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AITX Continues its Longstanding Commitment to Highest Levels of Compliance and Transparency
Detroit, Michigan, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Artificial Intelligence Technology Solutions, Inc., (the “Company”) (OTCPK:AITX), a global leader in AI-driven security and productivity solutions, announces its transition to the newly established OTCID Market, which will become effective in July 2025, at which time the OTC Markets Pink Current Market will become OTCID. The OTCID Market will formally recognize companies like AITX that meet the future OTCID current information reporting requirements, once established. AITX’s application to OTC Markets for the OTCID Market has been signed, filed and is up to date.
OTC Markets will publish the OTCID requirements later this year. AITX has an established history since 2019 of consistently meeting its informational requirements with OTC Markets by providing an even higher level of disclosure through the filing of its periodic reports and reports of material events with the Securities and Exchange Commission (the “SEC”) and will continue to do so through OTCID. SEC reports reflect greater disclosure requirements than the Pink Current system and the future OTCID market by adhering to rigorous SEC disclosure standards, including compliance with the Sarbanes-Oxley Act and filing reports that require detailed financial statements, management discussions, risk factors, and disclosures on material changes in company operations, legal proceedings, executive compensation, and strict corporate governance standards. Further, the Company’s SEC filings are subject to auditing (annual) and limited reviews (quarterly) by third-party auditors, ensuring accuracy and regulatory compliance. Additionally, SEC filers are required to disclose insider trading activity, executive compensation, and adhere to stricter corporate governance standards
“Transitioning to the OTCID Market reflects our continuing journey towards a potential uplisting to NASDAQ and reflects our commitment to transparency and to building trust within the investment community. AITX is dedicated to both compliance and growth as we work to bring long-term value to our shareholders,” said Steve Reinharz, CEO of AITX.
AITX, through its subsidiary, Robotic Assistance Devices, Inc. (RAD), is redefining the nearly $50 billion (US) security and guarding services industry1 through its broad lineup of innovative, AI-driven Solutions-as-a-Service business model. RAD solutions are specifically designed to provide cost savings to businesses of between 35%-80% when compared to the industry’s existing and costly manned security guarding and monitoring model. RAD delivers these tremendous cost savings via a suite of stationary and mobile robotic solutions that complement, and at times, directly replace the need for human personnel in environments better suited for machines. All RAD technologies, AI-based analytics and software platforms are developed in-house.