Internet of Things Inc. (TSX-V: ITT), an IoT technology accelerator and industry acquisition company, has entered a joint venture agreement with BrainGrid Corporation, a designer, manufacturer, and marketer of advanced digital communication devices and software systems that simplify the management of things as they relate to the “Internet of Things (IoT). The joint venture company will market, sell and distribute BrainGrid’s innovative flagship product, the ‘Sentroller’ and related BrainGrid IoT technology applications. BrainGrid Solutions is owned equally by both parties and shall have a license to use BrainGrid's current and future developed intellectual property, including without limitation, API's, source code, data (derived from customers of BrainGrid Solutions), data analytics, patents and trademarks.
Designed to use any of the industry’s sensors, communication protocols and connection schemes to seamlessly integrate into your things, BrainGrid’s ‘Sentroller’ and its encompassing software and database solutions enables anyone to remotely monitor and manage systems and in-field equipment. The proprietary, patented technology can be applied to any vertical necessitating long-range, low-power, cost-effective ways to transmit data machine to machine.
“As a pioneering Canadian technology company, BrainGrid has created a valuable platform and network of smart grid connected solutions” commented Michael Frank, President and CEO of Internet of Things Inc. “BrainGrid’s premiere product, the ‘Sentroller,’ is the first of its generation and has been field tested and validated to be a long range, low power, cost effective device that enables traditionally inaccessible data to be connected from remote Things, wirelessly.”
Major Tech Players Taking Notice
Internet of Things Inc. is acquiring a minority equity position in BrainGrid for $500,000 as an initial investment with an option to increase its interest over the next 6 months. The company has agreed to issue 15.5 million warrants to BrainGrid as it directs, with each warrant exercisable into a common share at an exercise price of $0.05 per share of Internet of Things Inc. for a period of 60 months. Furthermore, Internet of Things will be issuing 900,000 warrants to an arm's length party as a finder's fee, each warrant exercisable into a common share at an exercise price of $0.05 per share for a period of 60 months.
Cisco Systems, Inc. (CSCO), having estimated global IoE opportunities to be worth $19-trillion by 2022, including US$400 billion to the Canadian private sector over the next decade, has invited BrainGrid to showcase the ‘Sentroller’ at the Cisco Internet of Everything Innovation Centre Toronto, scheduled to open in January 2016. Furthermore, BrainGrid has begun to fill ‘Sentroller’ orders within Canada’s residential solar industry.
With a major tech industry leader taking notice, this milestone joint agreement could be the catalyst that brings two companies to the forefront of a very profitable sector.. “We are excited to partner with Internet of Things Inc.,” said Michael Kadonoff, CEO of BrainGrid, “to help take us to the next level and aggressively ramp up production, marketing and sales efforts.”
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