Artificial Intelligence Technology Stock Doubles On Agreement With Fortune 500 Client
It is a well-known fact that artificial intelligence and robotics are going to be the next big things in the world of tech. Hence, it is imperative for investors to keep a close eye on the industry, the latest developments, and the companies which are working in the space.
One of the companies worth following in this space is Artificial Intelligence Technology Solutions, Inc. (OTCPK:AITX), and particularly so because of the massive rally its stock enjoyed on Thursday. The company’s major announcement on Wednesday resulted in a remarkable 130% rally in the stock.
A Big News
AITS announced on Wednesday that its fully owned subsidiary, Robotic Assistance Devices (RAD) had signed a direct master services contract with a major logistics client, which is listed on the New York Stock Exchange. The client is a part of the illustrious Fortune 500 list and currently takes care of the logistical requirements of as many as 50000 clients. It goes without saying that it is a major deal for AITS, and once the news broke, the stock started rallied strongly, and it remains to be seen if it can continue to add to its gains for the rest of the week. Investors could do well to keep an eye on the AITS stock.
However, the most important takeaway from the announcement was the fact that that the Chief Executive Officer of RAD, Steve Reinharz, stated that the contract could lead to numerous more purchase order from the company. RAD did not reveal the name of the client, but it is apparently on the lookout for reducing costs at all times, and that bodes well for the AITS subsidiary, which claims to save its clients as much as 70% of the security costs.
Received first AVA Order
There have been other positive developments with regard to RAD this month as well. Earlier this month, AITS announced that one of the large dealers of RAD placed the first order for the company’s Autonomous Vehicle Access (AVA) device. The company went on to reveal that the order was placed by a Homeowner’s Association, who are now going to install the devices in a community that includes 500 homes in total.
The company’s CEO stated that it is a particularly important development since there are thousands of similar AVA opportunities in the market, and the first-order could open the floodgates for RAD in a big way.
Secures Nine Unit Order From Real Estate Company
Back in May, the company had announced another order for RAD, and it becomes quite clear why the stock exploded on Thursday. RAD received an order from a real estate company of middling size for nine units for devices. The company managed residential properties and was secured through one of RAD’s dealers.
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