AITX’s RAD Receives Multiple RIO Contract Renewal from Large Client

Detroit, Michigan, July 30, 2024 (GLOBE NEWSWIRE) -- Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), is pleased to announce the first of many expected contract renewals from one of RAD’s largest clients. This first renewal is for two RIO units deployed last year. This client, who already has many RIO units deployed, continues to expand their use of RAD’s innovative security solutions even as they continue to expand their systems.

“Our organization stresses the best customer service and technical performance in the industry, and it shows with our exceptionally low attrition rates,” commented Mark Folmer, CPP, PSP, FSyI, President of RAD. “This particular client continues to expand and renew. We deeply appreciate and value our clients' trust in us, and we are committed to exceeding their expectations with every deployment.”

Steve Reinharz, CEO/CTO of AITX and RAD, commented, “This is our first renewal-specific press release. However, we have hundreds of devices that have been renewed over the years. In fact, our year-to-date attrition, specifically customer cancellations, is less than 3% of total deployed and revenue producing units. Since our target is to limit attrition to less than 5% per quarter, we are overperforming, exactly what our teams strive to do.”

The Company noted that it will provide a year-to-date sales roll up on August 1, 2024, as well as provide full-year SaaS and revenue guidance.

Sitting atop a standard RIO configuration are dual ROSA units. ROSA is a multiple award-winning, compact, self-contained, portable, security and communication solution that can be installed and activated in about 15 minutes. ROSA’s AI-driven security analytics include human, firearm, vehicle detection, license plate recognition, responsive digital signage and audio messaging, and complete integration with RAD’s software suite notification and autonomous response library. Two-way communication is optimized for cellular, including live video from ROSA’s high-resolution, full-color, always-on cameras. RAD has published six Case Studies detailing how ROSA has helped eliminate instances of theft, trespassing and loitering at retail centers, hospital campuses, multi-family communities, car rental locations and construction sites across the country.