Includes the launch of Weather Telematics' next generation mobile weather and road temperature sensors
TORONTO, June 10, 2020 /CNW/ - Weather Telematics Inc. ("Weather Telematics"), a subsidiary of Internet of Things Inc. (TSXV:ITT.V - News) (OTC:INOTF - News) (FSE:71T) ("ITT Inc." or the "Company"), a software and solutions provider in the artificial intelligence and industrial IoT markets, is pleased to announce that it has entered into a multi-year agreement with Synoptic Data PBC ("Synoptic") for data-provision services. This licensing contract will generate seven-figure revenue over the term for Internet of Things Inc. as Weather Telematics will launch its next generation of weather and road temperature sensors, which turns vehicles into their own mobile weather stations.
Under the Agreement, Weather Telematics will provide Synoptic with raw vehicle meteorological data from its mobile platforms. Data from the sensors will include road temperature, air temperature, relative humidity, dew point, pressure, precipitation intensity, ambient light, and ozone concentration. Weather Telematics' proprietary sensors will be deployed on fleets across the US and our road and weather temperature data will be integrated into various weather research models.
"We are excited to be expanding our relationship with Synoptic Data," said Michael Lende, President and CEO of the Internet of Things Inc. "Synoptic has been and continues to be incredibly supportive of Weather Telematics. We look forward to contributing our proprietary raw vehicle meteorological data from our mobile platform."
This partnership will improve public safety by providing weather forecasters the tools and data to more accurately predict and alert to adverse conditions on our nation's roadways. It will also enable researchers to build and validate more precise weather forecast models. Weather Telematics' software and sensor system will furnish users with the tools they need to run drastically safer and more cost-effective fleets.
About Synoptic Data PBC:
Synoptic Data provides data hub products and services for geophysical time series data for users in a variety of sectors and applications. With origins at the University of Utah more than 20 years ago, it has operated as an independent entity since 2011. In addition to performing a technical aggregation and quality control service, the company adds value through contracting and by providing global exposure for various data sets. As a Public Benefit Corporation, Synoptic is structurally committed to multiple stakeholders, including shareholders, data providers, data users, global citizens, and the environment.
For more information, visit synopticdata.com.
About Weather Telematics Inc.
Weather Telematics Inc. is a data science-based company who, through its distinctive patented artificial intelligence and sensor technology, provides government, insurance, agriculture, public safety, fleet management and outdoor sporting event industries with up to 72-hours advance predictive hyperlocal weather data. Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI deep machine learning to generate historical, real-time and predictive road weather conditions for road hazard risk alerts and dynamic routing applications. Their industry leading Predictiv RC and Predictiv SA platforms mitigate weather risk, reduce traffic congestion and make connected and autonomous navigation safer in all types of road conditions.
For more information, visit www.weathertelematics.com
About Internet of Things Inc. (TSX VENTURE: ITT) (OTC:INOTF - News) (FRANKFURT: 71T):
Internet of Things Inc. is a technology company that solves complex challenges using advanced artificial intelligence, machine learning and data science techniques. The Company collects and interprets information from disparate sources to develop actionable predictive and prescriptive applications which enable companies to make better business decisions yielding greater results. Our solutions are used by global automakers and U.S. government institutions and can be applied to a wide range of industry verticals, including insurance, logistics, fleet management, agriculture, retail and public safety. Based in Toronto, Canada, the Company owns Weather Telematics Inc. and has a joint venture channel partnership with Shanghai New Hope Data Technology Co. Ltd.
For more information on Internet of Things Inc. visit: www.iotintl.com and follow ITT 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 and Alert Fleet achieving the commercial results anticipated by the Company; market demand for ThermalPass and Alert Fleet; 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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