HENDERSON, Nev.--(BUSINESS WIRE)--Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today announced that its wholly owned subsidiary Robotic Assistance Devices (RAD) had an increase in recurring monthly revenue (RMR) of 27% when comparing the anticipated August 2020 invoicing to May 2020 invoicing.
Recurring monthly revenue is the monthly subscription charges net of one-time revenue such as delivery and implementation. RMR is a critical performance measurement and analytic for RAD’s growth and customer retention.
“The RAD production and implementation team may achieve Q2 RMR gains of up to 50% over Q1 depending on final production,” said Steve Reinharz, President of RAD. “Orders in hand at this moment give RAD a further Q3 revenue increase of up to 35% over Q2, and as we have not entered that quarter yet we may substantially outperform that increase.”
Based on orders currently in hand, RAD will finish Q3, 2020 with approximately 100% increase in RMR over Q1, 2020.
“Given our growing sales funnel, the recent tripling of our sales staff, and new solution launches, I expect continued double digit RMR growth on a quarterly basis for the foreseeable future,” Reinharz continued.
RAD’s face mask detection analytic and Wally 2.0 with Health Screening are gaining awareness in the market, and the company expects to share updated information related to its mobile ROAMEO product in fiscal Q3, 2020.
RAD has a sales pipeline of over 35 Fortune 500 companies and numerous other potential clients. RAD expects to continue to attract new business as it converts its existing sales pipeline into paying customers. Each new Fortune 500 Customer has the potential of making numerous reorders over time.
The company may post important information about its subsidiary RAD on its website at www.roboticassistancedevices.com and through tweets from RAD 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 RAD
Robotic Assistance Devices (RAD) 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, RAD can help organizations streamline operations, increase ROI and strengthen business. RAD robotics 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. RAD robotic 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.
Safe Harbor Statement
“This press release contains or may contain, among other things, certain forward-looking statements. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential” or similar expressions. These statements are based upon the current beliefs and expectations of the company’s management and are subject to significant risks and uncertainties, including those detailed in the company’s filings with the Securities and Exchange Commission. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the company’s control). The company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.”
