Subsidiary to expand focus to include machine learning and autonomous vehicle solutions.
Toronto, ON -- (ReleaseWire) -- 06/07/2017 --Internet of Things Inc. (TSX-V:ITT; OTCMKTS: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.
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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.
SOURCE: Uptick Newswire