SOURCE: Internet of Things Inc.

Internet of Things Inc.

May 27, 2015 11:46 ET

Internet of Things Inc. to Develop Applications for Automotive and Manufacturing Industries and Sets Up IoT Labs Inc.

TORONTO, ON--(Marketwired - May 27, 2015) - Internet of Things Inc. (TSX VENTURE: ITT) ("IoT Inc." or the "Company") is pleased to provide shareholders with an update on its business activities. The Company is developing applications for the automotive and manufacturing industries, and has entered into discussions with industrial and consumer-based companies looking to utilize its technology and middleware platform for connecting devices.

In the automotive and manufacturing industries, high value production equipment has conventionally been heavily-instrumented and contained in closed-circuit environments where upgrade projects are expensive and inhibited by a large installed base of legacy equipment and standards. With the growth of Internet of Things driving down consumer and industrial equipment costs, these solutions can now affordably and efficiently be implemented in manufacturers' equipment.

According to a December 2013 survey by the American Society for Quality (ASQ), only 13 percent of the manufacturers surveyed claimed to have implemented smart manufacturing within their organization. Of those organizations, 82 percent say they have experienced increased efficiency.

Internet of Things benefits manufacturers by collecting data from sensors and communicating that data to factory floor workers, plant managers, software systems and many aspects of the supply chain. By connecting machines on an intelligent network, minimal intervention will be required by operators since the machines can communicate and control each other autonomously.

The Company would also like to announce the formation and registration of its 100%, wholly owned subsidiary, IoT Labs Inc. Manish Dixit, Chief Technology Officer and Malay Dixit, Vice President have taken on the responsibility of overseeing day-to-day operations.

"Peer-to-peer communication between products, systems and machines represents the next generation of manufacturing. Manufacturers will use technology to deliver dynamic, efficient, and automated manufacturing processes that connect people, processes and data. Our applications will help manufacturers improve resource efficiency, safety and return on assets," said Manish Dixit.

IoT Labs Inc. will leverage the software development centre in India and its on-demand capacity through a talent pool of more than 100 software engineers to accelerate development of these new applications. The initial launch of the platform is scheduled to take place in North America. The Company is also considering distribution into India and other international markets.

About Internet of Things Inc. (TSX VENTURE: ITT)

Internet of Things Inc. (www.IoTIntl.com) is an IoT technology accelerator and industry acquisition company focused on emerging integrated technologies and solutions. The Company operates three divisions: accelerating technology start-ups; consulting services; and mergers and acquisitions. Internet of Things Inc. will help clients across a wide range of industries leverage the power of IoT, including telecommunications, utilities, healthcare, agriculture, and transportation service providers. The Company maintains offices in Toronto, Canada and Kolkata, India.

Forward Looking Statements

Certain statements herein may contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Forward-looking statements or information appear in a number of places and can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate" or "believes" or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements and information are subject to risks, uncertainties and other factors which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. There can be no assurance that a forward-looking statement or information referenced herein will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Also, many of the factors are beyond the control of the Company. We undertake no obligation to reissue or update any forward-looking statements or information except as required by law. All forward-looking statements and information herein are qualified by this cautionary statement.

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

Contact Information

  • For further information, contact:

    Internet of Things Inc.


    Michael Frank
    President & CEO
    Tel: (416) 677-9277
    Fax: (866) 927-1222
    Email: mfrank@IoTIntl.com
    To learn more, visit: www.IoTIntl.com