Internet of Things (ITT.V) is proposing to change its company name to Predictiv AI, and also a 5.5 to 1 rollback at their upcoming annual shareholders meeting on August 21, 2020.
At present, the company has 337,401,919 company shares issue and outstanding, which stands to change to approximately 61,345,803 post-consolidation.
“Designing and developing the technology for ThermalPass would be expected to require at least 12 months, but with our experienced and committed team of engineers and partners, we will have completed design, development and testing in less than four months! We are looking forward to commercializing ThemalPass as a much-needed solution in today’s COVID-19 world,” said Michael Lende, president and CEO of ITT.
The company got the ball rolling on the name change and rollback in April, after the closing of their recent private placement when they informed the TSX Venture Exchange they were going to commence a special shareholders meeting to approve the consolidation within 180 days. The board is doing this because they believe the rollback will make them more competitive in the marketplace and increase the attractiveness of its securities to investors. The name change is at the behest of the company’s product development focus into artificial intelligence solutions and products.
The company has also been working with Commersive Solutions to push the development of ThermalPlass, fever detection device, which uses thermal medical-grade sensors to take 400 temperature readings per second. ThermalPass doesn’t need cameras, and therefore it preserves end users’ anonymity and doesn’t breach social distancing.
This is especially timely. Here’s what’s being said on Twitter.
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The company and Commersive are working towards forging an agreement, which should be finished sometime over the next month. ThermalPass is the inaugural product to be both developed and brought to market by SMRT Labs, a joint held company, which is 51% owned by ITT’s subsidiary, AI Labs, and 49% owned by Commersive.