TORONTO, ON--(Marketwired - March 30, 2017) - Internet of Things Inc. (TSX VENTURE: ITT) (FRANKFURT: 71T) ("IoT Inc." or the "Company"), an IoT software and solutions provider, is providing additional insight into the recently announced New Hope - IoT Inc. joint venture.
IoT Inc.'s planned joint venture partnership with New Hope Data Technology Co., Ltd., a New Hope Group affiliated and invested company (collectively "New Hope"), is focused on bringing industrial IoT solutions to Chinese factories. As part of this program, New Hope has built out a robust data analytics platform and a professional services team, that works with factory management to monitor and analyze industrial processes and inputs, converting them into actionable insight and knowledge. This helps management improve operational stability, product quality, profitability and reduce downtime.
One of the key challenges that many Chinese factories face, is lack of common communication interfaces between the machines, operators and managers. According to GSMA, China leads the world in the adoption of Machine-to-Machine ("M2M") services, with 74 million connections at the end of 2014, representing almost a third of the global base, and is expected to grow at an annual rate of 29% to reach 336 million connections by 2020. M2M connections, which involve connecting multiple machines, devices and appliances to the internet by multiple networks, are a key part of the Internet of Things.
International Data Corporation ("IDC") research identifies the Internet of Things as one of the key drivers to the Chinese Government's National Industry Innovation strategy, as it serves as an important driver to transform and upgrade traditional industries. At present, Chinese industrial enterprises' status is often described as Industrial 3.0 as they require significant improvements, especially in cost control, production efficiency and process management. More importantly, the Internet of Things combined with Big Data, will help push forward the third wave of China's information technology transformation. IDC projects that the Industrial IoT market in China alone will grow from US$215.5 Billion in 2016 to US$361.0 Billion by 2020.
According to New Hope, "there are thousands of Chinese factories just in the chemical industry sector alone that still rely on paper-based reporting systems. In addition, banks are now requesting that Chinese manufacturers institute Industrial IoT solutions, in order to help them mitigate operational and financial risks. New Hope is looking to partner with providers of IoT solutions that address this M2M communication gap; provide real-time plant and equipment monitoring and analytics; provide predicative monitoring and analytics capabilities; and advanced energy management systems. The goal is to help New Hope's network of factories and businesses, in addition, to other customers across China to become part of the Industry 4.0 revolution."
"We believe that New Hope's Big Data platform, will enable our joint venture to clearly differentiate itself, and provide customers with leading end-to-end solutions for their growing Industrial IoT requirements," said Michael Frank, IoT Inc.'s President & CEO. "Our vision includes integrating a suite of IoT solutions in a modular way, which will meet the needs of individual organizations amongst the New Hope owned factories and other manufacturing facilities across China."
About New Hope Group
New Hope Group (en.newhopegroup.com) was founded in 1982. New Hope Group now has more than 600 subsidiaries in 30 countries, with nearly 70,000 employees and annual revenues of nearly 80 Billion Yuan. It is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance, insurance and more. It has a AAA credit rating from China Chengxin International Credit Rating Co. Ltd. (CCXI).
New Hope Group includes New Hope Data Technology Co., Ltd, a Shanghai-based company focused on data acquisition, monitoring, analytics, knowledge transfer through the implementation of cutting-edge IoT technologies as well as professional services and data analytics.
About Internet of Things Inc. (TSX VENTURE: ITT) (FRANKFURT: 71T)
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. ITT has its headquarters in Toronto, Canada.
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Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regard to the joint venture, the use of the Company and the joint venture within the New Hope's manufacturing processes and projected revenue and income of the joint venture. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors' own risk.
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