Detroit, Michigan, July 11, 2022 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today announced that its sees a clear pathway to profitability within 24 months, principally through the growth of its primary subsidiary, Robotic Assistance Devices, Inc (RAD).
RAD confirmed that there are presently 114 RAD devices on backorder and allocation for deployment. The company sees a high probability path that it will close the current fiscal quarter on August 31, 2022, with over 300 customer new committed units ordered during in the period.
“We talk about sales momentum and it’s great to see it begin, but I feel we’re barely scratching the surface given the extraordinary labor and wage challenges our dealers and clients are suffering from,” said Mark Folmer, President of RAD. “Just a year ago, we celebrated every single unit sale, today the mean sales order volume is greater than 20 units per order.”
Folmer estimated that current projections create expectations of between 700 and 1200 units committed and on order by the end of this fiscal year which ends February 28, 2023.
“The majority of our sales to date and through this quarter are with organizations that are first-movers and leaders in their respective vertical markets,” Folmer added. “Then there’s the ‘fear of missing’ out that follows from the companies that are chasing the leader who’s choosing RAD. We’re seeing it in just about every sector.”
“As we continue this strong upward momentum and level our SG&A expenditures, we have a likelihood of profitability during our next fiscal year,” said Steve Reinharz, CEO of AITX and RAD. “Once we get in the range of one-thousand to fourteen-hundred deployed units, generating a stream of revenue, we expect to see an operational cash flow break-even, depending on the product mix.”
The company added that moving forward SG&A expenses are expected to grow only in support of future demand and revenue growth. “We’ve built a team with remarkable productivity. This, in addition to the systems and processes we’ve implemented, create a business foundation that positions AITX squarely on this path to profitability. All elements for sustainability are in place, all that’s left is our continued excellence, execution, and performance,” Reinharz concluded.
AITX has filed for uplisting to the OTCQB. Future announcements will be made regarding the status of the OTCQB application.
Robotic Assistance Devices (RAD) is a high-tech start-up that delivers robotics and artificial intelligence-based solutions that empower organizations to gain new insight, solve complex security challenges, and fuel new business ideas at reduced costs. RAD developed its advanced security robot technology from the ground up including circuit board design, and base code development. This allows RAD to have complete control over all design elements, performance, quality, and the user’s experience of all security robots whether SCOT™, ROSA™, Wally™, Wally HSO™, AVA™, ROAMEO™, or RAD Light My Way™. Read about how RAD is reinventing the security services industry by downloading the Autonomous Remote Services Industry Manifesto, and request a copy of the recently published ‘Navigating the New Economy: Jobs & Automation, Challenges & Opportunities’.
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, to meet business and financial goals including projections and forecasts, 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 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-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 staffs 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, stevereinharz.com, www.radsecurity.com and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
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Steve Reinharz
949-636-7060
@SteveReinharz
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