- The stock price of Artificial Intelligence Technology Solutions increased 207.14% this past week as it went from $0.0042 on December 18 morning to $0.013 today. This is why it happened.
The stock price of Artificial Intelligence Technology Solutions increased 207.14% this past week as it went from $0.0042 on December 18 morning to $0.013 today. It appears that several announcements by the company have driven up the stock price.
December 15 – Convertible Debt Being Restructured
On December 15, Artificial Intelligence Technology Solutions had announced that it has restructured the vast majority of its debt – which has saved the company a tremendous amount of dilution. And specifically, AITX has restructured over 85% of its convertible debentures into non-convertible notes and warrants. Plus the remaining note holders have not made any conversions in over two years and the company does not anticipate any further conversions prior to restructuring the remaining balance of the debentures.
The company through its subsidiary Robotic Assistance Devices, Inc. (RAD) is looking to redefine the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. And 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 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’s growth over the past several months has been remarkable, and we believe that this is merely the beginning of a steep growth curve,” noted Mark Folmer, RAD’s VP Security & Industry. “We look forward to delivering years of consistently improving results.”
The company has restructured a total of $7,141,110 of convertible debt into $7,141,110 of non-convertible promissory notes with a 36-month maturity and 12% annual compounded interest and 780M warrants with a 36-month maturity and $0.002 exercise price. And the exercise price was calculated by taking the average closing price of the last ten trading days ended December 10 and adding an approximately 25% premium. Moving forward the company will seek debt and low dilutive types of financing as it continues to grow and reach its objectives.
December 17 – Dealer Agreement With Civitas Group
Artificial Intelligence Technology Solutions had announced that Robotic Assistance Devices (RAD) entered into an agreement with Civitas PSG, one of the largest security companies in Romania. And through this agreement, Civitas broadens its offering to include RAD’s autonomous remote security solutions.
“We are excited to provide RAD’s innovative security solutions to our clients,” said Rene Pasculescu, CEO at Civitas Group. “Our current security clients, as well as those looking to elevate their security situation, can now deploy any one of these remarkable and cost-saving RAD devices.”
The specifics of the agreement were not disclosed, but the company confirmed that the agreement covers all RAD security devices, mobile and stationary, including the recently announced ROAMEO mobile robot and Wally HSO — actively being deployed for health screening, health monitoring, and face covering detections operations.
“The European market has been on our expansion roadmap and we’re thrilled to partner with the leaders and innovators at Civitas,” explained Steve Reinharz, President and CEO of RAD. “Over time Europe should be an important contributor to RAD’s financial success.”
December 22 – Company Subsidiary Receives Highlight Anticipated Order
On December 22, Artificial Intelligence Technology Solutions also announced that a major dealer of Robotic Assistance Devices (RAD) has received a greatly anticipated order for a 5-unit RAD solution. And this integrated autonomous remote security and access solution will be deployed to a Fortune 500 end-user client with over 10 distribution centers and over 7,500 retail locations in the U.S. and Puerto Rico.
“This order holds particular significance as it is an endorsement of RAD’s vision of a fully integrated facility using its autonomous security solutions,” added Reinharz. “The order of five units spans three different RAD devices acting as a complete system and saving the facility hundreds of thousands of dollars versus legacy human-based solutions. If you’ve ever heard us talk about RADTown, well, this is what RADTown Logistics looks like.”
The terms of the agreement were undisclosed. But the company confirmed that the contracts are expected to be received by the end of this year. And implementation will be Q1 2021.
Reinharz also pointed out that this opportunity was in play for nearly a year and a half and went through “exhaustive legal and other agency review.” The PO is expected to be in RAD’s hands by the end of the year.
Disclaimer: Given that this is an OTC stock, it is high-risk. This content is intended for informational purposes. Before making any investment, you should do your own analysis.