Internet of Things Inc. Signs Letter of Intent to Acquire Weather Telematics Inc.15 Jun 2017Posted 2017, News in
An Emerging Global Leader in AI & Autonomous Vehicle Solutions
TORONTO, Canada – June 15, 2017 – Internet of Things Inc. (TSX VENTURE: ITT) (OTC: INOTF) (FRANKFURT: 71T) (“ITT Inc.” or the “Company“) is pleased to announce it has signed a Letter of Intent (“LOI”) to acquire Ottawa, Canada-based Weather Telematics Inc. (“WTX Inc.” or “Weather Telematics“) through its IoT Labs Inc. subsidiary. WTX Inc. is an emerging global leader in predictive artificial intelligence and in autonomous vehicle solutions. Weather Telematics is at the forefront of the explosive growth opportunity presented by the combination of Artificial Intelligence (AI) and the rapidly expanding Autonomous Vehicle market. The market size for AI systems for smart transportation is projected to be US$220 Billion by 2021, and US$87 billion by 2030 for Autonomous Vehicle Systems, according to Markets and Markets. WTX Inc.’s products have established market viability, are generating revenue, and the company is on track to deliver positive earnings in 2018.
Currently, Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine learning system to generate real-time and predictive road weather conditions, road hazard risk alert notifications and dynamic routing applications.
The combination of WTX Inc.’s IoT sensor network and AI platform, is also applicable in various industrial IoT solutions that ITT Inc. is targeting, including but not limited to: measuring and monitoring factory air quality; optimizing the supply chain; logistics and asset tracking. Weather Telematics’ specialized and proprietary sensor design capabilities can be developed for custom chemical and optical solutions for the energy; manufacturing; aerospace and agricultural sectors.
Going forward, ITT Inc. plans to expand the capabilities of WTX Inc.’s technology and use its advanced sensor and predictive analytics capabilities for its key industrial IoT markets. In addition, Weather Telematics’ proprietary AI platform combined with their sensor technology provides real-time and predictive data analytics capabilities, that can be modified for multiple industrial IoT applications for North America and abroad.
WTX Inc. currently has multi-year contracts with several organizations including:
- United States National Weather Service;
- a global Tier One auto manufacturer; and
- Geotab, amongst others customers.
In addition, the Company was recently selected by:
- Michelin as one of ten North American companies to showcase at the global Movin’ On Mobility Conference (June 13-15, 2017);
- TechStars as one of 50 emerging connected and autonomous mobility companies to showcase at the Detroit Auto Show (NAIAS AutoMobili-D), (January 2017).
“We are excited to launch a new era of growth for WTX with Internet of Things Inc.”, said Robert Moran, CEO of WTX Inc. “ITT Inc.’s vision to maximize the opportunities presented by the emerging IoT marketplace closely aligns with our strategy to apply predictive data and IoT sensor networks, to solve some of the global challenges facing the transportation, insurance and weather sectors. The deal makes sense for both parties to combine our strengths to accelerate adoption of AI and IoT in addition to expanding our reach into China through ITT Inc.’s JV with New Hope”.
“We are impressed by the team behind WTX, their solution offerings, and the acceptance and orders that they have secured from leading edge global automotive, insurance and navigation companies. We are looking forward to working together to grow and expand WTX’s platform from the autonomous vehicle to the industrial IoT markets in North America and internationally including China through our New Hope JV” said Michael Frank, CEO of ITT Inc.
The consideration for the acquisition of WTX Inc. is CAD$3.0 million in cash, shares and assumption of debt. It is anticipated that ITT Inc. will close the acquisition of WTX Inc. within the next 90 days.
The transaction is subject to completion of ITT’s due diligence and board approval from both ITT Inc. and WTX Inc. along with TSX Venture Exchange approval.
About Weather Telematics Inc.
Founded in 2010, WTX Inc. is a Canadian-based, global IoT data science company offering road safety data products for industrial, government and consumer markets. WTX Inc. uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine learning system to generate real-time and predictive Road Weather Conditions, Road Hazard Risk Alert Notifications and Dynamic Routing applications. The WTX Inc. platform mitigates weather risk, reduces traffic congestion and makes connected and autonomous navigation safer in all types of road conditions.
To learn more, visit: www.weathertelematics.com
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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, cybersecurity, e-commerce and fintech. ITT Inc. has a joint venture partnership with New Hope Data Technology Co., Ltd. for China and has its headquarters in Toronto, Canada.
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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 regard 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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