TORONTO, ON–(Marketwired – December 15, 2015) – Internet of Things Inc. (TSX VENTURE: ITT) (“ITT” or the “Company”) an IoT technology accelerator and industry acquisition company and BrainGrid Corporation (“BrainGrid”) a designer, manufacturer, and marketer of advanced digital communication devices and software systems that enable the Internet of Things, have entered into a joint venture agreement. The joint venture company,BrainGrid Solutions Ltd. (“BrainGrid Solutions” or the “JV Company”) will market, sell and distribute BrainGrid’s flagship product, the ‘Sentroller’ and related BrainGrid IoT technology applications.
BrainGrid Solutions effectively enables clients a way to manage system devices by reducing costs, saving time, increasing reliability, scalability and overall system performance through advanced wireless monitoring and control. Initial markets include China, Taiwan and Hong Kong, while the JV Company continues to evaluate, negotiate and develop other international markets across a wide array of applications and verticals.
BrainGrid Solutions is owned equally by both parties and shall have a license to use BrainGrid’s current and future developed intellectual property, including without limitation, API’s, source code, data (derived from customers of BrainGrid Solutions), data analytics, patents and trademarks. The JV Company is also the exclusive partner/distributor for any current and future products, applications and services utilizing BrainGrid’s intellectual property in markets such as China, Taiwan, Hong Kong as well as any other markets that the parties may agree upon.
Internet of Things Inc. is acquiring a minority equity position in BrainGrid for $500,000 as an initial investment with an option to increase its interest over the next 6 months. ITT has agreed to issue 15.5 million warrants to BrainGrid as it directs, with each warrant exercisable into a common share at an exercise price of $0.05 per share of Internet of Things Inc. for a period of 60 months. Any common shares issued pursuant to the exercise of the warrants shall be subject to resale restrictions during the first 24 months, with 5% of the shares being available for resale on a monthly basis following expiration of the four month hold period.
In addition, ITT will be issuing 900,000 warrants to an arm’s length party as a finder’s fee, each warrant exercisable into a common share at an exercise price of $0.05 per share for a period of 60 months. Any shares issued pursuant to the exercise of these warrants will be subject to the same resale restrictions as govern the warrants issued to Braingrid.
The completion of the transaction with BrainGrid remains subject to the approval of the TSX Venture Exchange.
“As a pioneering Canadian technology company, BrainGrid has created a valuable platform and network of smart grid connected solutions,” commented Michael Frank, President & CEO of ITT. “BrainGrid’s premiere product, the Sentroller, is the first of its generation and has been field tested and validated to be a long range, low power, cost effective device that enables traditionally inaccessible data to be connected from remote Things, wirelessly.”
Before founding BrainGrid, its CEO, Michael Kadonoff, trained as an electrical engineer (B.Eng. from McMaster University) and worked at General Electric Grid IQ (formerly GE Multilin) as a professional band hardware designer on the premier design team for automation and control products. Surrounded and forged by the GE principles of excellence like Six Sigma and design for manufacturability (DfM), Mr. Kadonoff and his team of industry experts deliver robust, unprecedented and technologically advanced products. “We are excited to partner with Internet of Things Inc. to help take us to the next level and aggressively ramp up production, marketing and sales efforts,” commented Mr. Kadonoff.
The BrainGrid Sentroller and its encompassing software and database solutions, easily enables anyone to remotely monitor and manage systems and in-field equipment previously deemed as unmonitorable. The ‘Sentroller’ is designed from the ground up to use any of the industry’s sensors, communication protocols and connection schemes to integrate into your Things, seamlessly. A ‘Sentroller’ installs in minutes, with untrained personnel on live equipment and automatically connects to the BrainGrid network, which means a ‘Sentroller’ never becomes obsolete and the systems it’s connected to are infinitely upgradeable. The collected or sensed real-time data is transmitted over BrainGrid’s long range radio frequency (RF) network and is securely processed via fail-safe, redundant, independent servers and software systems which are delivered to customers using a novel, easy to use interface dashboard. The proprietary, patented technology can be applied to any vertical necessitating long range, low power, cost effective ways to transmit data machine to machine. It is versatile, robust and can be applied to a number of system applications with maximum reliability and minimal effort. BrainGrid has already started to fill numerous orders for the product within the residential solar industry in Canada.
Cisco has invited BrainGrid to showcase the ‘Sentroller’ its first fully commercialized IoT enabling device, at the new Cisco Internet of Everything Innovation Centre Toronto which is scheduled to open in January 2016. This centre is the first of its kind in North America, has been built to inspire and showcase IoE innovation and development.
Cisco estimates global IoE opportunities to be worth $19-trillion by 2022, including US$400 billion to the Canadian private sector over the next decade. For the public sector, these opportunities could produce US$95 billion in cost savings, new revenues, and employee productivity enhancements over the same period. This state-of-the-art development centre will bring together customers, partners, start-ups, accelerators, governments, universities and researchers to foster local and global innovation, with the Toronto Innovation Centre aiming to lead the transformation.
About BrainGrid Corporation
BrainGrid Corporation (www.braingrid.org) is a designer, manufacturer, and marketer of advanced digital communication devices and software systems that simplify the management of Things as they relate to the “Internet of Things (IoT).” They are committed to enabling clients to effectively monitor and manage system devices while reducing costs, saving time and increasing reliability, scalability and overall system performance.
As a pioneering Canadian technology company, BrainGrid offers Renewable Energy Power Producers, Operations and Maintenance (O&M) companies and the Energy Retrofit/Auditing industry Energy Management Solutions (EMS), with 10x the features/benefits compared to the market incumbents. BrainGrid has created a valuable technology platform and a wide ecosystem of smart grid connected solutions that continues to expand quickly. By positioning the company at the forefront of IoT solutions, BrainGrid is poised to accelerate its core vision of energy reform. BrainGrid is “Energy Reform, Simplified.”
About Internet of Things Inc. (TSX VENTURE: ITT)
Internet of Things Inc. (www.iotintl.com) is an IoT technology accelerator and industry acquisition company. ITT is focused on accelerating IoT-based technology companies, and the development and implementation of disruptive IoT-based solutions. Internet of Things Inc. will partner with companies across a wide range of industries to leverage the power of IoT. The Company maintains offices in Toronto, Canada and Kolkata, India.