TORONTO,ON--(Marketwired - March 17, 2017) - Internet of Things Inc. (TSX VENTURE: ITT) ("IoT Inc." or the "Company"), an IoT software and solutions provider, announces today that at the request of IIROC, is clarifying certain disclosures and statements made in its March 15, 2017 press release (the "Press Release"), which announced that the Company has signed a Letter of Intent to form a joint venture partnership (the "JV") with New Hope Data Technology Co., Ltd., a New Hope Group (collectively "New Hope") affiliated and invested company.
The Press Release provided that IoT Inc. expects revenues of the JV over the three-year term to be in the $20 million to $30 million range. This revenue expectation for the JV is based upon estimates which have been provided to the Company by New Hope as a significant amount of the projected revenue is expected to be generated by New Hope, its affiliated companies and its customers. This revenue expectation is what would generate the $3.5 million in aggregate net income over the first three years, which would result in New Hope being issued 28 million common shares of the Company that are milestone-based, as discussed in the Press Release.
As announced in the Press Release, New Hope and IoT Inc. plan to sign definitive joint venture agreements within the next 30-60 days. Updates will be provided as they become available.
About Internet of Things Inc. (TSX VENTURE: ITT)
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 and transportation. ITT has its headquarters in Toronto, Canada.
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 or CAD $15.5 Billion. 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 consulting and data analytics.
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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