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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): November 9, 2023
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
November 9, 2023, we will be issuing a press release titled “AITX’s Subsidiary Robotic Assistance Devices Poised to Add Over
$100K in Recurring Monthly Revenue”, 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
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:
November 9, 2023 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX’s
Subsidiary Robotic Assistance Devices Poised to Add Over $100K in Recurring Monthly Revenue
Detroit,
Michigan, November 9, 2023 -- Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX),
a global leader in AI-driven security and productivity solutions along with its wholly owned subsidiary, Robotic Assistance Devices,
Inc. (RAD), is pleased to provide an update on order intake for the current quarter as it seeks to rapidly close the gap between revenue
and SG&A expenses.
As
the 3rd quarter of FY 2024, spanning September through November, progresses, AITX reports that the Company has received orders
if fully completed to delivery, that will increase recurring monthly revenue (RMR) by over $100,000. Revenue numbers will be further
increased by one-time installation and training fees, as well as ongoing monthly monitoring pass-through charges. The Company earns a
percentage of remote monitoring pass-through revenue, and the actual monitoring work is done by a contracted third party.
The
composition of sales this quarter to date showcases a diverse range of the Company’s innovative products, with 36 RIO™
360 units, 28 RIO 180 units, and 18 standalone ROSA™ units ordered by clients who trust in the effectiveness and reliability
of RAD’s solutions. Additionally, several large AVA™ sales are expected to close next quarter.
Despite
November traditionally being a shorter month due to the Thanksgiving holiday, AITX remains optimistic about its trajectory. The company
estimates an additional $52K in RMR could be realized before the end of the current quarter, and possibly result in some of this revenue
rolling over into the following quarter, which is the final quarter of the fiscal year ending February 29, 2024.
Steve
Reinharz, Founder & CEO of AITX and RAD, commented, “Stringing together multiple strong quarters will allow us to outperform
the cash-flow break-even projections we shared during last Friday’s (November 3, 2023) Investor Conference. Simply put, that’s
our goal.”
“Our
outlook for the remainder of this quarter is positive, and we are already strategizing to maintain this momentum into the final quarter
of the fiscal year and beyond,” said Mark Folmer, CPP, PSP, FSyI, President of RAD. “As we shared on November 3rd,
our sales funnel is strong and consistently improving and growing.”
RAD’s
robust order intake is a clear indicator of the Company’s progressive vision and its commitment to delivering state-of-the-art
security solutions. With an expanding product line and a strategic approach to the market, AITX is on a steadfast path to redefine industry
standards and enhance stakeholder value.
RMR
is money earned from customers who pay for a subscription to a service or product. RAD’s solutions are generally offered as a recurring
monthly subscription, typically with a minimum 12-month subscription contract.
AITX,
through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services
industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed
to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding
and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement,
and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based
analytics and software platforms are developed in-house.
RAD
has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to
attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each
Fortune 500 client has the potential of making numerous reorders over time.
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 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. 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. The realization of the revenue
referenced above is contingent upon several factors, including RAD producing and delivering the ordered products, customer acceptance
of said deliveries, proper operation, client acceptance, client payment and any other issues that could interfere with these activities.
###
Steve
Reinharz
949-636-7060
@SteveReinharz
v3.23.3
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