Internet of Things Inc. & New Hope Group Appoint Michael Agam as CEO of New Hope-IoT Intl. Inc. Joint Venture
Internet of Things Inc. & New Hope Group Appoint Michael Agam as CEO of New Hope-IoT Intl. Inc. Joint Venture
Momentum Public Relations
Press Release: August 1, 2017
TORONTO and SHANGHAI, China, Aug. 01, 2017 (GLOBE NEWSWIRE) — Internet of Things Inc. (TSX-V: ITT) (OTC:INOTF) (FRANKFURT:71T) (“ITT Inc.” or the “Company”) and New Hope Data Technology Co., Ltd., a New Hope Group affiliated and investee company (“New Hope”) are pleased to announce the appointment of Michael Agam as CEO of the recently announced New Hope-IoT Intl. Inc. Joint Venture (the “NHG-ITT JV” or the “JV”).
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Michael Agam brings over 12 years of diverse C-level executive management and technical experience, combined with a successful track record in fast growing international technology companies. Prior to joining the JV, Mr. Agam was the CEO of MNC Ltd. based in Chengdu, China, a joint venture of Maxtech Networks Israel (www.maxt-mesh.com) and Jaiye International China delivering end to end industrial IoT solutions in China.
Prior to heading up MNC Ltd., Mr. Agam was the VP, Marketing & Business Development at Maxtech Networks, a company developing sophisticated high performance, voice and data mesh communications networks. In that role, he negotiated several $10 Million + contracts with Fortune 500 companies in the US (including General Dynamics, Raytheon, CACI etc.), in Europe (Selex-ES, Thales) and in China (CEC group). Concurrent to Mr. Agam’s role at Maxtech Network, he was an executive board member at Buy2 Networks, a leading Israeli e-commerce company. Under Mr. Agam’s strategic direction, Buy2 Networks grew its annual revenue from USD$2 Million to USD$20 Million.
Mr. Agam brings to the JV a strong technical background in a variety of fields, including telecommunications, cloud and big data analytics, RF and legacy communications systems and networks, broadband communications and mobile applications. He received his Bachelor of Laws (L.L.B., 2002) and Master of Business Administration (MBA, 2003) from the College of Management – Academic Studies, Israel’s largest college.
Michael Agam, CEO of the New Hope-IoT Intl. Inc. JV commented, “I am honored to be chosen as the leader of this innovative and pioneering business. The market opportunity for the JV with Internet of Things Inc. to automate the industrial market in China as part of the ‘Made in China 2025’ program with impactful IoT solutions is of huge significance and scale. The strategic advantage of working with New Hope in terms of market access to its portfolio of companies, its industrial leadership and its government relations is second to none. With this win-win JV partnership and partners combined with the team that I am assembling, we are well positioned to lead the industrial IoT market in China.”
Michael Frank, CEO of ITT Inc. added, “Michael is a great business partner, who understands the opportunities, challenges and dynamics of the nascent Chinese Industrial IoT market, and we are pleased and proud to have him guide and manage the JV with New Hope. We are looking forward to working with Michael to grow NHG-ITT JV into one of the dominant industrial IoT solution providers in China and beyond.”
Additionally, the NHG-ITT JV has entered into advanced discussions with several leading North American, European and Israeli IoT hardware/software, communications and cybersecurity companies regarding potential strategic sales and distribution partnership agreements.
About New Hope Group
New Hope Group (en.newhopegroup.com) was founded in 1982. New Hope Group now has more than 600 subsidiaries in 30 countries, with nearly 70,000 employees and annual revenues of nearly 80 Billion Yuan or CAD$15.5 Billion. It is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance, insurance and more. It has a AAA credit rating from China Chengxin International Credit Rating Co. Ltd. (CCXI).
New Hope Group includes New Hope Data Technology Co., Ltd, a Shanghai-based company focused on data acquisition, monitoring, analytics, knowledge transfer through the implementation of cutting-edge IoT technologies as well as professional services and data analytics.
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 has its headquarters in Toronto, Canada.
Follow Internet of Things Inc. On:
Facebook: | https://www.facebook.com/InternetofThingsInc/ | |
Twitter: | https://twitter.com/iotintl | |
LinkedIn: | https://www.linkedin.com/company/internet-of-things-inc- |
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regard to the joint venture, the use of the Company and the joint venture within the New Hope’s manufacturing processes and projected revenue and income of the joint venture. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors’ own risk.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For further information, contact: New Hope-IoT Intl. Inc. Michael Agam CEO Tel: +86 156 1832 9573 Email: michaelagam@newhope-data.com.com To learn more, visit: www.newhope-data.com Internet of Things Inc. Michael Frank President & CEO Tel: (416) 677-9277 Email: mfrank@iotintl.com To learn more, visit: www.iotintl.com
- Published in Internet of Things Inc, News Home, Technology
Internet of Things Inc. Signs Letter of Intent to Acquire Weather Telematics Inc.
Internet of Things Inc. Signs Letter of Intent to Acquire Weather Telematics Inc.
An Emerging Global Leader in AI & Autonomous Vehicle Solutions
Momentum Public Relations
Press Release: June 15, 2017
TORONTO, ON–(Marketwired – June 15, 2017) – Internet of Things Inc. (TSX VENTURE: ITT) (OTC: INOTF)(FRANKFURT: 71T) (“ITT Inc.” or the “Company“) is pleased to announce it has signed a Letter of Intent (“LOI”) to acquire Ottawa, Canada-based Weather Telematics Inc. (“WTX Inc.” or “Weather Telematics“) through its IoT Labs Inc. subsidiary. WTX Inc. is an emerging global leader in predictive artificial intelligence and in autonomous vehicle solutions. Weather Telematics is at the forefront of the explosive growth opportunity presented by the combination of Artificial Intelligence (AI) and the rapidly expanding Autonomous Vehicle market. The market size for AI systems for smart transportation is projected to be US$220 Billion by 2021, and US$87 billion by 2030 for Autonomous Vehicle Systems, according to Markets and Markets. WTX Inc.’s products have established market viability, are generating revenue, and the company is on track to deliver positive earnings in 2018.
Currently, 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 combination of WTX Inc.’s IoT sensor network and AI platform, is also applicable in various industrial IoT solutions that ITT Inc. is targeting, including but not limited to: measuring and monitoring factory air quality; optimizing the supply chain; logistics and asset tracking. Weather Telematics’ specialized and proprietary sensor design capabilities can be developed for custom chemical and optical solutions for the energy; manufacturing; aerospace and agricultural sectors.
Going forward, ITT Inc. plans to expand the capabilities of WTX Inc.’s technology and use its advanced sensor and predictive analytics capabilities for its key industrial IoT markets. In addition, Weather Telematics’ proprietary AI platform combined with their sensor technology provides real-time and predictive data analytics capabilities, that can be modified for multiple industrial IoT applications for North America and abroad.
WTX Inc. currently has multi-year contracts with several organizations including:
- United States National Weather Service;
- a global Tier One auto manufacturer; and
- Geotab, amongst others customers.
In addition, the Company was recently selected by:
- Michelin as one of ten North American companies to showcase at the global Movin’ On Mobility Conference (June 13-15, 2017);
- TechStars as one of 50 emerging connected and autonomous mobility companies to showcase at the Detroit Auto Show (NAIAS AutoMobili-D), (January 2017).
“We are excited to launch a new era of growth for WTX with Internet of Things Inc.”, said Robert Moran, CEO of WTX Inc. “ITT Inc.’s vision to maximize the opportunities presented by the emerging IoT marketplace closely aligns with our strategy to apply predictive data and IoT sensor networks, to solve some of the global challenges facing the transportation, insurance and weather sectors. The deal makes sense for both parties to combine our strengths to accelerate adoption of AI and IoT in addition to expanding our reach into China through ITT Inc.’s JV with New Hope”.
“We are impressed by the team behind WTX, their solution offerings, and the acceptance and orders that they have secured from leading edge global automotive, insurance and navigation companies. We are looking forward to working together to grow and expand WTX’s platform from the autonomous vehicle to the industrial IoT markets in North America and internationally including China through our New Hope JV” said Michael Frank, CEO of ITT Inc.
The consideration for the acquisition of WTX Inc. is CAD$3.0 million in cash, shares and assumption of debt. It is anticipated that ITT Inc. will close the acquisition of WTX Inc. within the next 90 days.
The transaction is subject to completion of ITT’s due diligence and board approval from both ITT Inc. and WTX Inc. along with TSX Venture Exchange approval.
About Weather Telematics Inc.
Founded in 2010, WTX Inc. is a Canadian-based, global IoT data science company offering road safety data products for industrial, government and consumer markets. WTX Inc. 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 WTX Inc. platform mitigates weather risk, reduces traffic congestion and makes connected and autonomous navigation safer in all types of road conditions.
To learn more, visit: www.weathertelematics.com
Follow Weather Telematics on:
Twitter: https://twitter.com/weathertx
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, cybersecurity, e-commerce and fintech. ITT Inc. has a joint venture partnership with New Hope Data Technology Co., Ltd. for China and has its headquarters in Toronto, Canada.
Follow Internet of Things Inc. On:
Facebook: https://www.facebook.com/InternetofThingsInc/
Twitter: https://twitter.com/iotintl
LinkedIn: https://www.linkedin.com/company/internet-of-things-inc-
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regard to the joint venture, the use of the Company and the joint venture within the New Hope’s manufacturing processes and projected revenue and income of the joint venture. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors’ own risk.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For further information, contact:
Internet of Things Inc.
Michael Frank
President & CEO
Tel: (416) 677-9277
Email: mfrank@iotintl.com
To learn more, visit: www.iotintl.com
- Published in Internet of Things Inc, News Home, Technology
Internet of Things Inc. Subsidiary IOT Labs Inc. Expands Its Reach
Internet of Things Inc. Subsidiary IOT Labs Inc. Expands Its Reach
Subsidiary to Expand Focus to Include Machine Learning and Autonomous Vehicle Solutions
Momentum Public Relations
Press Release: June 7, 2017
TORONTO, ON–(Marketwired – June 07, 2017) – Internet of Things Inc. (TSX VENTURE: ITT) (OTC: INOTF)(FRANKFURT: 71T) (“ITT Inc.” or the “Company“) is pleased to announce that its subsidiary, IOT Labs Inc. is expanding its focus to include machine learning and autonomous vehicle solutions. Iot Labs Inc. is currently working on the licensing and/or acquisition of commercially viable solutions to enhance the Company’s position and presence in the domestic North American markets.
Currently, there are 1.4 billion cars on the road worldwide, and according to a recent ReportBuyer Report1, in 2016, there was an estimated 2.73 million vehicles (passenger cars and commercial vehicles) equipped with level 2 autonomous systems (partial automation). Autonomous systems are ranked from level 1 through 5, with 5 being fully autonomous.
Fully autonomous vehicles do not rely on driver’s input, but rather analyze the surrounding data and plan the further movement trajectory of the vehicle. The data is collected by components such as cameras, radars, and a variety of sensors.
According to PWC2, the global market for automated driver assistance systems, which includes sensors, artificial intelligence and machine learning, is estimate to reach US$60 Billion by 2020.
“We are very excited about developments in the autonomous vehicle marketplace and we see a convergence with the industrial IoT sector. They both rely on remote sensors, artificial intelligence, and machine learning to enhance productivity, reliability and improve safety,” said Michael Frank, President & CEO of ITT Inc.
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 has its headquarters in Toronto, Canada.
Follow Internet of Things Inc. On:
Facebook: https://www.facebook.com/InternetofThingsInc/
Twitter: https://twitter.com/iotintl
LinkedIn: https://www.linkedin.com/company/internet-of-things-inc-
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regard to the joint venture, the use of the Company and the joint venture within the New Hope’s manufacturing processes and projected revenue and income of the joint venture. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors’ own risk.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For further information, contact:
Internet of Things Inc.
Michael Frank
President & CEO
Tel: (416) 677-9277
Email: mfrank@iotintl.com
To learn more, visit: www.iotintl.com
- Published in Internet of Things Inc, News Home, Technology
Internet of Things Inc. Enters Joint Venture Agreement With Chinese Global Conglomerate New Hope Group
Internet of Things Inc. Enters Joint Venture Agreement With Chinese Global Conglomerate New Hope Group
$15 Billion New Hope Group & Internet of Things Inc. to Launch JV to Lead the Industrial Iot Market in China
Momentum Public Relations
Press Release: May 30, 2017
TORONTO, ON & SHANGHAI, CHINA–(Marketwired – May 30, 2017) – Internet of Things Inc. (TSX VENTURE: ITT)(OTC PINK: INOTF) (FRANKFURT: 71T) (“ITT Inc.” or the “Company“) and New Hope Data Technology Co., Ltd. are pleased to announce the signing of a joint venture agreement based on the Letter of Intent announced on March 15, 2017. ITT Inc. is an Internet of Things (“IoT“) software and solutions provider, which acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets. New Hope Data Technology Co., Ltd., a New Hope Group affiliated and investee company (“New Hope“) provides data acquisition, monitoring, data analytics, professional services and knowledge transfer through the implementation of cutting-edge IoT technologies. New Hope is one of China’s largest privately-owned entities and in the Top 500 Enterprises for 14 consecutive years. With more than 600 subsidiaries and nearly 70,000 employees and annual revenues of approximately 80 Billion Yuan or $15.5 Billion, New Hope is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance and insurance. The joint venture will be focused on bringing global industrial IoT solutions to New Hope owned factories, as well as other manufacturing facilities across China and will be called New Hope IoT Intl. Inc. (the “NHG-ITT JV” or the “JV“).
Chinese industries are rapidly modernizing to remain competitive globally. Broad adoption of IoT technologies to improve industrial efficiency could produce cumulative growth for China’s GDP of US$1.8 Trillion by 2030, analysts from Accenture recently reported.
Under the terms of the JV, ITT Inc. will hold a 51{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest and will be responsible for providing global industrial IoT technologies such as sensors, predictive analytics and secured wireless, among other technologies to New Hope’s network of more than 600 factories and businesses, in addition to other customers across mainland China. New Hope will hold a 49{92d3d6fd85a76c012ea375328005e518e768e12ace6b1722b71965c2a02ea7ce} interest in the JV and its sales and marketing team, big data platform and IT consultants will be responsible for the JV day-to-day operations. New Hope will also invest initially $2 Million as an operating and working capital loan into the JV.
As consideration for New Hope entering into the 30-year joint venture partnership and for providing resources, personnel, finance and all other support for the start of the JV, ITT Inc. will issue 28 million common shares to New Hope. These shares will be subject to performance milestones based upon: (i) the JV generating $3.5 million in aggregate net income over the first three years; (ii) annual releases from escrow as net income is achieved on a pro-rata basis; (iii) a 12-month leak-out in 12 equal monthly installments for each annual release of shares; and (iv) regulatory resale restrictions and TSX Venture Exchange approval.
In addition to the JV securing strategic distribution partnerships with various leading IoT technology companies around the world, it also plans to negotiate options to purchase equity in software and solution providers from which it secures distribution rights.
“We are very excited to be launching in China with such a strong joint venture partner in New Hope, who shares our vision and drive in building out the leading Chinese industrial IoT platform. This recurring annual revenue model in partnership with New Hope’s network of factories and businesses is expected to provide ITT Inc. with ongoing revenue and a profitable income stream,” said Michael Frank, CEO of ITT Inc.
Mr. Zhao Gang, Chairman of New Hope Data Technology Co., Ltd. commented, “We have spent the past 14 months working with the ITT Inc. team and we are looking forward to launching the New Hope Data-Internet of Things Inc. JV. New Hope Data has already built out a robust data analytics platform and a professional services team, that currently is working with factories in China to monitor and analyze industrial processes and inputs, converting them into actionable insights and knowledge. This helps the factories’ management teams improve operational stability, product quality, profitability and reduce downtime. We see a significant market gap that can be filled with the products and services that the JV will be providing for our internal network of factories and external customers across China.”
Goldenmount Capital International Inc. acted as an advisor to ITT Inc. on the transaction. ITT Inc. shall pay a finder’s fee of $15,000 in cash and will issue 1.5 million common shares to Goldenmount Capital International Inc. for services provided upon closing, subject to regulatory approval.
About New Hope Group
New Hope Group (en.newhopegroup.com) was founded in 1982. New Hope Group now has more than 600 subsidiaries in 30 countries, with nearly 70,000 employees and annual revenues of nearly 80 Billion Yuan or CAD$15.5 Billion. It is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance, insurance and more. It has a AAA credit rating from China Chengxin International Credit Rating Co. Ltd. (CCXI).
New Hope Group includes New Hope Data Technology Co., Ltd, a Shanghai-based company focused on data acquisition, monitoring, analytics, knowledge transfer through the implementation of cutting-edge IoT technologies as well as professional services and data analytics.
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 has its headquarters in Toronto, Canada.
Follow Internet of Things Inc. On:
Facebook: https://www.facebook.com/InternetofThingsInc/
Twitter: https://twitter.com/iotintl
LinkedIn: https://www.linkedin.com/company/internet-of-things-inc-
Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes “forward-looking information” within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regard to the joint venture, the use of the Company and the joint venture within the New Hope’s manufacturing processes and projected revenue and income of the joint venture. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors’ own risk.
_____________________________________________________________________________________________
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
For further information, contact:
New Hope
Naomi Chen
Executive Vice-President Industry, Technology & Investments
New Hope Chemical Industry Investment Co., Ltd.
Tel: +86 18081160220
Email: chenxy@newhope.cn
To learn more, visit: www.newhope-data.com
Internet of Things Inc.
Michael Frank
President & CEO
Tel: (416) 677-9277
Email: mfrank@iotintl.com
To learn more, visit: www.iotintl.com
- Published in Internet of Things Inc, News Home, Technology