Update: Artificial Intelligence Technology Solutions Updated Financial Guidance
Reno, NV, Oct. 01, 2018 (GLOBE NEWSWIRE) -- -- via NEWMEDIAWIRE - Artificial Intelligence Technology Solutions Inc. (AITX: OTCPK) provides guidance for its wholly owned subsidiary (RAD - www.roboticassistancedevices.com ).
RAD’s suite of products which presently includes SCOT, WALLY and FRED provides recurring monthly revenue for RAD. On Average, each SCOT, WALLY and FRED respectively can generate, over a 4 year period, $60,000, $25,000 and $12,000 of total revenue for the Company.
To date the aggregate of all units presently deployed, at purchase order stage and client verbal commitment stage equal more than $2,400,000 worth of total potential revenue.
RAD expects to reach $100,000 of monthly recurring revenue by this fiscal year end February 28, 2019, which represents approximately $5,000,000 of total potential revenue. RAD already has total deployments, purchase orders and verbal commitments for half of this amount to date.
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.
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.
RAD has a deep sales pipeline of over 50 large clients, many of which are Fortune 500 companies that have expressed interest and that are at various stages of discussion with the Company for future potential orders. The Company also works with over a dozen distributors including one of the largest security distributors in the US with well over 100,000 employees and who issued the following press release over the summer: http://www.aus.com/media-center/press-releases/view-press-release/articleid/1764/allied-universal-teams-with-partner-rad-to-offer-concierge-like-robots
RAD is also working on a new product that is expected to be ready for deployment early next year. Each unit is expected to have a total potential revenue of $160,000. The Company will release expected deployments of these products for the fiscal year 2019 at a later date.
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 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.
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 rob otic 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.
Everest Corporate Advisors Inc. 702-902-2361 www.everestcorp.net