Internet of Things Inc (CVE:ITT) (OTCMKTS:INOTF) said it has appointed entrepreneur and business start-up specialist Michael Lende as its CEO and president to steward the firm's renewed strategic course and capitalize on its unique technology.
In 2006, Lende launched the ZipCar car-share service in Canada, growing the Toronto-area membership from zero to over 42,000 and contributing to the parent company's successful IPO in 2011.
For four years up to 2016, he was the founder and CEO of start-up Student CarShare Inc, which ultimately served over 15,000 students nationwide along with strategic partners Mastercard, CIBC & Kia Motors.
Lende has been a consultant to Internet of Things since last November and, in a statement, the new CEO said he had "identified several new prospects in various verticals" where the company's machine learning-based products and proprietary data-sets would offer much-needed solutions.
"These scalable opportunities, which are moving forward in real-time, have presented themselves in the insurance, logistics and fleet management industries in addition to public safety," Lende said.
"Our AI Labs Inc. R&D division is developing an application for our patented sensor which will address the COVID 19 crisis and will also serve society in a post-COVID-19 (coronavirus) environment. Moreover, our predictive AI technology combined with our cutting-edge data analytics engine, will fundamentally assist in pandemic crisis management. Current global realities have sparked innovation at ITT, and our AI Labs will be bringing forth novel real-world solutions in the very near term," he added.
Jim Grimes, executive chairman of Internet of Things, commented: "Mr. Lende's entrepreneurial mindset and track record of growing businesses are a tremendous asset in defining the company's strategic vision, and we have every confidence in his ability to create value for our shareholders."
Tech group Internet of Things Inc solves complex challenges using advanced artificial intelligence (AI), machine learning and data science techniques.
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