AITX Artificial Intelligence Technology Solutions Inc (PK)

 

 

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): October 21, 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 October 21, 2024, we will be issuing a press release titled “AITX’s RAD-M Achieves Level 5 Autonomous Navigation with ROAMEO™ Gen4 Development”, 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

 

Exhibit No.		Description
99.1		October 21, 2024 Press Release
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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: October 21, 2024	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
		/s/ Steven Reinharz
	Name:	Steven Reinharz
	Title:	Chief Executive Officer

 

 

 

Exhibit 99.1

 

AITX’s RAD-M Achieves Level 5 Autonomous Navigation with ROAMEO™ Gen4 Development

 

ROAMEO Gen4 Achieves Full Autonomy, Setting the New Standard in Mobile Robotic Security

 

Detroit, Michigan, October 21, 2024 — Robotic Assistance Devices Mobile, Inc. (RAD-M), a subsidiary of Artificial Intelligence Technology Solutions, Inc. (the “Company”), (OTCPK:AITX) has attained the advanced achievement of Level 5 autonomous navigation, part of its development of ROAMEO Gen4 security robot. This breakthrough positions ROAMEO Gen4 as a fully autonomous solution capable of operating independently in diverse environments without human intervention while performing advanced human-like functionality.

 

Achieving Level 5 autonomy represents the pinnacle of autonomous navigation, signifying that ROAMEO Gen4 can operate independently without human intervention across multiple environments and weather conditions. This autonomy applies the work of the last several years of AITX’s subsidiary RAD-M. Level 5 features from RAD-M include dynamic obstacle avoidance, gateway pass through, narrow lane navigation, vehicle and pedestrian prediction (limited to slow speed parking areas) as well as additional advanced security features that will be announced in the future.

 

“Prospective end user outreach to us for this solution has been remarkable, considering the diversity of the prospect base and our lack of current promotion for ROAMEO. We’ve known that there is a strong market for this solution for some time and with our recent technical achievements in Level 5 navigation and AIR™ we’re in the homestretch to bring Gen4 to market,” commented Steve Reinharz, CEO/CTO of AITX and RAD-R. “Not only have prospective clients been waiting for this solution but our greater community of supporters have been patiently awaiting this ROAMEO version that we can build en masse”.

 

ROAMEO, in limited quantities, is expected to start shipping in Spring 2025, with unit production increasing as sales momentum increases. According to the U.S. Bureau of Labor Statistics, there are approximately 1.2 million security guards employed in the United States¹. Of these, around 33.0% are required to perform their duties with outdoor exposure². This means that roughly 396,000 security guards work in environments where they must patrol, monitor, and protect assets under varying weather and physical conditions

 

“ROAMEO gives clients a much-needed autonomous solution as they continue to push for lower cost, higher capability options to integrate with, and often replace, their human guards,” said Mark Folmer, CPP, PSP, FSyI, President of subsidiary Robotic Assistance Devices, Inc. (RAD). “We’ve seen positive results from ROAMEO Gen2 and with Gen4 we’re quite certain there will be a dramatic effect on those guarding roles and our own growth.”

 

¹ https://www.bls.gov/oes/current/oes339032.htm

² https://www.bls.gov/ors/latest-numbers.htm

 

 

ROAMEO (Rugged Observation Assistance Mobile Electronic Officer) Gen4 is a fully autonomous mobile security patrol robot, with a 360-degree field of view, high-resolution cameras, and advanced AI analytics based on AITX’s proprietary AIR technology. It autonomously navigates diverse environments, avoiding obstacles and executing patrol routes without human intervention. Additional proprietary features will be announced closer to launch. The Gen4 dimensions and advanced esthetics will be released in the coming months.

 

The key benefit of ROAMEO Gen4 lies in its ability to significantly reduce costs compared to 24-hour manned patrols. Traditional security patrols conducted by human guards in golf carts often involve substantial expenses related to salaries, training, benefits, and the need for multiple shifts to maintain continuous coverage. ROAMEO Gen4 eliminates these excessive costs by providing a consistent and reliable security presence with autonomous operation.

 

“We’re thrilled to bring ROAMEO Gen4 to market soon and see the impact it will have on our clients’ security operations,” Reinharz added. “ROAMEO’s full autonomy not only redefines what’s possible in security, but it’s also set to make a significant contribution to AITX’s growing Recurring Monthly Revenue. This aligns perfectly with our long-term strategy of delivering value through innovative and sustainable solutions.”

 

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. As such, there are no assurances that the Company will meet its expectations with respect to its future sales volume, becoming cash flow positive, ARR or RMR. 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

 

 

v3.24.3

Cover	Oct. 21, 2024
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Oct. 21, 2024
Entity File Number	000-55079
Entity Registrant Name	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
Entity Central Index Key	0001498148
Entity Tax Identification Number	27-2343603
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	10800 Galaxie Avenue
Entity Address, City or Town	Ferndale
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48220
City Area Code	(877)
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