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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): July 11, 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
July 11, 2024, we will be issuing a press release titled “AITX’s RAD Receives RIO Expansion Order from Top 25 Healthcare
Provider”, 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 |
|
July 11, 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:
July 11, 2024 |
ARTIFICIAL
INTELLIGENCE TECHNOLOGY SOLUTIONS INC. |
|
|
|
|
|
/s/
Steven Reinharz |
|
Name: |
Steven
Reinharz |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
AITX’s
RAD Receives RIO Expansion Order from Top 25 Healthcare Provider
Detroit,
Michigan, July 11, 2024 — Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions,
Inc. (the “Company”) (OTCPK:AITX),
is pleased to announce that it has secured an expansion order from a prominent healthcare provider ranked in the top 25 nationwide. This
order builds on the initial deployment of RAD’s RIO™ 360 solar-powered security towers earlier this year.
The
specifics of the new order, including the number of units and financial details, remain confidential. However, this significant follow-up
order underscores the growing trust and reliance on RAD’s cutting-edge security solutions by leading healthcare organizations.
“The
healthcare industry’s ongoing investment in RAD’s technology is a testament to the value we bring in enhancing security and
safety,” said Mark Folmer, CPP, PSP, FSyI, President of RAD. “This expansion order further validates our commitment to driving
technological advancements that make a meaningful difference. We are excited to strengthen our presence in the healthcare market.”
The
Company also noted that the client intends to deploy RAD Light My Way™ as part of their ongoing expansion. RAD Light My
Way is an integrated mobile app and hardware solution designed to enhance user safety and security. This innovative system empowers users
by providing instant access to emergency services, real-time threat detection, and the ability to summon assistance through nearby RAD
devices. This addition aims to significantly boost the overall security infrastructure, ensuring that healthcare workers feel safe and
protected, especially when moving to and from parking areas.
According
to the American Hospital Association, there are 6,120 hospitals in the United States as of 20241. Concerns about safety among
hospital workers, especially when alone in parking lots, are significant. A recent report highlighted that healthcare workers frequently
face threats and violence, with incidents in parking areas being common.2 Hospitals are responding by enhancing security
measures, including increased surveillance technology to protect staff when walking to and from their cars.3
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 six Case Studies detailing how
ROSA has helped eliminate instances of theft, trespassing and loitering at retail centers, 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.
1
https://www.aha.org/system/files/media/file/2024/01/fast-facts-on-us-hospitals-2024-20240112.pdf
2
https://www.aamc.org/news/threats-against-health-care-workers-are-rising-heres-how-hospitals-are-protecting-their-staffs
3
https://www.cdc.gov/vitalsigns/health-worker-mental-health/index.html
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-R, RAD-M 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. 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
v3.24.2
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