RENO, NV, Aug. 27, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Artificial Intelligence Technology Solutions, Inc. (AITX: OTCPK), is pleased to provide guidance for the end of the current fiscal year and fiscal year 2021.
During the past fiscal year, Robotic Assistance Devices (RAD), AITX’s wholly owned subsidiary, developed and commercialized three new hardware solutions. These were SCOT) Security Control and Observation Tower), Wally (wall mounted version of SCOT), and FRED (Facial Recognition Entry Device). In the current fiscal year RAD introduced ROSA (Robotic Observation Security Apparatus), AVA (Autonomous Verified Access) and most recently ROAMEO (Rugged Observation Assistance Mobile Electronic Officer).
Since the release of RAD’s 2nd generation set of solutions lead by SCOT in April 2018, RAD has subsequently released software packages called RADSoC, RADPmC, RADSight, and RAD Mobile Control. RAD’s software ecosystem is 100% RAD developed and owned, as are all it’s hardware solutions.
RAD’s unique solution set is specifically designed to bring cost savings and improved performance to consumers of security guard services and traditional security integrator services, the total market size of which is approximately $50B annually in the US.
RAD has seven distributors that cumulatively earn over $10B in sales per year. These distributors employ over 310,000 security officers. RAD’s discussions with these dealers reinforce the utility of RAD’s solution and make it clear to RAD management that the security industry is at the beginning of a significant business transformation lead by RAD’s technology and processes.
RAD has paid unit deployments in 15 states. Two of RAD’s ultimate end users are Fortune 15 companies and most others are Fortune 1000. RAD has 28 paid deployments with 3 unfilled orders at the date of issue of this press release.
RAD expects to hit the following milestones by the end of this Fiscal year February 29, 2020:
Deploy an additional 50 - 150 stationary units representing an annual run rate of approximately $850,000 to $2,550,000. This is based on an average RAD revenue of $2.00/hour per device. RAD’s most popular unit currently earns RAD $2.10/hour.
Successfully deploy 10 ROAMEO units representing annualized revenue of approximately $ 500,000.
Add non-traditional distribution channels.
RAD believes that an innovative forthcoming software piece, tentatively scheduled for September, will further elevate RAD's prominence in the industry.
RAD expects to hit the following milestones by the end of the Fiscal year February 28, 2021:
Deploy an additional 250 - 750 stationary units representing an annual run rate of approximately $4,250,000 to $12,000,000. This is based on an average RAD revenue of $2.00/hour per device. RAD’s most popular unit currently earns RAD $ 2.10/hour.
Successfully deploy an additional 50 ROAMEO units representing annualized revenue of approximately $ 2,500,000.
Release at least one more mobile solution and one especially innovative solution codenamed ‘Project G’.
To sum up RAD's financial projection expectations, Steve Reinharz, Founder & President of RAD, said: "We aggressively manage all expenditures to focus on the major milestone of positive cash flow, as may be adjusted from bringing on additional engineers and sales staff. Although our growth is steady, we expect a big boost when the first - and subsequent - big orders come in. Given the feedback, encouragement and verbal commitment to orders from our dealers and end users we believe it is just a matter of time until we can report exponential growth in revenue and profits."
RAD has a sales pipeline of over 35 Fortune 500 companies and numerous other potential clients. RAD expects to continue to attract new clients as it converts its existing sales pipeline into paying customers. Each new Fortune 500 Customer has the potential of making numerous reorders over time.
The company may post important information about its subsidiary RAD on its website at www.RoboticAssistanceDevices.com and through tweets from RAD President and CEO Steve Reinharz (https://twitter.com/SteveReinharz).
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
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 Artificial Intelligence Technology Solutions 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. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions 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.