Toronto, Canada and Shanghai, China, April 24, 2019 — Internet of Things Inc. (TSX-V: ITT; OTC: INOTF; FSE: 7iT) (“IoT Inc.” or the “Company”), a consolidator of data-driven industrial IoT companies, is pleased to announce that New Hope IoT Intl. Inc. (the “JV”) has initiated a pilot program with FreePoint Technologies Inc. (“FreePoint”) to provide real-time production monitoring solutions to New Hope Group portfolio companies.
The JV has deployed FreePoint’s ShiftWorx platform to three production machines in a New Hope Group facility in its China Chemicals Division. The system is currently gathering data and analyzing output in order to measure real-time production flows and assess inventory management.
FreePoint’s ShiftWorx is an industrial IoT platform that delivers actionable information from machines and equipment on the shop floor directly to relevant staff. The solution provides transparent real-time data to workers, supervisors, and managers, which leads to a more responsive and productive manufacturing environment. With minimal to no infrastructure intrusion, FreePoint’s solutions are ideal for new and sophisticated equipment while being easily applied to conventional equipment.
“Our JV with New Hope Data is an important strategic distribution channel into the Chinese market, and remains critical to both our revenue streams and our consolidation strategy,” said Ron Shuttleworth, CEO of IoT Inc. “The FreePoint solution has been sourced to address immediate production and inventory management opportunities identified by our local management team in China.”
“Manufacturers are constantly looking to improve efficiencies in their operations, and especially to reduce unnecessary downtime. We are confident that working with FreePoint and engaging the highly skilled New Hope Group employees will translate into improved machine utilization, manufacturing throughput, and inventory visibility,” said Li Hui Wen, CEO of New Hope IoT Intl. Inc. “A successful pilot will enable broad deployment throughout the New Hope Group network of companies.”
About New Hope Group & Shanghai New Hope Data Technology Co. Ltd.
New Hope Group (newhopegroup.com) was founded in 1982 and is a Chinese agricultural and industrial conglomerate with more than 600 subsidiaries in 30 countries, nearly 70,000 employees and annual revenues of over 130 Billion Yuan ($25.7 Billion). Shanghai New Hope Data Technology Co., Ltd., a subsidiary of New Hope Group, is an industrial IoT / ‘Industry 4.0’ solutions provider. They are focused on the digital transformation of factories and supply chains and have a joint venture with Internet of Things Inc.
About FreePoint Technologies Inc.
FreePoint provides Industrial Internet of Things (IIoT) software to manufacturers worldwide, helping them easily, rapidly, and cost-effectively connect to their machines and with their people, delivering immediate improvements in situational awareness and operational efficiency on the manufacturing floor. Learn more at: https://www.getfreepoint.com/.
About Internet of Things Inc.
Internet of Things Inc. consolidates data-driven industrial IoT companies. The Company owns Weather Telematics Inc., has a joint venture channel partnership with Shanghai New Hope Data Technology Co. Ltd., and is headquartered in Toronto, Canada.
|Follow Internet of Things Inc. on:|
|For further information, contact:|
|Internet of Things Inc.|
|Ron Shuttleworth, Chief Executive Officer|
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 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.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE