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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): August 12, 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
August 12, 2024, we will be issuing a press release titled “AITX’s RAD Projects $10M in Guarding Cost Savings for August”,
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:
August 12, 2024 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX’s
RAD Projects $10M in Guarding Cost Savings for August
RAD
Refines Marketing and Messaging, on a Mission to Save Clients $1 Billion with Cutting-Edge Security Solutions
Detroit,
Michigan, August 12, 2024 — Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions,
Inc. (the “Company”) (OTCPK:AITX),
today announced a significant milestone in its mission to revolutionize the security industry. The Company’ projects that its autonomous
AI-powered security solutions will deliver an estimated $10 million in human guarding cost savings to its clients in August 2024 alone
that clients would otherwise be subject to without the benefit of RAD’s solutions.
This achievement underscores RAD’s commitment to providing innovative, cost-effective security solutions that not only enhance
safety but also offer substantial financial benefits to its corporate clients.
As
of today, RAD units are successfully deployed in 34 states, including the District of Columbia, and are actively operating in 105 cities.
These deployments have demonstrated the capability to deliver $10 million in guarding cost savings within just a single month. Based
on its data collection, RAD estimates that these deployed devices have deterred thousands of potentially criminal or dangerous incidents
from occurring, further showcasing the tangible impact of its autonomous security solutions.
RAD’s
significant success lies in areas where its devices effectively replace the standard security guard duties of Deter, Observe, and Respond
(DOR). While DOR covers the core responsibilities of most guards, there is a widespread misconception among the public that guards are
trained and expected to intervene in physical altercations, perform life-saving actions such as CPR, and carry out higher-level security
functions similar to law enforcement. However, in reality, there is often a gap between public perception and the actual scope of authority
and training that security guards possess. RAD devices go far beyond traditional security cameras, they represent a proactive approach
to safety, automating routine surveillance tasks while empowering organizations to focus on more critical security needs
Moreover,
RAD’s innovative solutions are designed to reduce reliance on traditional security guarding, but they are not intended to replace
the human workforce entirely. Instead, RAD offers companies the opportunity to repurpose their most experienced security personnel into
roles that are more strategic and better suited for human judgment and interaction. By automating routine surveillance tasks, RAD empowers
organizations to allocate their skilled guards to positions where they can leverage their unique abilities, such as managing complex
security scenarios, enhancing customer service, and improving overall safety strategy. This approach not only preserves valuable jobs
but also enhances the efficiency and effectiveness of security operations.
“Saving
our clients an estimated $10 million in just one month is just the beginning”, stated Steve Reinharz, CEO/CTO of AITX and RAD.
“As we continue to scale, the impact of our technology will only grow, transforming how businesses approach security. We’re
looking ahead with a clear mission to extend these benefits to every city and industry that seeks to enhance safety while controlling
costs.”
Recognizing
the vast potential to revolutionize the security industry, RAD has strategically refined its marketing and messaging to better capture
this expansive opportunity. The introduction of the “Deter, Observe, Report — Better” badge is a cornerstone of this
refined approach, encapsulating RAD’s commitment to not only matching but surpassing traditional security methods. By aligning
its advanced autonomous solutions with the well-known guard duties of Deter, Observe, and Report, RAD communicates a clear and compelling
message: its technology offers a superior alternative. This refreshed strategy highlights how RAD enhances each aspect of DOR, providing
clients with more effective deterrence, non-biased autonomous responses, and more accurate reporting, thereby positioning RAD as the
leading choice for businesses looking to modernize their security operations.
Building
on the success of its refined marketing and messaging, RAD is set to elevate its capabilities even further with the introduction of Autonomous
Intelligent Response (AIR™). This cutting-edge technology is expected to supercharge RAD’s ability to execute traditional
Deter, Observe, and Report duties with unprecedented precision and efficiency. AIR is first set to debut in RADCam™, with
details coming in September, followed by its integration into ROSA™ and RIO™ in October, and AVA™
in November. This phased rollout of AIR across RAD’s suite of devices will significantly enhance the automation of security tasks,
allowing for even quicker and more accurate responses to potential threats. As AIR integrates into these platforms, RAD is poised to
redefine the standard for security solutions, offering clients an even more powerful tool to safeguard their operations and assets.
Mark
Folmer, CPP, PSP, FSyI, President of RAD added, “This $10 million in savings is a clear indicator of how RAD’s technology
is transforming the security landscape. As we roll out AIR across our devices, we’re not just automating tasks, we’re redefining
the very nature of security operations. The future of security is here, and RAD is leading the way.”
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-R, 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. 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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