Toronto, Canada, March 19, 2019 – Internet of Things Inc. (TSX-V: ITT; OTC: INOTF; FSE: 7iT) (“IoT Inc.” or the “Company”), invests in data-driven industrial IoT companies that deliver significant benefit to the verticals they serve. The Company is pleased to announce that Jim Grimes has joined the Company as Executive Chairman & Director. He will also Chair the Investment Committee.
Mr. Grimes is a recognized pioneer in Canada’s telecom technology industry; a highly successful angel investor and much sought-after, respected executive consultant. During the first 15 years of his career, he led three early stage Silicon Valley based telecom start-ups from inception, through exceptional growth, to exit – Stratacom Inc. (Cisco); Xylan Inc. (Alcatel) and Access 360 (IBM). Mr. Grimes then founded, and/or made key investments in, multiple very lucrative ventures, including: Redline Communications; Chippery Inc. and Concave Sports.
After delivering significant returns on his own capital, Mr. Grimes led, in concert with the Cisco Canada leadership team under Nitin Kawale, the creation of Cisco Canada Venture Fund to drive Canadian innovation. This was Cisco Global Ventures’ first fund outside the US and they successfully built and deployed $150M in the Canadian venture ecosystem.
Most recently, leveraging his vast and deep relationships in the C-suites of Canadian business, Mr. Grimes advises companies, such as Rogers Communications Inc. and Next Pathway, on their corporate growth, acquisition and exit strategies.
“I am honoured to serve on the Board and work with the impressive management team that has been assembled over the past year,” said Mr. Grimes. “Internet of Things Inc. is well positioned to become a significant and profitable consolidator in the IoT sector. I look forward to contributing to Internet of Things’ continued success.”
“I am thrilled at the opportunity of working with Jim and serving on the same Board,” said Ron Shuttleworth, CEO of Internet of Things Inc. “His remarkable career in the technology space is very advantageous for us as we look forward to significant profitable growth at Internet of Things Inc. We place tremendous value Jim’s experience and are excited to see his considerable talents put to use immediately.”
Mr. Grimes will be granted 1,000,000 incentive stock options at $0.05 as a part of his remuneration. His appointment to Internet of Things’ Board of Directors is subject to TSX Venture Exchange approval.
About Internet of Things Inc.
Internet of Things Inc. invests in data driven industrial IoT companies that deliver significant benefit to the verticals they serve. The Company owns Weather Telematics Inc., has a joint venture channel partnership with New Hope Data Technology Co. Ltd., and is headquartered 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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