TORONTO, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX-V:ITT) (OTC:INOTF) (FSE:71T) (“ITT Inc.” or the “Company”) a software and solutions provider to the Internet of Things (the “IoT”) market, is pleased to announce that Braingrid Corporation (“Braingrid”) a company it has a minority equity position in, has closed a $2.5 million equity financing , at a price of $0.40 per Unit. Braingrid is planning a public listing on the Canadian Securities Exchange within the next 90 days.
Braingrid is a blockchain cannabis tech company, whose wireless sensing and data collection platform enables medical cannabis growers to securely monitor, analyze and optimize their cultivation data.
In December 2015, ITT Inc. acquired an 8.33% minority equity position in Braingrid for $500,000.
“We believe that Braingrid’s go-public transaction will be accretive to ITT shareholders,” said Michael Frank, CEO of ITT Inc.
Braingrid provides an affordable, versatile and quick-to-install sensor platform that captures the critical real-time data needed by cannabis growers to increase revenues, reduce costs and reduce risks.
About Internet of Things Inc.
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 Inc. has a joint venture partnership with New Hope Data Technology Co. Ltd for China. The Company is headquartered 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 regards 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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