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): November 5, 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 November 5, 2024, we will be issuing a press release titled “AITX Anticipates Renewed Government Focus on Enhanced Security Measures Regardless of Election Outcomes”, 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		November 5, 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: November 5, 2024	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
		/s/ Steven Reinharz
	Name:	Steven Reinharz
	Title:	Chief Executive Officer

 

 

Exhibit 99.1

 

AITX Anticipates Renewed Government Focus on Enhanced Security Measures Regardless of Election Outcomes

 

Detroit, Michigan, November 5, 2024 — Artificial Intelligence Technology Solutions, Inc. (the “Company”), (OTCPK:AITX), a global leader in AI-driven security and productivity solutions, anticipates a renewed commitment to public safety and security from federal, state, and local governments in the coming months, regardless of election results. With an increasing demand for safer communities and responsive public spaces, AITX and its subsidiary, Robotic Assistance Devices, Inc. (RAD), are prepared to support evolving government initiatives with advanced security solutions that enhance protection while offering significant cost savings across sectors.

 

In recent years, the Biden-Harris administration has significantly increased funding to support state and local crime prevention efforts. The Department of Justice’s Office of Justice Programs has invested unprecedented resources in programs designed to reduce gun crime and community violence, including awarding $100 million under the Community Violence Intervention and Prevention Initiative to support site-based programs, training, technical assistance, and research across the country.¹ Additionally, the administration has emphasized the importance of utilizing funds from the American Rescue Plan to enhance public safety. President Biden has called on state and local leaders to dedicate more American Rescue Plan funding to make communities safer, highlighting that $10 billion in American Rescue Plan funds have been committed to public safety, including at least $6.5 billion in State and Local funds committed by more than half of states and more than 300 communities across the country.²

 

“We’ve seen a significant increase in interest and opportunity from municipalities and regional jurisdictions looking for advanced security solutions that can meet their communities’ needs,” said Steve Reinharz, CEO/CTO of AITX and RAD. “Our autonomous intelligent response technologies align with the growing focus on public safety across federal, state, and local levels. Our solutions provide an efficient approach that enhances security without the high costs traditionally associated with physical security measures. We’re committed to supporting these evolving public safety initiatives with technology that’s accessible, non-biased and impactful.”

 

Across the U.S., cities and counties are prioritizing public safety, with increased expenditures aimed at bolstering community security. According to the National League of Cities, nearly half of surveyed municipalities identified public safety as a key factor driving budget growth³. This trend underscores a nationwide commitment to enhanced security measures, highlighting the need for advanced and cost-effective solutions like those offered by RAD.

 

“Our sales funnel is more robust than ever with opportunities from municipalities and regional agencies that are actively seeking advanced security solutions,” said Troy McCanna, Chief Security Officer & Senior Vice President of Revenue Operations at RAD. “The recent successful deployments of our RIO units in Downtown Cleveland showcase the strong demand for cost-effective, autonomous security that can seamlessly integrate into public spaces. These deployments are a testament to how RAD’s solutions are meeting the real-world needs of communities, and we expect to see this momentum continue as more jurisdictions prioritize safety and efficiency.”

 

 

¹https://www.ojp.gov/funding/explore/current-funding-opportunities

²https://www.whitehouse.gov/briefing-room/statements-releases/2022/05/13/fact-sheet-president-biden-issues-call-for-state-and-local-leaders-to-dedicate-more-american-rescue-plan-funding-to-make-our-communities-safer-and-deploy-these-dollars-quickly/

³https://www.nlc.org/article/2024/04/10/city-fiscal-conditions-how-municipal-expenditures-changed-in-the-post-pandemic-era/

 

 

 

Recognizing the urgent need for enhanced public security and safety, RAD is actively expanding its initiatives to connect with municipalities, regional agencies, and other public sector entities seeking advanced security solutions. By creating tailored outreach and support programs, the Company is positioning itself as a strategic partner to decision-makers who prioritize public safety.

 

AITX, through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the nearly $50 billion (US) security and guarding services industry⁴ through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.

 

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

 

 

⁴ https://www.ibisworld.com/united-states/market-research-reports/security-services-industry/

 

 

Cover	Nov. 05, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 05, 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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