially from those anticipated in such statements. All
forward-looking statements included in this news release are based
on information available to the Company on the date hereof.
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that could cause actual results of
the Company to differ materially from the conclusion, forecast or
projection stated in such forward-looking statements. These risks,
uncertainties and other factors include, but are not limited to:
ThermalPass and Alert Fleet achieving the commercial results
anticipated by the Company; market demand for ThermalPass and Alert
Fleet; and, other factors referenced in the Company's other
continuous disclosure filings, which are available at sedar.com.
Readers should not place undue reliance on these forward-looking
statements. The Company assumes no obligation to update any
forward-looking statements, except as required by applicable
NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE
POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR
THE ADEQUACY OR ACCURACY OF THIS PRESS RELEASE.
SOURCE Internet of Things Inc.