News AITX and Robot Assist announce price changes for select security robots
Artificial Intelligence Technology Solutions Company
DETROIT, Mich., Jan. 31, 2023 (GLOBE NEWSWIRE) — Artificial Intelligence Technology Solutions, Inc. (the “Company”) (OTCPK: AITX) is a global leader in providing enterprise customers with artificial intelligence-driven safety and productivity solutions, and its wholly-owned subsidiary Robotic Assistance Devices, Inc. ( RAD ), today announced that RAD will implement price changes for four of its solution products, effective March 1, 2023, beginning with the company’s next fiscal year. Price increases for the three solutions ranged from 18% to 29%. In addition, the price of a solution will be reduced by 17%.
The company noted that in most cases, final pricing for RAD products is determined by its network of more than 50 dealers, who are ultimately responsible for applying and passing on any price increases to customers.
“The main reason for these price increases is to secure value pricing for the market. In other words, at a slight price increase, we believe we still have a huge cost advantage over attended and traditional electronic solutions, and we Want to make sure we get the right revenue,” RAD President Mark Folmer said. “Our forecasts indicate market insensitivity to a small increase in our pricing, which we expect to have a positive impact on revenue for the next fiscal year due to higher pricing and increased sales deployment.”
Steve Reinharz, CEO of AITX and RAD, said: “These price increases have helped us meet our previously stated FY24 gross revenue target, in addition to giving us the flexibility to manage inflationary pressures without significantly deviating from our targeted return on capital. and gross margin.” . “Over the past few months, our sales team has been saying that price increases will have little impact on sales, and I’m pleased that we have fully evaluated the idea and are now executing.”
The company notes that ROAMEO v3 is expected to cost half as much to build as ROAMEO v2. Also, ROSA 3.2 should provide cost savings of around 40% compared to ROSA 3.0.
“It is worth mentioning that as production volumes increase, we expect further improvements in cost efficiency,” Reinharz said. “Our approach remains focused on achieving positive cash flow while balancing necessary R&D investments.”
AITX, through its subsidiary Robotic Assistance Devices, Inc. (RAD), is redefining the $25 billion (US) security and guarding services industry through its broad range of innovative, AI-driven solutions-as-a-service business models. RAD solutions are specifically designed to save businesses 35%-80% in cost compared to the industry’s existing and expensive manual security and monitoring models. RAD achieves this enormous cost savings through a suite of stationary and mobile robotic solutions that complement and sometimes directly replace the need for humans in environments more suitable for machines. 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 expects to continue attracting new business as it converts existing leads into deployed customers, generating a recurring revenue stream. Every Fortune 500 customer has the potential to reorder a lot over time.
Cautionary Disclosure Regarding Forward-Looking Statements
The information contained in this publication does not constitute an offer to sell or the solicitation of an offer to buy securities of Artificial Intelligence Technology Solutions, Inc. (the “Company”). This publication contains forward-looking statements, which are not guarantees of future performance and may involve subjective judgment and analysis. The information presented here is believed to be accurate and reliable, but the company makes no representations or warranties, express or implied, as to its accuracy or completeness. Company is under no obligation to provide additional updated information to recipients. The $25 billion (US) security and guard services industry mentioned above has no predictive value for our future operating performance. Nothing in this publication should be construed as any indication of the company’s future earnings, operating performance or stock price.
About Artificial Intelligence Technology Solutions (AITX)
AITX is an innovator in delivering artificial intelligence-based solutions that enable organizations to gain new insights, solve complex challenges and inspire new business ideas. Through its next-generation robotics products, AITX’s RAD, RAD-M and RAD-G companies help organizations simplify operations, increase ROI and strengthen their business. AITX technology improves the simplicity and affordability of patrolling and guarding services and allows experienced personnel to focus on more strategic tasks. Clients augment existing workforces and gain higher levels of situational awareness, all at a dramatically reduced cost. AITX solutions are ideal for multiple industries including enterprise, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.stevereinharz.com, www.radsecurity.com, www.radgroup.ai and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.