infinitii ai AGSM reviews corporate trajectory to multi-product portfolio and announces new Equity Incentive Plan
VANCOUVER, BC, Nov. 25, 2022 /CNW/ - infinitii ai inc. ("infinitii ai" or the "Company") (CSE: IAI) (FSE: 7C5) (OTC: CDTAF), a leader in AI-driven predictive analytics software for Smart City water and Smart Industry infrastructure applications that rely on time-series data, held its Annual General and Special Meeting ("AGSM") of shareholders yesterday. The Company summarized its corporate transformation, and received shareholder approval on its new Equity Incentive Plan. A complete set of June 30, 2022 Consolidated Financial Statements and Management's Discussion & Analysis for FY – 2022 was released on Oct. 24 and has been filed at www.sedar.com.
Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai has evolved into a leader in AI-driven predictive analytics for industrial and Smart City infrastructure applications that rely on time-series data. The Company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Associates Ltd., K2 Geospatial and CSL Services Inc.
"In fiscal year 2022 infinitii ai won sizeable new sales contracts with Los Angeles County and Miami-Dade County. These combined with renewals by all of our major Smart City customers increased monthly revenue from contracted and subscription customers by 46%," said Jean Charles Phaneuf, CEO of infinitii ai. "We are well positioned with a new corporate brand that is a foundation for the infinitii dataworks platform – the Machine Learning technology base for a product portfolio of 15 well branded, clearly differentiated products that cater to our target markets."
"In our current fiscal year we are focused on adding new reseller partners and developing a channel-oriented go-to-market strategy," continued Phaneuf. "Our goal is higher revenue per sale, more Smart City and Smart Industry customers, and achieving increased growth as well as profitability."
The Company did not grant any stock options in fiscal year 2022. On Nov. 24 the shareholders approved a new Equity Incentive Plan (the "2022 Plan").
The 2022 Plan provides flexibility to the Company to grant equity-based incentive awards in the form of options, restricted share units, performance share units and deferred share units with the purpose of attracting and retaining skilled employees and senior managers. The 2022 Plan is a rolling plan which provides that the aggregate maximum number of shares that may be issued upon the exercise or settlement of awards granted under the 2022 Plan shall not exceed 20% of the Company's issued and outstanding shares from time to time. The 2022 Plan is considered an "evergreen" plan, since the shares covered by awards which have been exercised, settled or terminated shall be available for subsequent grants under the 2022 Plan and the number of awards available to grant increases as the number of issued and outstanding shares increases.
The extent to which any such individual is entitled to receive a grant of an award pursuant to the 2022 Plan will be determined by the Board of Directors of the Company. Further detail on the 2022 Plan has been filed at www.sedar.com.
Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S. and Canada, infinitii ai (formerly Carl Data Solutions Inc.) has evolved into a leader in AI-driven predictive analytics Smart City water and Smart Industry infrastructure applications that rely on time-series data. The Company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Associates Ltd., K2 Geospatial and CSL Services Inc.
infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it's real-time, historic, wireless, satellite, SCADA or public data sets including USGS, NOAA and weather forecasts – it doesn't matter where the data originates, infinitii ai transforms raw data into actionable information. Visit www.infinitii.ai to learn more.
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information is based on certain key expectations and assumptions made by the management of infinitii ai, including the expectation of future revenue growth. Although infinitii ai believes that the expectations and assumptions upon which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because infinitii ai can provide no assurance that they will prove to be correct. Any forward-looking statements contained in this press release are made as of the date of this press release. infinitii ai disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by applicable securities laws.
SOURCE infinitii ai inc.