HENDERSON, Nev.--(BUSINESS WIRE)--Artificial Intelligence Technology Solutions, Inc., (OTCPK:AITX), today filed a Form S-3 with the Securities and Exchange Commission that provides details on the company’s intent to raise up to $30 million over the next 36 months. The company is setting aside 350 million shares for this raise, approximately 8.75% of the number of existing outstanding shares of common stock. Once the Form S-3 has been declared effective by the SEC, the company can raise new funds at what many consider to be the lowest cost to the company and therefore of the greatest benefit to existing shareholders.
The filing can be found here: https://www.sec.gov/Archives/edgar/data/0001498148/000149315221021868/forms-3.htm
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective.
A copy of the prospectus included in the registration statement may be obtained by writing or calling us at the following address or telephone number: Anthony Brenz, Artificial Intelligence Technology Solutions Inc., Attention: Investor Relations, at 10800 Galaxie Avenue, Ferndale, Michigan 48220, telephone: (877) 787-6268.
Each time that the company intends to offer securities registered under the Form S-3, it will provide investors with a prospectus supplement outlining the terms of the specific offering, including a fixed price for the securities being offered in that offering, with no punitive clauses that allow for significant dilution. “It’s our intention to draw lightly on the S-3 in the short term as it’s our hope that our business progress results in stock price appreciation,” said Steve Reinharz, CEO of AITX.
Reinharz confirmed that funds raised through this Form S-3 mechanism will be used for working capital, capital expenditures and general corporate purposes. “The capital raised will provide AITX sufficient resources to execute our current operating plans given our proven ability to achieve continued sales growth. We may also use a portion of the net proceeds to invest in or acquire businesses or technologies that we believe are complementary to our own,” Reinharz added.
AITX’s business focus has been on pursuing the delivery of artificial intelligence (“AI”) and robotic solutions for operational, security, and monitoring needs. More specifically, the Company is focused on applying advanced AI-driven technologies, paired with multi-use hardware and supported by custom software and cloud services, to intelligently automate and integrate a variety of high-frequency security, concierge, and operational tasks.
CAUTIONARY DISCLOSURE ABOUT FORWARD-LOOKING STATEMENTS
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements in this news release other than statements of historical fact are "forward-looking statements" that are based on current expectations and assumptions. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied by the statements, including, but not limited to, the following: the ability of Artificial Intelligence Technology Solutions to provide for its obligations, to provide working capital needs from operating revenues, to obtain additional financing needed for any future acquisitions, to meet competitive challenges and technological changes, to meet business and financial goals including projections and forecasts, and other risks. Artificial Intelligence Technology Solutions undertakes no duty to update any forward-looking statement(s) and/or to confirm the statement(s) to actual results or changes in Artificial Intelligence Technology Solutions expectations.