17:38:53 EDT Tue 14 May 2024
Enter Symbol
or Name
USA
CA



Infinitii AI Inc
Symbol IAI
Shares Issued 126,424,783
Close 2023-12-06 C$ 0.045
Market Cap C$ 5,689,115
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Infinitii AI arranges $550,000 debenture, unit offering

2023-12-06 11:59 ET - News Release

Mr. Jean Charles Phaneuf reports

INFINITII AI INC. ANNOUNCES CONVERTIBLE DEBENTURE OFFERING TO FUEL GROWTH OF PROFESSIONAL SERVICES BUSINESS INITIATIVE AND ONGOING PRODUCT DEVELOPMENT

Infinitii AI Inc. plans to raise up to $400,000 through the issue of convertible debentures and up to $150,000 through the issue of units. The units are priced at five cents each, and consist of one common share in the capital of the company and one share purchase warrant allowing the holder to purchase one share at 10 cents per share for a period of 36 months from issue.

The convertible debentures carry an interest rate of 10 per cent per year, compounded semi-annually, will mature 36 months from the date of issue and are convertible, along with any accrued interest, into units at five cents per unit at any time before the maturity date.

"At our annual general shareholders meeting last week, we announced a new professional services business initiative that leverages our unique AI [artificial intelligence] talent base on behalf of customers interested in adopting our technology, but unable to attract and retain staff capable of building robust machine learning algorithms," said Jean Charles Phaneuf, chief executive officer.

The consulting firm McKinsey reports that a typical AI project requires a highly skilled team, including a data scientist, data engineer, machine-learning engineer, product manager and designer, and that there simply are not enough skilled professionals available, even with recent contraction across the technology industry.

"This financing is going to be deployed as working capital for our new business initiatives, and we quickly expect to close on existing opportunities directly related to the AI talent shortage holding back urgent AI-related systems priorities," continued Mr. Phaneuf. "We have an excellent machine learning operations team that is poised to lend their expertise to mission-critical projects. We will assess each of these projects to ensure synergy and future opportunity with our own productization initiatives. This is an excellent way to bootstrap growth and extend product capabilities at the same time."

About Infinitii AI Inc.

Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the United States and Canada, Infinitii AI has evolved into a machine-learning software leader that serves water utility customers in cities and municipalities, including Toronto, Seattle, Miami-Dade county, Montreal, Boston, Dallas, region of Peel, York region and Los Angeles county, among others. The company services customers via a trusted partner network that includes engineering and IT (information technology) services companies like AECOM, Core & Main, Kerr Wood Leidal Ltd., K2 Geospatial, and SCG Flowmetrix.

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 is real-time, historic, wireless, satellite, SCADA (supervisory control and data acquisition) or public data sets, including USGS (U.S. Geological Survey), NOAA (National Oceanic and Atmospheric Administration) and weather forecasts -- it does not matter where the data originate -- Infinitii AI transforms raw data into actionable information.

We seek Safe Harbor.

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