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): June 4, 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 June 4, 2024, we will be issuing a press release titled “AITX Invests in Nightingale Security to Bolster Strategic Partnership and Enhance Global Autonomous Security Solutions”, 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		June 4, 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: June 4, 2024	ARTIFICIAL INTELLIGENCE TECHNOLOGY SOLUTIONS INC.
	By:	/s/ Steven Reinharz
	Name:	Steven Reinharz
	Title:	Chief Executive Officer

 

 

 

Exhibit 99.1

 

AITX Invests in Nightingale Security to Bolster Strategic Partnership and Enhance Global Autonomous Security Solutions

 

Detroit, Michigan, June 4, 2024 — Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions for enterprise clients along with wholly owned subsidiary Robotic Assistance Devices, Inc. (RAD), today announced a strategic investment in Nightingale Security Inc., a leader in autonomous aerial (drone) security systems. This investment follows a partnership announced in May, enhancing the commitment to delivering cutting-edge security solutions.

 

The Company noted that the undisclosed financial investment was via a convertible note. A convertible note is a type of short-term debt that converts into equity, typically in conjunction with a future financing round. This investment structure provides AITX with the flexibility to support Nightingale Security’s growth while potentially benefiting from future equity appreciation. By using a convertible note, AITX is able to make a strategic investment without immediately diluting its equity stake, aligning the interests of both companies and allowing for shared growth and success in the evolving security market.

 

Steve Reinharz, CEO/CTO of AITX and RAD, stated, “Our investment in Nightingale Security enhances our technological capabilities and market reach. Integrating RAD’s ground-based robots with Nightingale’s drones creates a robust security ecosystem for challenging environments.”

 

Jack Wu, CEO of Nightingale Security, added, “This partnership pushes integrated autonomous devices to deliver autonomous security, providing cost reduction, more capabilities, and unmatched situational awareness via the ability to rapidly respond with the Nightingale autonomous drone.”

 

The integration of RAD’s RIO™ with Nightingale’s drones will enable seamless detection, surveillance, and response, offering low-cost, efficient security for large, remote areas. This combined solution will provide clients with the ability to “Detect, Respond, and Verify.”

 

Mark Folmer, CPP, PSP, FSyI, President of RAD, commented, “We are excited to deepen our collaboration with Nightingale. This partnership offers our clients an intelligent security solution combining stationary and aerial capabilities, setting new industry standards.”

 

This strategic investment emphasizes AITX’s proactive approach to leveraging emerging technologies in security. The companies aim to advance AI-powered security solutions and reinforce their leadership in the field.

 

Both companies are committed to a long-term vision, with typically three-year Robotics-as-a-Service (RaaS) contracts underscoring their dedication to providing sustained, innovative security solutions worldwide. The partnership highlights the significant impact and growth potential of autonomous security solutions, aiming to redefine security standards globally.

 

 

For more information about this innovative partnership and to stay updated on further developments, please visit www.radsecurity.com and www.nightingalesecurity.com.

 

AITX, through its subsidiary, Robotic Assistance Devices, Inc. (RAD), 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	Jun. 04, 2024
Cover [Abstract]
Document Type	8-K
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Document Period End Date	Jun. 04, 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 Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Information, Former Legal or Registered Name	Not Applicable

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