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Sparc AI Inc
Symbol	SPAI
Shares Issued	9,094,539
Close 2023-10-20	C$ 0.19
Market Cap	C$ 1,727,962
Recent Sedar+ Documents

Sparc AI selects development partner for microchip

2023-10-20 09:01 ET - News Release

Subject: SPARC AI SELECTS DEVELOPMENT PARTNER FOR SPARC AI ON A MICROCHIP PDF Document File: Attachment SPARC AI Selects Development Partner.pdf SPARC AI INC. NEWS RELEASE SPARC AI SELECTS DEVELOPMENT PARTNER FOR SPARC AI ON A MICROCHIP October 20, 2023 Toronto, Canada SPARC AI INC. (CSE: SPAI) (OTC: EGTTF) (Frankfurt: 5OV0) ("SPAI" or the "Company") announced on August 21, 2023 that it is working on selecting a development partner to move the Company's existing patented IP to a product format for commercialization. The Company is pleased to announce it has now selected an embedded systems engineering and software company to assist with the development of a mobile application and a microchip with embedded SPARC AI patented code and algorithms. The development will take approximately four months to complete and will result in the Company launching powerful products for security, surveillance, search and rescue and reconnaissance activities. The development will be carried out by a highly experienced firm and SPARC AI will retain all intellectual property rights to all existing and new code, systems, processes, and knowhow. SPARC AI aims to demonstrate a powerful ground to air navigation platform that is fully autonomous, covert and not connected to GPS. On completion of the proposed development works, SPARC AI will be able to demonstrate the following capabilities including: dot A person taking a photo of an object that is up to 500m away. The photo will be sent to a drone via SMS. A drone will autonomously fly to the object image location (not the location of the person). The drone will fly autonomously with no GPS, internet, satellite connection or human intervention. For demonstration purposes, it will have cellular connectivity to receive the image. dot Attaching a camera to a car and driving for 3km. Once the destination is reached, uploading images to a drone and instructing the drone to fly back using only the SPARC algorithms. This demonstration will not use GPS or satellite or human intervention, and the drone will fly autonomously back to base via the same path travelled by the car. In GPS-denied environments or situations where the GPS signals are not available, SPARC AI can record geospatial data using its proprietary patented algorithms to create new navigation systems and applications. Alternative GPS technologies for identifying locations are complex, expensive, and may provide approximate estimations only which include gravity anomaly, magnetic anomaly, celestial and lidar technologies. They may also require connections to the internet or satellite. Further, these systems appear to measure the location of the sensors only, not the location of distant objects at different locations to the sensor. The launch of the SPARC AI microchip and mobile application marks a transformative turnaround for the Company. The Company will make further announcements providing updates on the development work and video demonstrations of the products at an official launch early next year. For more information contact: Website: https://www.sparcai.co Investor Presentation: Click Here Anoosh Manzoori, CEO SPARC AI INC. Email: anoosh@sparcai.net Phone: +61.3.9666338 THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE. NO SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN. FORWARD LOOKING INFORMATION This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company's public filings under the Company's SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors, assumptions and exclusions is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.