CEO.CA Chairman's Briefing

(TheNewswire)

October 3, 2024 – TheNewswire - Toronto, Canada – SPARC AI INC.  (CSE: SPAI) (OTCQB: SPAIF) (Frankfurt: 5OV0) (“SPAI” or the “Company”) is excited to announce the development of version 2.0 has been completed and the Company is now testing the solution.

Version 2.0 introduces enhanced capabilities tailored for identifying target locations in challenging terrains and environments. This upgraded technology is designed to address the most difficult target acquisition tasks, aiding sectors such as search and rescue, border security, defence, and situational awareness. With this new version, users can pinpoint the exact geo-location of hidden targets or areas of limited visibility, whether they are positioned on ridges, hillsides, or concealed within coastal cliffs and mountainous regions.

The company is intensifying its efforts to expand its presence in the Target Acquisition System market, which is valued at US$13.59 billion, according to Statview Research1. While many competitors depend on complex, costly, and heavy hardware solutions deployed on the ground, such as the Elbit Systems HATTORIX, SPARC AI has taken a different approach. It has developed an innovative software solution that integrates seamlessly with drones, enabling a cost effective and rapid deployment and efficient target acquisition across a broad area, including challenging and complex terrains.

The company has begun implementing a new billing platform to streamline the management of recurring payments for its software. This platform will handle billing cycles, licensing, and payments on a per-drone basis, while also providing a solution for managing billing and payments for resellers and channel partners.

The Company is looking forward to sharing test results of Version 2.0 over the coming weeks.

1. Target Acquisition System Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2023-2028. https://www.stratviewresearch.com/3027/target-acquisition-system-market.html 

About SPARC AI

SPARC AI designs and develops high tech solutions for GPS denied environments that enhance perception and awareness. The Company has developed an innovative Target Acquisition System and Autonomous Flight solution for drones without requiring GPS, satellite, lidar, radar, image recognition or any other complex hardware or software solution.

For more information contact:

Website: https://www.sparcai.co

THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE. NO SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

FORWARD LOOKING INFORMATION

This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information.

The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.

Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors, assumptions and exclusions is not exhaustive.

The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.

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