Published on : Dec 16, 2022
AITX provides update on Robotic Assistance Devices’ (RAD's) sales activities and dealer channel expansion
Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), today announced that its wholly owned subsidiary, Robotic Assistance Devices Inc. (RAD), has provided an update on sales activities and expansion of its authorized dealer channel.
“Never in the history of RAD has our sales pipeline been as full as it is now,” said Steve Reinharz, CEO of AITX and RAD. “Calendar year 2022 is wrapping up with some amazing opportunities that we expect to close by the end of the first quarter of 2023.”
In a press release dated December 6, 2022, the Company noted that RAD has approximately 280 units deployed and approximately 250 units on backorder. In the same announcement, RAD forecasted, with high probability, that it will receive additional unit orders totaling 250 and 500 units over the next six months.
“RAD has received verbal commitments from 38 clients, representing immediate orders for over 200 devices,” said Mark Folmer, RAD President. “We expect to close these opportunities soon, although things could slip into January given the upcoming holidays.”
Furthermore, the Company is in the final sales stage with an additional 78 companies, representing orders estimated to include 450 units that have the likelihood to close within the first six months of FY 2023.
“I’m so pleased that we received the more than 600 ROSA shells recently. Some form of ROSA accounts for about 75% of our expected order intake. We should be able to build, ship and deploy relatively quickly,” Reinharz added.
The Company identified additional recent developments of significance.
“The RAD sales team is wrapping up the year in a very big way,” Folmer added. “Calendar 2022 was solid for RAD, and we’ll be ringing in 2023 in a great position, with a large backlog of orders, and full sales funnel.”
AITX through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide a 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 this tremendous costs 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.