Artificial Intelligence Technology Solutions Updates Revenue Growth from 100% to 133% for periods ending Q3 vs Q1
Henderson, Nevada, October 19, 2020 — Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), is pleased to update guidance issued August 3, 2020 for its wholly-owned subsidiary Robotic Assistance Devices, Inc. (RAD). As stated in the 8/3/20 guidance the company expected to outperform the 100% increase in recurring monthly revenue when comparing revenue and contracts from the end of Q3 to the end of Q1. The company now revises this number up from an increase of 100% recurring monthly sales to an increase of 133% recurring monthly sales based on orders in hand. This number is exclusive of the sale of a unit for an additional $ 32,100.
“I’m pleased with how we are accelerating our momentum as these results indicate,” said Steve Reinharz, founder and president of RAD. “We’re working hard to deliver additional units to satisfy increasing demand from our customers and grow our revenue. As such, we have hired two additional production team members in California and are looking to expand our manufacturing capacity for our stationary products, and for an assembly facility for the mobile ROAMEO units in 2021. I am, however, unsure if we will have everything deployed by end of quarter.”
The company remarked that the sales funnel continues to grow and it is foreseeable that the Q3 ending sales plus contracts number may exceed the 133% growth noted in this press release. Furthermore the company noted that only one contracted ROAMEO is included in these numbers.
The company may post important information about its subsidiaries RAD-M and RAD on the websites www.radroameo.com and www.roboticassistancedevices.com and through tweets from RAD/RAD-M President and CEO Steve Reinharz (https://twitter.com/SteveReinharz)
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are “forward-looking statements” that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.
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 and RAD-M 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 staffs 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.roboticassistancedevices.com or follow us on Twitter @RADbotsecurity.
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Artificial Intelligence Technology Solutions, Inc.
Robotic Assistance Devices