TORONTO , July 16, 2020 /CNW/ - Internet of Things Inc. (TSX VENTURE: ITT) (OTC: INOTF) ( FRANKFURT : 71T) ("ITT Inc." or the "Company") www.iotintl.com, a software and solutions provider in the artificial intelligence and industrial IoT markets is pleased to provide an industry update. The United States General Service Administration ("GSA") has directed that US government contractors must remove surveillance and camera equipment from Chinese blacklisted companies immediately. Failure to do so will result in these contractors being banned from future participation in any US government contracts.
In April 2020 , the US Department of Defense enforced the National Defense Authorization Act ("NDAA") 'blacklist clause' covering several non-US-based, video surveillance equipment manufacturers. This action has created an enormous market opportunity for ThermalPass' sensor-based, non-camera fever-detection solution.
Unlike thermal camera technologies covered in this enforcement, ThermalPass uses medical-grade, temperature sensors, capturing 400 readings per second and detecting body temperature with an accuracy of +/- 0.2°C, making it one of the most reliable and accurate fever detection devices on the market.
"The recent Department of Defense enforcement has handed us a huge advantage for U.S. market penetration," said Michael Lende , President and CEO of Internet of Things Inc. "Furthermore, it has become abundantly clear that invasion of privacy is the number one customer concern our competitors are facing with their camera-based systems. Conversely with ThermalPass, no image is captured and therefore end user anonymity is categorically preserved. ThermalPass also adheres to social distancing protocol, requiring no human intervention while performing its temperature scans." Lende continued: "On the sales front, interest has been extremely high and we are currently negotiating with several prominent distribution organizations in the U.S. and Canada , to market and sell ThermalPass into universities, schools, property management companies, hospitals, government buildings and hotels."
According to Yole Development, a market research company based in France :
- The Covid-19 virus has triggered a boom in the market for thermal technologies. Based on industry indicators, thermal imagers will be a $7.6 billion market, up 76% from 2019. Pre-Covid, Yole forecasted a $4.5 billion market, 8% year-over-year
- Yole said it expects that more than 1.5 million fever detection devices will be deployed over the next four years
- Yole states that some weaknesses need to be addressed as thermal imagers proliferate globally. Temperature accuracy is one of them as thermal imagers detect temperature only within a ±2 to 5°C accuracy. According to Éric Mounier, fellow analyst at Yole, "Technically, in the thermal imaging industry, for applications such as thermography or public surveillance, they did not need very good accuracy, but for fever detection, you need to be around or below ±0.5°C, and ideally 0.1°C" to avoid letting feverish people through".
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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 RandD division, AI Labs Inc., develops new products that solve real-world business problems. The joint venture with Commersive Solutions Corp. is developing innovative technologies for use in various public spaces, starting with the ThermalPass™ fever detection system.
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 said 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.
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SOURCE Internet of Things Inc.
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