Internet of Things Inc. Provides Quarterly Update on New Hope IOT Intl Inc. Joint VenturePosted in 2017, News
JOINT VENTURE IS STARTING TO GAIN TRACTION
Toronto, Canada, September 27, 2017 – Internet of Things Inc. (TSX-V:ITT; OTC:INOFT; FRANKFURT;71T) (“ITT Inc.” or the “Company”) an IoT software and solutions provider targeting the Industrial IoT markets, is pleased to announce that its joint venture with New Hope Group, is quickly moving forward with strategic partnership opportunities in China. Management anticipates that these initiatives will start generating revenue in Q1 2018.
“We are working with leading edge Industrial IoT products and services companies to test their solutions in New Hope Group related factories,” said Michael Agam, President & CEO of New Hope IoT Intl Inc. (“JV”) “From the initiatives underway, we look to form strategic partnerships with these companies. We believe that our unique partnerships in tandem with the strength of New Hope Group and the team that we have put in place, will position us to become a leading provider in China’s Industrial IoT market. We also see the value of blockchain solutions and how the JV can benefit New Hope factories by seeking technologies in this area.”
Over the past quarter, New Hope IoT Intl Inc. JV has made progress with the following undertakings:
- The JV signed a Memorandum of Understanding (MoU) with Gemsens, a leading Industrial IoT hardware solution provider based in Israel. Under the MoU, Gemsens will develop a new product for asset management (addressing applications such as warehouse management, medical equipment location, etc.). The new product will allow for extremely accurate indoor positioning at an affordable price.
- The JV is preparing to conduct a Proof of Concept (PoC) with Augury, an Internet of Things technology start-up based in the United States and Israel, which has developed a predictive-maintenance solution that several dozen U.S. companies are currently using to collect sensor data about machines via Bluetooth Low Energy (BLE) technology. The company expects to start the PoC at the beginning of November 2017.
- The JV Is undergoing a PoC with GateTell/Telit Since 2002, GateTell (California) has been providing intelligent Cellular Devices (also referred to as – Terminals, Modems, and Gateways), that can automatically ‘make decisions’ at the edge, hence optimizing the amount of data sent to a server or a Cloud and therefore minimizing the cost of data being transferred through the network.
Telit is the global leader in Internet of Things enablement. They offer the industry’s broadest portfolio of integrated products, platforms and services to support and enable IoT deployments from things to apps.
- Working with local as well as with international supply chain management providers to put together a comprehensive supply chain management solution based on new IoT products
In addition, the JV will be broadening its scope to become an investment centre for Industrial IoT solutions. The JV is currently working with its stakeholders to define the criteria, mandates and funding for this investment strategy.
About New Hope Group
New Hope Group (en.newhopegroup.com) was founded in 1982. New Hope Group now has more than 600 subsidiaries in 30 countries, with nearly 70,000 employees and annual revenues of nearly 80 Billion Yuan or CAD$15.5 Billion. It is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance, insurance and more. It has a AAA credit rating from China Chengxin International Credit Rating Co. Ltd. (CCXI).
New Hope Group includes New Hope Data Technology Co., Ltd, a Shanghai-based company focused on data acquisition, monitoring, analytics, knowledge transfer through the implementation of cutting-edge IoT technologies as well as professional services and data analytics.
About Internet of Things Inc.
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. ITT has its headquarters in Toronto, Canada.
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Internet of Things Inc.
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Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regards to the joint venture, the use of the Company and the joint venture within the New Hope’s manufacturing processes and projected revenue and income of the joint venture. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors’ own risk.
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