Toronto, ON (GLOBE NEWSWIRE) - Internet of Things Inc. (TSX VENTURE:ITT) (OTC: INOTF) (FRANKFURT:71T) (“ITT Inc.” or “the Company”) a software and solutions provider to the Internet of Things (the “IoT”) market, announces the formation of a new subsidiary, Blockchain of Things Inc. (“Blockchain of Things”)
By combining Blockchain and IoT, Blockchain of Things will look to transform the way global business transactions and operations are conducted, by providing an incorruptible, trustworthy environment that automates, accelerates and encodes transactions while ensuring enterprise level privacy and security for all parties.
Blockchain of Things Inc. is actively pursuing several strategic initiatives and acquisitions where Blockchain and IoT come together using smart contracts to streamline various operational/manufacturing activities. The initial focus of the Blockchain of Things subsidiary includes but is not limited to the following markets:
“The Internet of Things and Blockchain are set to converge and transform business operations and processes. We anticipate that blockchain will be the catalyst to the explosive adoption of both consumer and industrial IoT products and services. As such, the formation of Blockchain of Things positions Internet of Things Inc. to be at the front of this technological wave,” said Michael Frank, CEO of ITT Inc. “As we roll out the Blockchain-IoT strategy, we expect our existing relationships will provide us with near-term opportunities to develop and implement our solutions, capturing market share and revenue.”
Blockchain of Things also announces the appointment of Michael Lende, as a senior consultant. Mr. Lende is a strategic advisor to several technology companies and was the Senior VP at Zipcar, where he was a pioneer of the shared economy space. He led Zipcar Canada, growing it to 425 vehicles with 42,000 members and was instrumental in its very successful IPO.
Blockchain + IoT will optimize supply chains by securely tracking objects and by using smart contracts and smart applications that improve IoT compliance, features and cost efficiencies. Internet of Things Inc. is positioning itself to be a major disruptor in the IoT and Industrial IoT markets.
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. Its wholly-owned subsidiary Blockchain of Things Inc. develops and provides customized, scalable blockchain solutions. 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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SOURCE: Internet of Things Inc.