TORONTO, May 25, 2018 (GLOBE NEWSWIRE) — Internet of Things Inc. (TSX VENTURE:ITT) (OTC:INOTF) (FRANKFURT:71T) (“IoT Inc.” or the “Company”) a strategic investor in growth-ready companies with innovative IoT, AI and Blockchain solutions, is pleased to provide a corporate update detailing its recently accomplished milestones and current growth initiatives.
Appointment of President & COO
IoT Inc. recently announced the appointment of James Sutcliffe as President & COO. Mr. Sutcliffe will oversee operations, investee companies and merger & acquisition opportunities.
Mr. Sutcliffe brings more than 20 years’ experience in global operational and financial leadership. Earlier in his career, he was as a key member of a management team that grew a Fortune 150 Tier 1 automotive supplier’s Asian operations ten-fold. During this time, Mr. Sutcliffe held senior corporate development, finance and executive management roles. Spearheading entry into new markets in Asia, he was instrumental in guiding start-ups and acquisitions in China, India and Korea.
Mr. Sutcliffe commented, “IoT Inc. is at a critical inflection point given its growth opportunities in Asia and North America. I am excited to leverage my relationships and operating experience as the company pursues very compelling and complementary accretive acquisitions.”
The Company has developed a new website designed to encourage investor signups and inbound business opportunities and enhanced marketing collateral including a new corporate presentation. In addition, IoT Inc. has signed up to participate in investor focused conferences over the next few months to raise awareness. This corporate repositioning reflects the new strategic vision of the Company and will serve as the foundation to expand its strategic plan to acquire and operate growth-ready technology companies.
After the original public announcement of a private placement financing in December 2017, the Company closed an over-subscribed funding round of $2,300,000. This working capital provides a sufficient runway to continue execution of its long-term corporate growth strategy and to pursue strategic acquisitions.
Portfolio Company Updates
Weather Telematics Inc.
The Company announced that it has entered into a letter of agreement to acquire Weather Telematics Inc. (“WTX Inc.” or “Weather Telematics”), a data science company offering real-time advanced AI-based predictive road condition weather analytics for safer, connected and autonomous transportation. For further details read the May 14, 2018 press release.
Weather Telematics recently announced a partnership with Teletrac Navman, a global software-as-a-service provider that leverages location-based technology for GPS tracking solutions, to provide dynamic weather data including a real-time view of hazardous road conditions to the DIRECTOR® fleet management platform.
New Hope IoT Intl. Inc. (or the “JV”)
Management is pleased with the progress that continues to be made with factory automation initiatives as IoT Inc. expands its presence in Greater China. The JV continues to make headway with artificial intelligence in China and pending the closing of WTX Inc., the Company will look to leverage their unique data and technology by integrating it into its manufacturing process optimization platform to turn traditional manufacturing operations into smart industrial IoT enabled facilities.
Blockstrain Technology Corp. (“Blockstrain”)
The Company made a strategic investment in Blockstrain Technology Corp. (TSX-V:DNAX). Blockstrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership.
Blockstrain closed a non-brokered private placement raising gross proceeds of $10,500,000, and also completed its go public transaction earlier this week. Based on yesterday’s closing price of Blockstrain, IoT Inc’s position in the company is worth more than 250% of its original investment.
The Company is in discussions with Blockstrain and is evaluating how to deploy and leverage its strategic technology applications into the Blockstrain ecosystem.
Braingrid Corp. (“Braingrid”)
In December 2015, IoT Inc. acquired an 8.33% minority equity position in Braingrid for $500,000.
Braingrid recently closed a $2,500,000 equity financing and continues to work on its public listing on the Canadian Securities Exchange. Braingrid intends to use the net proceeds from the offering for general corporate purposes, such as continuing expansion of its R&D department as well as furthering the execution of its long-term roadmap.
Management expects that Braingrid’s go-public transaction will be accretive to IoT Inc.
IoT Inc. looks to capitalize on new opportunities when they fit the Company’s core investment criteria. There are occasionally new legislation and regulatory guidelines that open new markets, particularly the recent Supreme Court of the United States ruling that struck down the Professional and Amateur Sports Protection Act of 1992 (PASPA), an act that largely outlawed sports betting outside of Nevada. This change in legislation effectively clears a path for the legalization of sports betting in the United States.
Research firm Eilers & Krejcik Gaming estimates a regulated United States sports betting market could generate $6.03 billion in annual revenue by 2023. Additionally, the Canadian Gaming Association estimates that Canadians are wagering approximately $10 billion annually through illegal bookmaking operations in Canada, and more than $4 billion through offshore online sports gambling websites, meaning that many people are betting through illegal and nefarious channels.
As a result of these regulatory changes, IoT Inc. sees an opportunity to develop, commercialize and monetize an AI-based platform leveraging the Company’s innovative technologies within the sports wagering marketplace.
About Internet of Things Inc.
Internet of Things Inc. is a strategic investor in growth-ready companies with innovative technology solutions. The Company creates value through its portfolio companies’ expertise in the IoT, AI and Blockchain solutions, by turning data into actionable intelligence to drive more efficiency into organizations.
The Company has a joint venture partnership, New Hope IoT Intl Inc., with New Hope Data Technology Co. Ltd. Internet of Things Inc. also has strategic investments in Braingrid Corp. and Blockstrain Technology Corp. and has its headquarters in Toronto, Canada.
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Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of the Company to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to factors referenced in the Company’s other continuous disclosure filings, which are available at sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
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