Predictiv AI (CVE:PAI) (OTCMKTS:INOTF) (FRA:71TA) CEO Michael Lende said its high-capacity walk-through temperature scanning system, ThermalPass, had received early validation from US schools and hospitals.
ThermalPass is seeing an increase in demand from school districts in North America following a successful installation at one of the largest districts in the state of North Carolina in April.
In a statement accompanying the company’s fourth quarter and fiscal 2021 results, Lende said: "Our team successfully repurposed our sensor based artificial intelligence to create ThermalPass, a unique temperature scanning system in a short time frame, to mitigate the spread of contagions during these difficult times.”
“While ThermalPass sales have been behind, we are targeting the verticals where significant government and corporate funding has been allocated towards health and safety for school systems and hospitals in the US. These are areas where we have received early validation and customer base."
READ: Predictiv AI’s Weather Telematics road hazard app adopted by Skelton Truck Lines
The company also noted the sale and installation of multiple ThermalPass systems at one of the largest and most respected hospital chains in Florida - Memorial Healthcare System.
ThermalPass can be assembled in minutes and looks like a thin-framed metal detector at building entrances, allowing touchless temperature checks from a distance as people enter a building.
Meanwhile, Predictiv AI’s wholly-owned Weather Telematics Inc subsidiary is outfitting the new 70-vehicle US fleet for Skelton Truck Lines Ltd with the Alert Fleet Road Hazard mobile app.
“We turned our proprietary datasets into a life and money saving Alert Fleet product with a go to market strategy which is poised to provide thousands of fleets with cost savings and a safer driving environment," said Lende.
Meanwhile, Lende said it has been “a year of challenges,” but the company has “set up viable business initiatives” with products designed to “solve real-world problems” which impact health and safety.
“We are proud to have established a business development model and infrastructure with a foundation for creating future shareholder value,” said Lende. “PAI continues to take necessary steps to build out our reseller network and sales channels.”
For the fourth quarter ended January 31, 2021, the Toronto-based technology company reported revenue of $4,971, compared to $89,596 in the fourth quarter of 2020.
The company’s 4Q loss before impairment of intangible assets, amortization, share-based payments, depreciation, finance charges and taxes totaled $365,441, compared to $104,575 in the same period a year earlier.
Meanwhile, for the year ended January 31, 2021, the company’s loss before amortization, share-based payments, depreciation, finance charges and taxes amounted to $1,764,273, compared to $1,094,994 in 2020.
In a positive, Predictiv AI has secured a multiyear deal with Synoptic Data PBC for data provision services. “This licensing contract will generate seven-figure revenue over the term for Weather Telematics and will launch its next generation of weather and road temperature sensors, which turns vehicles into their own mobile weather stations,” said the company.
In addition, Predictiv AI has formed a partnership with Sigfox Canada to enter into global sales and technology integration for ThermalPass. The firm has also added TFG Concepts and MCL Sustainable Cleaning Solutions as channel resellers and distributors.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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