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 20, 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 20, 2024, we will be issuing a press release titled “AITX’s RAD Launches SARA™, the AI-driven Speaking Autonomous Responsive Agent”, 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 20, 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 20, 2024	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
			/s/ Steven Reinharz
		Name:	Steven Reinharz
		Title:	Chief Executive Officer

 

 

 

 

Exhibit 99.1

 

AITX’s RAD Launches SARA™, the AI-driven Speaking Autonomous Responsive Agent

 

RAD Expects to Transform Global Security Operations Centers with 90% Savings and Greater Performance

 

Detroit, Michigan, November 20, 2024 — Artificial Intelligence Technology Solutions, Inc. (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients, along with its subsidiary Robotic Assistance Devices (RAD), proudly announces the launch of SARA™ (Speaking Autonomous Responsive Agent). This innovative software solution is poised to redefine security monitoring, offering unparalleled efficiency and cost-effectiveness while reshaping how Global Security Operations Centers (GSOCs) operate.

 

A typical security operations center relies on human workers to review video footage escalated by analytics, assess the situation, and decide on appropriate actions, which may include verbal engagement or escalation to facility management or law enforcement. SARA automates these tasks with significant improvements, delivering enhanced efficiency, reduced costs, and superior performance across a wide range of scenarios.

 

SARA marks the debut of AITX’s AIR™ (Autonomous Intelligent Response) technology in a fully realized product. As the foundational AI driving SARA, AIR enables the software to autonomously assess situations, engage intelligently, and execute actions traditionally performed by human operators. This innovative application of AIR technology represents a significant milestone for AITX, showcasing its potential to revolutionize security operations through adaptive, responsive, and cost-effective solutions.

 

SARA’s Unique Benefits:

 

	●	Efficiency: Traditional GSOCs must anticipate staffing needs to handle incoming alerts, often leading to under or over staffing. SARA eliminates this guesswork by scaling instantly and infinitely to manage any volume of escalations.
	●	Cost: Staffing a GSOC requires ongoing recruitment, human resource management, and the burden of rising labor costs. SARA offers a software-driven alternative that reduces these expenses by over 90%, providing a cost-effective solution without sacrificing performance.
	●	Performance: SARA can escalate incidents with precision, simultaneously contacting up to three parties, such as facility management, law enforcement, and security guards. Each message is tailored to the recipient, ensuring clear and actionable communication.
	●	Transparency: SARA delivers comprehensive incident reports that include video footage, call logs, and transcripts, ensuring full accountability and visibility for every escalation.
	●	Ease of Deployment: Starting in January 2025, SARA will be an available upgrade on all RAD devices, including previously deployed units. Even as an upgrade, SARA provides a compelling alternative, reducing monitoring expenses by over 90% while maintaining exceptional performance. The setup is simple, leveraging RAD’s device ecosystem and enabling seamless integration with existing LAN-based cameras through RAD’s Operations System Software (ROSS).

 

 

“There are over 225 Global Security Operations Centers¹, and the monitoring industry generates over $3 billion annually²,” said Steve Reinharz, CEO/CTO of AITX and RAD. “SARA represents a seismic shift for this market, enabling organizations to enhance their security offerings at a fraction of the cost while improving performance. We see accelerated growth in the number of cameras connected to GSOCS as SARA makes these services incredibly accessible. However, this decrease in overall costs will challenge this market niche to maintain industry growth. We see rapid adoption of these solutions given SARA’s compelling value proposition.”

 

The Global Security Operations Center market is projected to reach $16.18 billion by 2032, growing at a compound annual growth rate of 10.2% from 2024³. SARA is set to disrupt this growth trajectory by automating labor-intensive processes, empowering security firms and end-users to achieve more with fewer resources. Its seamless integration with RAD’s proprietary Operations System Software (ROSS) allows for a smooth upgrade of existing infrastructure without the need for significant hardware investment.

 

SARA’s introduction signals a pivotal moment in the evolution of security operations. By automating traditionally labor-intensive processes, it empowers GSOCs and security firms to reimagine their capabilities, delivering improved efficiency, responsiveness, and cost management. This revolutionary approach aligns with the demands of an industry poised for significant growth, enabling organizations to enhance their services while maintaining a competitive edge.

 

RAD invites security professionals and stakeholders to explore SARA’s transformative capabilities. Live demonstrations and detailed pricing information are available at radsecurity.com/sara. Experience firsthand how SARA is reshaping the future of security operations.

 

AITX, through its subsidiary, Robotic Assistance Devices Inc. (RAD), continues to redefine security and facility management through its proprietary AIR (Autonomous Intelligent Response) technology, redefining the nearly $50 billion (US) security and guarding services industry⁴. 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.

 

RAD has a prospective sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD expects to continue to attract new business as it converts its existing sales opportunities into deployed clients generating a recurring revenue stream. Each Fortune 500 client has the potential of making numerous reorders over time.

 

 

¹ https://tma.us/

² https://www.grandviewresearch.com/industry-analysis/video-surveillance-as-a-service-market-report

³ Security Operations Center Market Share, Size, Trends, Industry Analysis Report, 2024 - 2032

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

 

 

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.radcam.ai, 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. 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

 

 

 

Cover	Nov. 20, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 20, 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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