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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 6, 2024
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
(Exact
name of registrant as specified in its charter) |
Nevada |
|
000-55079 |
|
27-2343603 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
10800
Galaxie Avenue
Ferndale,
MI 48220 |
(Address
of principal executive offices) |
(877)
787-6268 |
(Registrant’s
telephone number, including area code) |
Not
Applicable |
(Former
name or former address, if changed since last report.) |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
N/A |
|
N/A |
|
N/A |
When
used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we”
refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.
Item
8.01 Other Events
On
May 6, 2024, we will be issuing a press release titled “AITX’s RAD Passes Production Savings onto Customers with Updated
Pricing for RIO™ Solar-Powered Security Towers”, which press release is attached hereto as Exhibit 99.1.
The
information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1)
is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18
of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section,
nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act.
This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained
herein.
ITEM
9.01. EXHIBITS
Exhibit
No. |
|
Description |
|
|
|
99.1 |
|
May
6, 2024 Press Release |
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
Date:
May 6, 2024 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX’s RAD Passes
Production Savings onto Customers with Updated Pricing for RIO™ Solar-Powered Security Towers
Pricing Move Expected to Further Accelerate RAD’s Penetration in the Mobile Surveillance Unit (MSU)
Marketplace
Detroit,
Michigan, May 6, 2024 – Robotic Assistance Devices,
Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX),
proudly announces price reductions for two of its flagship products: RIO™
360 and RIO 180. Effective immediately, customers will enjoy a 12% reduction on RIO 360 and a 14% reduction on RIO 180.
These
price reductions are facilitated by RAD’s continuous enhancements in supply chain management, production processes, and the strategic
shift to the innovative RAD Generation 4 design which is expected to result in substantial cost savings over the next several months.
By passing these savings onto customers, RAD reinforces its commitment to becoming one of the largest suppliers of towers, complete with
RAD technology, in this fast-growing market segment.
“This
new RIO pricing not only reflects our dedication to quality and innovation but also aligns with our aggressive goals for expanding our
presence in the mobile surveillance unit (MSU) marketplace,” stated Steve Reinharz, CEO / CTO of AITX and RAD. “We are poised
to meet the growing demand for advanced, cost-effective security solutions across various sectors.”
On
February 27, 2024, the Company announced a substantial
production run of 1000 RIO units, reflecting strong market demand and confidence in the technological
advancements its solutions. Today’s announcement to reduce the prices of the RIO models is strategically aligned with this production
increase. By setting more competitive pricing, RAD aims to expand market demand further and ensure that these advanced surveillance units
are accessible to a broader range of customers and industries. This move is anticipated to support the large-scale production run by
significantly boosting sales and reinforcing RAD’s position in the highly competitive MSU market.
The
RIO 360 and RIO 180 are integral components of RAD’s respected line of autonomous intelligent response systems, equipped with cutting-edge
AI capabilities to efficiently detect and respond to security threats, ensuring comprehensive coverage with minimal human oversight.
Sitting
atop a standard RIO 360 configuration are dual ROSA units. ROSA is a multiple award-winning, compact, self-contained, portable,
security and communication solution that can be installed and activated in about 15 minutes. ROSA’s AI-driven security analytics
include human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration
with RAD’s software suite notification and autonomous response library. Two-way communication is optimized for cellular, including
live video from ROSA’s high-resolution, full-color, always-on cameras. RAD has published five Case Studies detailing how ROSA has
helped eliminate instances of theft, trespassing and loitering at hospital campuses, multi-family communities, car
rental locations and construction sites across the country.
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 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 these tremendous cost 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.
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, RAD-M, RAD-R, and RAD-G
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 staff 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.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and
www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.
CAUTIONARY
DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
The
information contained in this publication does not constitute an offer to sell or solicit an offer to buy securities of Artificial Intelligence
Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees
of future performance and may involve subjective judgment and analysis. As such, there are no assurances that the Company will meet its
expectations with respect to its future sales volume, becoming cash flow positive, ARR or RMR. The information provided herein is believed
to be accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or
completeness. The Company has no obligation to provide the recipient with additional updated information. No information in this publication
should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.
###
Steve
Reinharz
949-636-7060
@SteveReinharz
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