January 31, 2023, Detroit, Michigan (GLOBE NEWSWIRE) — Artificial Intelligence Technology Solutions Co., Ltd. (“we”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients, along with its wholly owned subsidiary Robotic Assistance Devices, Inc. (RAD), today announced pricing changes across its four solution offerings. announced that it will implement March 1, 2023, the company’s next fiscal year. Price increases range from 18% to 29% for the three solutions. Additionally, the price of a single solution is reduced by 17%.
The company says that in most cases final prices for RAD products are determined by a network of more than 50 dealers, and it is ultimately the responsibility of these dealers to apply and present price increases to customers.
“The main reason for these price increases is to ensure value pricing in the market. We feel we have an advantage and want to make sure we collect the right amount of revenue.” We expect this to have a positive impact on our earnings in the coming fiscal year as a result of our increased sales and sales expansion.”
AITX and RAD CEO Steve Reinharz said: “Our sales team has shared over the past months that price increases have had little impact on sales. I am happy.”
The company pointed out that it expects the build cost of ROAMEO v3 to be half that of ROAMEO v2. In addition, ROSA 3.2 offers approximately 40% cost savings compared to ROSA 3.0.
“It’s worth mentioning that we can expect further cost efficiencies as production volumes increase,” says Reinharz. “Our approach remains focused on achieving positive cash flow while maintaining a balance with the necessary investment in research and development.”
AITX, through its subsidiaries, robot support equipment, Inc. (RAD) is redefining the $25 billion (US) security and guarding services industry through a broad portfolio of innovative AI-driven solutions-as-a-service business models. RAD solutions are specifically designed to provide businesses with 35% to 80% cost savings compared to the industry’s existing manned security and surveillance models. RAD delivers this significant cost savings through a range of fixed and mobile robotic solutions that complement, and in some cases directly replace, manpower needs in a machine-friendly environment. All RAD technologies, AI-based analytics and software platforms are developed in-house.
RAD has a potential sales pipeline of over 35 Fortune 500 companies and numerous other client opportunities. RAD hopes to continue to attract new business by converting existing sales opportunities into deployed clients and generating a continuous revenue stream. Each Fortune 500 client may have many reorders over time.
Disclosure of Cautionary Note Regarding Forward-Looking Statements
Information contained in this publication does not constitute an offer to sell, or a solicitation of an offer to buy, any securities of Artificial Intelligence Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements that are not guarantees of future performance and may involve subjective judgments and analyses. Although the information contained herein is believed to be accurate and reliable, we make no representations or warranties, express or implied, as to its accuracy or completeness. We are under no obligation to provide recipients with additional updates. References to the $25 billion (US) security and guarding services industry above are not projections of the Company’s future operating results. No information in this publication should be construed as indicative of our future earnings, operating results or stock price.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator of artificial intelligence-based solutions that empower organizations to gain new insights, solve complex challenges and generate new business ideas. AITX’s RAD, RAD-M, and RAD-G companies help organizations streamline operations, increase ROI, and strengthen their businesses through the delivery of next-generation robotics products. AITX technology makes patrol and security services simpler and more economical, freeing up experienced personnel to focus on more strategic tasks. Customers can augment existing staff capabilities and gain a higher level of situational awareness. All this at a significantly reduced cost. AITX solutions are suitable for use in multiple industries including enterprise, government, transportation, critical infrastructure, education and healthcare. For more information, please visit the following URL: www.aitx.ai, www.stevereinharz.com, www.radsecurity.com, www.radgroup.aiWhen www.radlightmyway.comor follow Steve Reinharz on Twitter @Steve Reinharz.