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Internet of Things' Weather Telematics subsidiary marks milestone with first revenue this quarter

From June 1 to July 31, WTX posted revenues of $63,714 versus nil in 2017
Weather Telematics is at the forefront of AI-based technologies for predictive road risk alerts

Tech group Internet of Things Inc (CVE:ITT) told investors that its road-safety focused subsidiary Weather Telematics (WTX) had realized its first revenue this quarter.

The group completed the acquisition at the beginning of June, and from that date to July 31, WTX posted revenues of $63,714 versus nil in 2017.

In September, the group said it had reached a key milestone - the patent for the "mobile collection, analysis and processing of meteorological data".

This will allow the collection of granular data, as well as the capacity to license and protect its technology, ITT had said.

On the Weather Telematics business, James Sutcliffe, chief operating officer at ITT, noted: "We have a robust sales pipeline across multiple industry verticals including automotive OEM, insurance, logistics and supply chain, and are working diligently on closing several over the coming months."

On Braingrid Corp, in which ITT holds an 8.33% minority stake, Match Capital Resources is set to buy the firm in a transaction expected to close before October 31.

Braingrid is required to have completed a private placing before this to raise gross proceeds of up to $3-million at a price of $0.80 per security, giving Braingrid a pre-money valuation in excess of $25 million.

Joint venture

On its joint venture with New Hope IoT Intl Inc, Internet of Things said it continues to expand and develop its offerings in the Chinese market through its relationships with technology providers.

"On August 14, 2018, the JV entered into a channel agreement with PointGrab Ltd. to market, sell and service its products in China," it reminded investors.

Also in today's corporate update, the firm also announced that it had settled debts totalling $77,000 owed to an officer of the company.

It issued 799,585 shares at $0.0963 a throw, subject to TSX venture exchange final approval.

ITT shares are unchanged at $0.045.

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