AITX Artificial Intelligence Technology Solutions Inc (PK)

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): May 28, 2024

 

ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.

(Exact name of registrant as specified in its charter)

 

Nevada		000-55079		27-2343603
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

 

10800 Galaxie Avenue Ferndale, MI 48220

(Address of principal executive offices)

 

(877) 787-6268

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
N/A		N/A		N/A

 

 

 

When used in this Current Report on Form 8-K, unless otherwise indicated, the terms the “Company,” “our,” or “we” refer to Artificial Intelligence Technology Solutions Inc. and its subsidiaries.

 

Item 8.01 Other Events

 

On May 28, 2024, we will be issuing a press release titled “AITX’s RAD Announces First Paid Analytic based on Vast Improvements in Its Firearm Detection Speed & Accuracy”, which press release is attached hereto as Exhibit 99.1.

 

The information in this Current Report on Form 8-K with respect to Item 8.01 (including the press release attached hereto as Exhibit 99.1) is being furnished pursuant to Item 8.01 of Form 8-K and shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (“Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act. This current report on Form 8-K (including Exhibit 99.1) will not be deemed an admission as to the materiality of any information contained herein.

 

ITEM 9.01. EXHIBITS

 

Exhibit No.		Description
99.1		May 28, 2024 Press Release
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Date: May 28, 2024	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
		/s/ Steven Reinharz
	Name:	Steven Reinharz
	Title:	Chief Executive Officer

 

 

Exhibit 99.1

 

AITX’s RAD Announces First Paid Analytic based on Vast Improvements in Its Firearm Detection Speed & Accuracy

 

Enhanced AI Software Set and Double Authentication Feature Released to Revolutionize Security and Safety

 

Detroit, Michigan, May 28, 2024 — Robotic Assistance Devices, Inc. (RAD), a subsidiary of Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), is pleased to announce significant enhancements in the performance and reliability of its firearm detection AI analytics. These improvements will be incorporated into RAD’s popular line of security devices, including ROSA™, RIO™, AVA™, and RADDOG™, and will begin shipping in June.

 

Key features of the upgraded firearm detection system include:

 

	●	Double Authentication: This new feature aims to reduce false positives by ensuring the system only acts upon true positives, enhancing overall reliability.
	●	Enhanced Performance: The updated software provides superior accuracy and faster response times, ensuring more effective threat detection and mitigation.

 

“Continually improving our AI both at the edge and in the cloud is crucial for staying ahead of potential threats and ensuring public safety,” said Steve Reinharz, CEO/CTO of AITX and RAD. “We are leaning into this technology in a big way. We feel that the existing, limited competition combined with a great need, makes this worthy of investment.”

 

The Company noted that its verified firearm detection analytic will be charged at an extra cost to ROSS™ and RAD’s physical product line, making it the first analytic to earn the Company additional revenue. Pricing details will be made available to RAD’s dealer channel and clients upon request.

 

Troy McCanna, RAD’s Chief Security Officer and former FBI agent, emphasized the importance of proactive security measures, “It’s imperative that schools and corporate campuses regularly review their active shooter security procedures and protocols. RAD’s firearm detection solutions offer a critical layer of protection, enhancing the ability to identify and respond to threats swiftly and effectively.”

 

RAD devices utilize a sophisticated combination of edge (on-device) technology and cloud-based processing to enhance the reliability of their firearm detection systems. When a potential firearm is detected, the device immediately sends captured images of the suspected firearm to the RAD Cloud for a process called Double Authentication. During this process, the suspected images are meticulously compared against RAD’s extensive and continuously updated library of firearm models.

 

If the process confirms a true positive, the RAD device at the scene automatically enters a local alert phase, including audible and visual alerts. This action triggers an immediate response protocol, where notifications are swiftly sent to remote monitoring centers and other security personnel, including law enforcement agencies.

 

 

RAD’s Double Authentication process significantly enhances the accuracy of the RAD devices, ensuring that only genuine threats are acted upon. By minimizing false alerts, RAD provides a more reliable and effective security solution, safeguarding public safety.

 

AITX, through its subsidiaries, Robotic Assistance Devices, Inc. (RAD), RAD-R, RAD-M and RAD-G is redefining the $25 billion (US) security and guarding services industry through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.

 

About Artificial Intelligence Technology Solutions (AITX)

 

AITX is an innovator in the delivery of artificial intelligence-based solutions that empower organizations to gain new insight, solve complex challenges and fuel new business ideas. Through its next-generation robotic product offerings, AITX’s RAD, RAD-R, RAD-M and RAD-G companies help organizations streamline operations, increase ROI, and strengthen business. AITX technology improves the simplicity and economics of patrolling and guard services and allows experienced personnel to focus on more strategic tasks. Customers augment the capabilities of existing staff and gain higher levels of situational awareness, all at drastically reduced cost. AITX solutions are well suited for use in multiple industries such as enterprises, government, transportation, critical infrastructure, education, and healthcare. To learn more, visit www.aitx.ai, www.radsecurity.com, www.stevereinharz.com, www.radgroup.ai, www.raddog.ai, and www.radlightmyway.com, or follow Steve Reinharz on Twitter @SteveReinharz.

 

CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS

 

The information contained in this publication does not constitute an offer to sell or solicit 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 provided herein is believed to be accurate and reliable, however the Company makes no representations or warranties, expressed or implied, as to its accuracy or completeness. The Company has no obligation to provide the recipient with additional updated information. No information in this publication should be interpreted as any indication whatsoever of the Company’s future revenues, results of operations, or stock price.

 

###

 

Steve Reinharz
949-636-7060
@SteveReinharz

 

 

 

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Cover	May 28, 2024
Cover [Abstract]
Document Type	8-K
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Document Period End Date	May 28, 2024
Entity File Number	000-55079
Entity Registrant Name	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
Entity Central Index Key	0001498148
Entity Tax Identification Number	27-2343603
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	10800 Galaxie Avenue
Entity Address, City or Town	Ferndale
Entity Address, State or Province	MI
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Pre-commencement Issuer Tender Offer	false
Entity Information, Former Legal or Registered Name	Not Applicable

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