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Toronto and Ottawa, Nov. 08, 2017 (Globe Newswire): Internet of Things Inc. (TSX VENTURE:ITT) (OTC:INOFT) (FRANKFURT:71T) (“ITT Inc.” or “the Company”), an IoT software and solutions provider, and Weather Telematics Inc. (“WTX Inc.”), a leader in offering AI-based real-time and predictive road weather conditions and dynamic routing solutions, are pleased to announce that they have signed a global distribution agreement.
On June 15, 2017, ITT Inc. announced that it had signed a Letter of Intent to acquire Weather Telematics Inc. in a $3.0 million cash, stock, and assumption of debt transaction. Over the course of the past few months, both parties decided not to complete the acquisition, but rather to pursue a global distribution partnership. Under this distribution agreement, ITT Inc. will not be paying any cash consideration, not issuing any stock nor assuming any debt.
WTX Inc. is at the forefront of the explosive growth opportunity presented by the combination of Artificial Intelligence (AI) and the rapidly expanding Autonomous Vehicle market. Concurrent with the announcing of its global distribution agreement, ITT Inc. is in discussions with several Fortune 100 Global companies regarding deploying Weather Telematics’ proprietary sensor systems and AI applications. These include: WTX’s Road Risk Data Visualization Platform; WTX’s Global Road Weather Conditions and Risk Alerts System (for connected and autonomous vehicle safety applications); WTX’s Dynamic Risk-Based Routing System (for connected and autonomous vehicle navigation applications); WTX’s ETA Delay Risk Index (for fleet routing and logistics applications); and WTX’s Incident/Vehicle Risk Index (for insurance applications).
Other Internet of Things Inc. Developments:
- ITT Inc. is expanding its New Hope Group Joint Venture partnership, which has recently signed an agreement with a leading U.S. based industrial analytics provider, who originated from MIT’s Media Lab and has multiple Fortune 500 customers.
- ITT Inc. is currently pursuing specific blockchain opportunities as it relates to the Internet of Things sector and potential M & A blockchain transactions.
About Weather Telematics Inc.
Founded in 2010, Weather Telematics Inc. is a Canadian-based, global IoT data science company offering road safety data products for industrial, government and consumer markets. Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine learning system to generate real-time and predictive Road Weather Conditions, Road Hazard Risk Alert Notifications and Dynamic Routing applications. The Weather Telematics platform mitigates weather risk, reduces traffic congestion and makes connected and autonomous navigation safer in all types of road conditions.
About Internet of Things Inc.
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech.
ITT Inc. has a joint venture partnership with New Hope Data Technology Co., Ltd for China and its headquarters in Toronto, Canada.