Reno, NV, Sept. 07, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Artificial Intelligence Technology Solutions Inc. (OMVSD: OTCPK) provides guidance for its wholly owned subsidiary (RAD - www.roboticassistancedevices.com).
RAD’s suite of products presently includes SCOT (Security Control and Observation Tower), WALLY and FRED (Facial Recognition Entry Device) and is provided to end users on a Robots-as-a-Service (RaaS) model that includes hardware, software and recurring services. On Average, each SCOT, WALLY and FRED respectively can generate, over a 4 year period, approximately $60,000, $25,000 and $12,000 of total revenue for the Company.
RAD launched its first SCOT in April, 2018, Wally in June and Fred in July. All RAD hardware runs the RAD Software Suite for a complete and integrated security & special services platform. RAD’s software is primarily hosted by Microsoft™ Azure™. With one small exception all RAD software is 100% written and owned by RAD. All RAD hardware for the U.S. market is manufactured in Southern California.
RAD expects to exceed $100,000 of monthly recurring revenue by this fiscal year end February 28, 2019, which represent approximately $5,000,000 of total potential revenue over 4 years. This would represent approximately 125 individual units across an estimated 30 individual client of which more than half are expected to be fortune 500 clients.
It is important to understand the sales cycle of these clients. “Given we launched a brand new ecosystem of hardware and software just a few months ago, the speed at which these amazing clients have issued purchase orders to RAD have exceeded our expectations,” said Steve Reinharz, founder & President of Robotic Assistance Devices. “Furthermore the discussions we have about standardization and expansion are incredibly encouraging. We are in active discussions with several customers about multi-site deployments of well over 50 units per customers.”
The expected pattern of unit deployments appears to look like this: 1. A client starts with one or two units as a paid pilot; 2. When satisfied they begin a small roll-out across a few locations; 3. When satisfied we expect to be their standard and roll out across their enterprise. RAD continues to grow by satisfying new clients and working with them to show value and become their standard.
For the fiscal year ended February 28, 2020 RAD expects to reach $700,000 of monthly recurring revenue representing $30,000,000 of total potential revenue over 4 years.
For the fiscal year ended February 28, 2021 RAD expects to reach $2,100,000 of monthly recurring revenue representing $100,000,000 of total potential revenue over four years.
The company may post important information about its subsidiary RAD on its website at www.Robotic AssistanceDevices.com and through tweets from RAD President and CEO Steve Reinharz (https://twitter.com/SteveReinharz)
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This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of On the Move Systems to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. On the Move Systems undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in On the Move Systems expectations.
About RAD
Robotic Assistance Devices (RAD) 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, RAD can help organizations streamline operations, increase ROI and strengthen business. RAD robotics 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 staffs and gain higher levels of situational awareness, all at drastically reduced cost. RAD robotic solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education and healthcare. To learn more, visit www.roboticassistancedevices.com or follow us on Twitter @RADbotsecurity.