Internet of Things Inc (CVE:ITT, OTC:INOFT) is expanding its market presence in Greater China, it said, as it updated on the joint venture with New Hope IoT Intl Inc.
The venture has already made progress on a number of fronts. These include securing a channel agreement with a leading Israeli machine learning and computer vision company that provides sensing solution to the smart building industry, it said.
Discussions are ongoing with a leading US$100bn Chinese conglomerate with subsidiaries in insurance, banking and financial services to deploy this sensing solution.
It has also inked a co-operation agreement with an Israeli cold chain monitoring and tracking company.
Internet of Things and New Hope will initially target pharmaceutical and frozen food supply chain customers for its cold chain logistics solution.
It has also advanced the proof of concept (PoC) with Augury, an Internet of Things technology start-up based in the USA and Israel, which has developed a predictive maintenance solution.
"As a follow-up to our last corporate update on Sept. 27, 2017, we are moving forward with Augury, and it was decided to not move forward with Gemsens and Gate Tell/Telit," said Michael Frank, the firm's chief executive.
"We are continuing our ongoing evaluation of compelling products and solutions to meet evolving customer needs.
"We are excited about the partnerships that the JV has in place and we expect to leverage near term revenue-generating opportunities as we expand our market presence in Greater China."
In Toronto, the firm's shares were unchanged at C$0.065.