Form 8-K - Current report

 

 

 

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): October 24, 2024

 

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)

 

[phone]

(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 October 24, 2024, we will be issuing a press release titled “AITX’s RAD Announces Dozens of Qualified ROAMEO™ Gen4 Opportunities Across Key Verticals, Deliveries to Begin Spring 2025”, 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

 

Exhibit No.		Description
99.1		October 24, 2024 Press Release
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

 

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: October 24, 2024	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
		/s/ Steven Reinharz
	Name:	Steven Reinharz
	Title:	Chief Executive Officer

 

 

 

Exhibit 99.1

 

AITX’s RAD Announces Dozens of Qualified ROAMEO™ Gen4 Opportunities Across Key Verticals, Deliveries to Begin Spring 2025

 

ROAMEO Gen4 Expected to Become RAD’s Highest Recurring Revenue-Generating Solution Upon Deployment

 

Detroit, Michigan, October 24, 2024 — Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc. (the “Company”), (OTCPK:AITX) reports that its sales funnel of enterprise organizations interested in becoming ROAMEO clients is ‘in the dozens’. These Fortune 1000 organizations have expressed strong interest in the highly anticipated ROAMEO Gen4 autonomous mobile security robot. These opportunities span across high-demand sectors such as healthcare, logistics, municipal operations, and higher education, with shipments slated to begin in Spring 2025.

 

“From an industry perspective, demand for ROAMEO is so strong because it addresses a significant pain point for these end users. That’s why we’re seeing so much interest and unsolicited outreach to us. This makes ROAMEO incredibly exciting as there is nothing in the marketplace today that matches ROAMEO’s capabilities,” said Steve Reinharz, CEO/CTO of AITX and RAD. “Furthermore, with its excellent revenue and gross margin potential, ROAMEO can make a positive financial impact even with as few as 25 deployments. We’ll be working to hit 100 deployments as soon as possible, forecasted by the end of 2026, and that will be quite remarkable. Looking ahead, we’re anticipating hundreds of units being deployed in the coming years, marking a major step forward in our growth, path to profitability and continued innovation.”

 

ROAMEO (Rugged Observation Assistance Mobile Electronic Officer) Gen4 is a fully autonomous mobile security patrol robot, with a 360-degree field of view, high-resolution cameras, and advanced AI analytics based on AITX’s proprietary AIR™ technology. It autonomously navigates diverse environments, avoiding obstacles and executing patrol routes without human intervention. Additional proprietary features will be announced closer to launch.

 

Leading companies across healthcare, logistics, municipal operations, and other key vertical markets are increasingly seeking ways to reduce costs and enhance their security profile by displacing or augmenting their traditional manned guard operations. ROAMEO Gen4 offers a compelling alternative with its autonomous security capabilities, designed to dramatically reduce expenses while maintaining or even improving effectiveness. With nearly 400,000 security guards employed in the United States and required to work outdoors¹, there is growing demand for solutions that can patrol, monitor, and protect assets in various environments without the limitations and costs of human staffing.

 

“ROAMEO has been the centerpiece of our vision since the founding of RAD,” continued Reinharz. “It embodies the future of intelligent, autonomous, robotic solutions that we’ve been working toward. The excitement surrounding ROAMEO’s potential is undeniable, and I believe it will reshape how industries handle security while delivering exceptional value to our clients. And now that our AIR AI tech, which will power ROAMEO Gen4, has matured, maybe the timing was meant to be.”

 

 

 

The Company has acknowledged delays in ROAMEO’s development, citing the need to shift priorities toward the completion of other key solutions. The focus on ROSA™ and RIO™ Gen4, now fully complete, as well as AVA™ Gen4, AIR technology, initially to be integrated into RAD-R’s RADCam™, then being rolled into all other RAD solutions, and the production of RADCam itself, set to begin shipping in December, required additional resources. With these developments nearing completion, the Company is now turning its efforts toward bringing ROAMEO Gen4 to market.

 

What makes the existing opportunities in RAD’s sales pipeline for ROAMEO even more impressive is that RAD has not conducted any formal marketing, advertising, or outreach for over 18 months. Despite this, demand from major industries has been substantial, driven entirely by word of mouth and RAD’s reputation for innovation. This strong interest highlights the significant market potential for ROAMEO, which is expected to grow exponentially once full-scale marketing efforts resume.

 

The Company forecasts that 250 deployed ROAMEO units could generate as much as $20 million in annual recurring revenue (ARR), a testament to the immense financial potential of this solution. As RAD prepares for ROAMEO’s full-scale deployment in 2025, the focus is on scaling production to meet growing demand across multiple industries. With its ability to deliver substantial cost savings and significantly bolster security profiles, ROAMEO is set to become a cornerstone of RAD’s revenue growth strategy over the next several years.

 

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-R, 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. As such, there are no assurances that the Company will meet its expectations with respect to its future sales volume, becoming cash flow positive, ARR or RMR. 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.

 

###

 

Steve Reinharz

949-636-7060

@SteveReinharz

 

 

¹https://www.bls.gov/ors/latest-numbers.htm

 

 

Cover	Oct. 24, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Oct. 24, 2024
Entity File Number	000-55079
Entity Registrant Name	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
Entity Central Index Key	0001498148
Entity Tax Identification Number	27-2343603
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	10800 Galaxie Avenue
Entity Address, City or Town	Ferndale
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48220
City Area Code	(877)
Local Phone Number	787-6268
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false

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