Partners with Commersive Solutions Corp. to Bring ThermalPassTM to Market
TORONTO, May 7, 2020 /CNW/ - Internet of Things Inc. (TSX VENTURE: ITT) (OTC: INOTF) (FRANKFURT: 71T) ("ITT Inc." or the "Company"), a software and solutions provider in the artificial intelligence and industrial IoT markets, is pleased to announce the development of a new fever-detection system called ThermalPassTM, www.thermalpass.com, designed to enhance public safety. ThermalPassTM will instantly screen for higher than normal body temperatures in potential carriers of Coronavirus and other fevers. The strategy is to have ThermalPass stationed at the entranceways of high-traffic, public locations to reduce the risk of spreading illness, and playing an important role in shaping our new normal and making daily life more acceptable, comfortable and safe.
While most fever detection equipment requires an individual to be stationary for an accurate reading, a major advantage of ThermalPassTM will be its use in high-volume settings where people in full motion are screened while passing through without any effect on their pace of movement. This public safety system uses multiple infrared medical grade thermal sensors which will trigger an audio and visual signal when a specified temperature is exceeded, allowing facility staff to respond appropriately. Malcolm Rook, Chief Innovation Officer at ITT's AI Labs Inc. and Design Engineer of ThermalPassTM, commented: "We have created a technically advanced, integrated and patent-pending system designed to accommodate high-volume flow, uninterrupted, whilst maintaining medical grade accuracy of temperature measurement. Our engineering team has taken into great account the competitive landscape and we are positioning ThermalPassTM as a feature-rich, premier product."
ThermalPassTM will be the first product brought to market by a jointly held company to be owned 51% by AI Labs Inc. ("AI Labs"), a wholly owned subsidiary of ITT Inc., and 49% by Commersive Solutions Corp. ("Commersive"), a developer of integrated, point-of-sale technologies that create unique retail experiences. The new joint venture will combine ITT's technology assets with Commersive's end to end product ideation and development capabilities and retail market reach, to commercialize ThermalPassTM for the global marketplace.
"COVID-19 has impacted virtually every aspect of society, and we envision the implementation of ThermalPassTM across various public settings, including entrances to bus and train stations, schools, retailers, office buildings and sports venues", stated Michael Lende, President & CEO of Internet of Things Inc. "While ThermalPassTM, once commercial, intends to have an immediate positive impact in alleviating further spread and secondary outbreaks of COVID-19, we also anticipate its widespread installation as necessary in the containment of all fever-bearing contagions in a post-COVID-19 world."
Jason Elmaleh, President of Commersive Solutions, commented: "We are very excited with our joint venture with AI Labs as we have complementary skills and expertise that will assist in commercializing ThermalPassTM. Commersive has extensive experience in taking products from concept to production through to widespread launch in North America and internationally. With ThermalPassTM, we see a tremendous opportunity to deliver a much needed and integrated system that we believe will deliver a solution that the world needs now. We have had discussions with a number of our existing clients regarding ThermalPassTM who have expressed interest in the product."
ThermalPassTM integrates 19 infrared medical-grade thermal sensors onto a sturdy metal frame. The system is designed to decipher body temperature measurements within an expected accuracy of 0.2 degrees Celsius or 0.36 degrees Fahrenheit, with no contact or any discomfort to the individuals who pass through it. ThermalPassTM is designed to be extremely durable and waterproof, so it will be suitable for both indoor and outdoor use and can be easily disassembled and relocated. ThermalPassTM prototypes are in advanced development for pre-commercial testing this month and subsequent product launch in June. The final go-to-market product will be subject to CSA approval for Canada and UL certification for the US with plans to secure CE and CCC certifications for Europe and China respectively.
The ThermalPassTM prototype was designed following a detailed review and a competitive analysis of existing fever detection secruitiy systems and solutions on the market. AI Labs' R&D team have more than eight years of experience utilizing the sensors which are an integral part of the ThermalPassTM system. These sensors, along with the controlling electronics of the system have been tested and produced results as expected. Our joint venture teams, in the UK and Canada have advanced the engineering, development and fabrication of ThermalPassTM. The units are being fabricated and standardized for North American use as part of rigorous in-field testing before commercial deployment. There is no financing requirement for in-field testing nor for the anticipated large-scale production roll out.
AI Labs and Commersive Solutions are arms length parties and there are no finder's fees payable relating to formation of the new jointly held entity. Upon the parties entering into definitive documentation for the joint venture, the principals of Commersive Solutions will be issued 10 million warrants, with each warrant entitling its holder to purchase one common share of Internet of Things Inc. at an exercise price of $0.07 per share for a period of 36 months. The issuance of the warrants is subject to the approval of the TSX Venture Exchange.
About Commersive Solutions Corp.
Commersive Solutions specializes in creating interactive customer experiences within the retail sector. Through the development and integration of custom technologies and software, Commersive helps retailers put the customer first with engaging and unique interactions while enabling the collection of purposeful data and analytics that help their clients make smarter business decisions. Founded in 2015, Commersive has built a customer base that includes household names in the grocery, pharmaceutical, electronics, software, clothing and home improvement areas.
About Internet of Things Inc. (TSX VENTURE: ITT) (OTC: INOTF) (FRANKFURT: 71T) Internet of Things Inc. is a technology company which helps businesses and organizations make smarter decisions using advanced artificial intelligence, deep machine learning and data science techniques. Its Weather Telematics Inc. subsidiary uses patented air quality monitoring sensors to provide predictive weather risk information to the insurance, logistics, fleet management and public safety sectors. The Company's R&D division, AI Labs Inc., develops new products that solve real-world business problems. The joint venture with Commersive Solutions is developing innovative technologies for use in various public spaces, starting with the ThermalPassTM fever detection system. Based in Toronto, Canada, the Company also has a joint venture channel partnership with Shanghai New Hope Data Technology Co. Ltd.
Follow Internet of Things On:
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: ThermalPass achieving the commercial results anticipated by the Company; market demand for ThermalPass; and, other 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.
NEITHER THE TSX VENTURE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
SOURCE Internet of Things Inc.
View original content: http://www.newswire.ca/en/releases/archive/May2020/07/c4626.html