TORONTO, June 11, 2019 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX-V: ITT; OTC: INOTF; FSE: 7iT) (“IoT Inc.” or the “Company”), a consolidator of data-driven industrial IoT companies, announces its financial results for the year and for the quarter ended January 31, 2019. All figures are reported in Canadian Dollars and are in accordance with International Financial Reporting Standards unless otherwise noted.
“In 2018, we acquired Weather Telematics as part of our strategy to consolidate data driven IoT companies. Over the past 12 months, Weather Telematics has made considerable progress with multiple paid Proof of Concepts (“POCs”) with OEM and Tier 1 automotive companies. Concurrently, the New Hope IoT Int’l Inc. Joint Venture is making progress with its recently announced Point Grab channel agreement and FreePoint pilot program,” said Ron Shuttleworth, CEO of Internet of Things Inc. “The Company is well positioned with a much stronger executive management team and a seasoned board as we continue to build out our investee companies, to find synergies and operating efficiencies and at the same time evaluating additional strategic acquisitions in the IoT and AI sectors that will drive shareholder value,” added Ron Shuttleworth.
Financial Highlights for the Year Ended January 31, 2019
|Year Ended January 31st||2019||2018|
|Operating and development expenses||1,544,055||720,273|
|Loss before amortization, impairment, JV costs, share-based payments, depreciation, finance charges and taxes||(1,321,698||)||(720,273||)|
|Amortization, impairment, JV costs, share-based payments, and depreciation||832,362||436,545|
|Accretion expense, interest, gain/loss on investments, taxes, settlement of debt, foreign exchange, change in fair value of contingent acquisition consideration||(424,785||)||303,649|
|Net loss and comprehensive loss for the year||(1,729,275||)||(1,460,467||)|
|Loss per share (basic)||$||(0.01||)||$||(0.01||)|
- Revenue for the year ended January 31, 2019 totalled $222,357 as compared to $Nil for 2018. The increase in revenue is a result of the acquisition of Weather Telematics Inc. (“WTX Inc.”), that closed on June 1, 2018.
- Operating and development expenses for the year ended January 31, 2019 totalled $1,544,055 compared to $720,273 in 2018, due to the acquisition of WTX Inc.
- Net loss and comprehensive loss for the year ended January 31, 2019 totalled $1,729,275 or $0.01 loss per share (basic) based on 196 million shares as compared to $1,460,467 for January 31, 2018 or $0.01 loss per share (basic) based on 161 million shares.
Fourth Quarter Results
For the quarter ended January 31, 2019, the Company recorded revenue of $76,191, $1,361,327 in expenses, a net loss of $1,064,897 and a comprehensive loss of $888,009.
Corporate Highlights – 2018
- Announced acquisition of Weather Telematics Inc. (“WTX Inc.”) a data science company offering real-time advanced artificial intelligence (“AI”) based predictive road condition weather analytics for safer, connected and autonomous transportation.
- WTX Inc. was granted a patent from the European Patent Office for the mobile collection, analysis and processing of meteorological data.
- IoT Inc.’s joint venture, New Hope IoT Int’l Inc. (the “JV”), entered into a channel agreement with PointGrab Ltd. to market, sell and service its products in China.
- New Hope IoT Int’l Inc. initiated a pilot program with FreePoint Technologies Inc. to provide real-time production monitoring solutions to New Hope Group portfolio companies.
- Closed a non-brokered private placement of 23,000,000 units of IoT Inc. at a price of $0.10 per unit for gross proceeds of $2,300,000.
Leadership Highlights – 2018
- Appointed of Ron Shuttleworth as its CEO, who brings 25 years of experience in the technology sector as an operator, investor, analyst and investment banker, specializing in M&A and financings. As an operator, Mr. Shuttleworth has held positions of CEO, CTO and Product Manager with direct experience in fintech, enterprise software, and marketing automation. He also has experience as a venture capitalist investing in early stage technologies and as a hedge fund analyst responsible for selecting stocks. Mr. Shuttleworth was a top-ranked research analyst for eight years, specializing in technology, media, and communications.
- Hired James Sutcliffe as President & COO of IoT Inc. Mr. Sutcliffe brings more than 20 years’ experience in global operational and financial leadership. Earlier in his career, he was as a key member of a management team that grew a Fortune 150 Tier 1 automotive supplier’s Asian operations ten-fold. During this time, Mr. Sutcliffe held senior corporate development, finance and executive management roles, spearheading entry into new markets in Asia, and guiding start-ups and acquisitions in China, India and Korea.
- Appointed Zhao Libin as a director of the Company. Mr. Zhao brings more than 30 years of experience in operations, business development and mergers & acquisitions. He is also an accomplished turnaround expert, having assisted a number of companies with refinancing their debt, improving their balance sheets and creating efficiencies in operations leading to profitability. Mr. Zhao has successfully led New Hope Asset Management Co., Ltd. which manages six enterprises with total assets of over $2 billion.
WTX Inc. has signed a $200,000 bridge loan which will be used for general corporate purposes and has drawn down an initial $50,000 first tranche. The loan carries a 9% interest rate and a 5% lending fee along with the registration of a general security agreement in favour of the lender and a corporate guarantee from IoT Inc., subject to WTX Inc. and IoT Inc. board approvals and TSX Venture Exchange regulatory approval.
About Internet of Things Inc.
Internet of Things Inc. consolidates data-driven industrial IoT companies. The Company owns Weather Telematics Inc., has a joint venture channel partnership with Shanghai New Hope Data Technology Co. Ltd., and is headquartered in Toronto, Canada.
Weather Telematics Inc.
Weather Telematics Inc. is an 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 historical, real-time and predictive road weather conditions, for road hazard risk alerts and dynamic routing applications. Their industry-leading Predictiv RC platform mitigates weather risk, reduces traffic congestion and makes connected and autonomous navigation safer in all types of road conditions.
New Hope IoT Int’l Inc. Joint Venture
New Hope IoT Int’l Inc. is an IoT Inc. 51% owned and operated Shanghai-based joint venture with Shanghai New Hope Data Technology Co., Ltd. (“New Hope Data”), a subsidiary of New Hope Group. The JV is an industrial IoT / ‘Industry 4.0’ solutions provider and sales channel, focused on the digital transformation of factories and supply chains for New Hope Group companies and for the Greater China market.
New Hope Group (www.newhopegroup.com) was founded in 1982 and is a Chinese agricultural and industrial conglomerate with more than 600 subsidiaries in 30 countries, nearly 70,000 employees and annual revenues of over 130 Billion Yuan ($25.7 Billion).
To learn more, visit: www.weathertelematics.com
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Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of the Company to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to factors referenced in the Company’s other continuous disclosure filings, which are available at sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws.
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