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Internet of Things says its China-focused joint venture has named Li Hui Wen as CEO

The company is a joint venture partner with Hope Data Technology Co Ltd and New Hope IoT Intl Inc, which are affiliated with New Hope Group

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The new CEO has technical expertise in big data, robotics, machine learning and artificial intelligence

Internet of Things Inc (CVE:ITT) says China-focused New Hope IoT Intl Inc, its joint-venture partner, has appointed Li Hui Wen as its CEO.

Li has exceptional technical expertise in big data, robotics, machine learning and artificial intelligence (AI), the group said, and he has held positions of increasing responsibility at computer titan IBM before transferring to Bank of Montreal where he, most recently, was senior technology officer and solution architect.

READ THE DEEP DIVE: Internet of Things embarks on promising mergers-and-acquisitions strategy

ITT is a joint venture partner with Hope Data Technology Co Ltd and New Hope IoT Intl Inc, which are affiliated with New Hope Group - one of China’s largest privately-owned entities, with more than 600 subsidiaries and nearly 70,000 employees.

The venture is focused on the digital transformation of factories and supply chains in China.

"Our joint venture with New Hope Data is a valuable and strategic distribution channel into the Chinese market for Internet of Thing Inc., which is critical to our IoT consolidation strategy,” said Ron Shuttleworth, CEO of Internet of Things. Hui Wen brings much-needed leadership and focus to our JV, which is expected to drive significant value."

Li said of the China opportunity: "The macro environment for innovative big data solutions remains very strong, with massive infrastructure projects being announced regularly.

"I am excited to guide the company through its next stage of development and success. The JV has a sound business model and there are several significant growth opportunities for New Hope IoT Intl. Inc.”

Shares in Toronto raced up over 11% to stand at $0.05 each.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Internet of Things Inc.

Price: 0.01 CAD

TSX-V:ITT
Market: TSX-V
Market Cap: $2.06 m
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