Internet of Things Provides Multiple Updates

Internet of Things Inc (TSXV:ITT), a strategic investor growth ready companies with innovative IoT, AI and Blockchain solutions provided a corporate in detailing with its recently accomplished milestones and current growth initiatives.

The company recently announced the appointment of James Sutcliffe as president and COO and he will oversee operations, investee companies and merger and acquisition opportunities.

The company provided further updates with regards to its corporate repositioning, equity financing and also provided company portfolio updates.

As quoted in the press release:

Appointment of President & COO

Mr. Sutcliffe brings more than 20 years’ experience in global operational and financial leadership. Earlier in his career, he was as a key member of a management team that grew a Fortune 150 Tier 1 automotive supplier’s Asian operations ten-fold. During this time, Mr. Sutcliffe held senior corporate development, finance and executive management roles.  Spearheading entry into new markets in Asia, he was instrumental in guiding start-ups and acquisitions in China, India and Korea.

Mr. Sutcliffe commented, “IoT Inc. is at a critical inflection point given its growth opportunities in Asia and North America. I am excited to leverage my relationships and operating experience as the company pursues very compelling and complementary accretive acquisitions.”

Corporate Repositioning

The Company has developed a new website designed to encourage investor signups and inbound business opportunities and enhanced marketing collateral including a new corporate presentation. In addition, IoT Inc. has signed up to participate in investor focused conferences over the next few months to raise awareness. This corporate repositioning reflects the new strategic vision of the Company and will serve as the foundation to expand its strategic plan to acquire and operate growth-ready technology companies.

Equity Financing

After the original public announcement of a private placement financing in December 2017, the Company closed an over-subscribed funding round of $2,300,000. This working capital provides a sufficient runway to continue execution of its long-term corporate growth strategy and to pursue strategic acquisitions.

Portfolio Company Updates

Weather Telematics Inc.
The Company announced that it has entered into a letter of agreement to acquire Weather Telematics Inc. (“WTX Inc.” or “Weather Telematics”), a data science company offering real-time advanced AI-based predictive road condition weather analytics for safer, connected and autonomous transportation. For further details read the May 14, 2018 press release.

Weather Telematics recently announced a partnership with Teletrac Navman, a global software-as-a-service provider that leverages location-based technology for GPS tracking solutions, to provide dynamic weather data including a real-time view of hazardous road conditions to the DIRECTOR® fleet management platform.

New Hope IoT Intl. Inc. (or the “JV”)
Management is pleased with the progress that continues to be made with factory automation initiatives as IoT Inc. expands its presence in Greater China. The JV continues to make headway with artificial intelligence in China and pending the closing of WTX Inc., the Company will look to leverage their unique data and technology by integrating it into its manufacturing process optimization platform to turn traditional manufacturing operations into smart industrial IoT enabled facilities.

Blockstrain Technology Corp. (“Blockstrain”)
The Company made a strategic investment in Blockstrain Technology Corp. (TSX-V:DNAX). Blockstrain delivers a secure and immutable blockchain platform to establish global certainty for cannabis strains and their ownership.

Blockstrain closed a non-brokered private placement raising gross proceeds of $10,500,000, and also completed its go public transaction earlier this week. Based on yesterday’s closing price of Blockstrain, IoT Inc’s position in the company is worth more than 250% of its original investment.

The Company is in discussions with Blockstrain and is evaluating how to deploy and leverage its strategic technology applications into the Blockstrain ecosystem.

Click here for the update release.