Internet of Things Inc. Announces Share Consolidation and Name Change to Predictiv AI Inc.
TORONTO, Aug. 31, 2020 /CNW/ – Internet of Things Inc. (TSXV: ITT) (OTC: INOTF) (FRANKFURT: 71T) (“ITT Inc.” or the “Company“), a software and solutions provider in the artificial intelligence and industrial IoT markets, announces today that it has changed its name to Predictiv AI Inc. (the “Name Change“). In addition, the Company has consolidated its outstanding common shares (the “Shares“) at a ratio of 5.5 pre-consolidation shares for 1 post-consolidation share, 5.5:1 (the “Consolidation“). The Company’s Shares will trade on a post-consolidated basis under its new name and ticker symbol “PAI”, on the TSX Venture Exchange at the opening of trading on September 1, 2020. The Company changed its name to reflect its broader commitment and expertise in accelerating artificial intelligence (AI) innovation as it advances AI and machine learning solutions.
April 20, 2020 news release in relation to the closing of a non-brokered private placement financing (the “Private Placement“), the Company provided an undertaking to the TSX Venture Exchange to hold a special shareholders meeting to approve a consolidation within 180 days of completion of the Private Placement. The board of directors of ITT Inc. (the “Board“) believes that the Consolidation will expand its competitiveness in the marketplace and make its securities more attractive to a wider audience of potential investors resulting in a more efficient market for its Shares. During the annual and special meeting of the Company’s shareholders held on August 21, 2020, the Name Change and Consolidation were both approved. Immediately prior to completion of the Consolidation, the Company has 337,401,919 Shares issued and outstanding. After giving effect to the Consolidation, the Company will have approximately 61,345,803 Shares issued and outstanding, subject to the rounding of fractional common shares.
Jim Grimes, Hon. Jerry Grafstein, Millard Roth, and Michael Lende as directors of the Company. In addition, shareholders also approved the reappointment of RSM LLP, Chartered Accountants, as auditors.
Michael Lende as President and CEO and Khurram Qureshi as Chief Financial Officer.
Michael Lende, President and CEO of Predictive AI. “Predictiv AI is what you get when historical datasets meet current datasets to produce future trends. We provide the tools to look into the future and help our customers make the right decisions to operate safer, better, and smarter. We help myriad industries identify patterns so they can crack the code and be more efficient, effective, and precise at mining and managing data to avoid hidden risks and improve outcomes.”
Predictiv AI is already applying its next generation AI and machine learning analytics to shape the future in the public safety sector with the introduction of ThermalPass, an AI-enabled, thermal sensor temperature screening system. ThermalPass was developed to mitigate the spread of COVID-19 and other contagions in high-traffic locations like supermarkets, drugstores, schools, office complexes, movie theaters, sports arenas and more.
Daryl Smith, Chief Technology Officer of Predictiv AI. “We started out in one of the most notoriously difficult fields on the planet – forecasting weather and predicting global road conditions. Today, we are applying our powerful data analytics engine to answer even more difficult business questions and deliver game-changing results.”
Predictiv AI is bringing together the brightest minds in the field of AI to apply cutting-edge technology and research to solve complex business challenges. The Company is continuing to evolve its Weather Telematics’ Alert Fleet product to help drivers understand and manage the potential risk of driving in adverse weather. The Alert Fleet system is a cost-saving software/sensor system that provides fleet owners with the tools they need to run significantly safer and more efficient fleets.
North America’s transportation industry. According to the National Bureau of Economic Research, more than 10 percent of US GDP is directly affected by weather and climate change, with the demand for hyper-local weather data becoming a life-and-death necessity.
US$912 Billion by 2027.1
US$202.57 Billion by 2026,2 Predictiv AI’s capabilities position the Company to succeed and potentially outpace the market as it continues to spur positive innovation by providing a bridge to big data to help businesses realize better market insights.
www.predictiv.ai and follow Predictive AI on:” data-reactid=”43″>For more information on Predictiv AI visit: www.predictiv.ai and follow Predictive AI on:
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Twitter: https://twitter.com/predictivai
LinkedIn: https://www.linkedin.com/company/predictivai/
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SOURCE Predictiv AI Inc.
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