Internet of Things Inc (CVE:ITT) (OTC:INOTF) has announced that it is considering changing its name to Predictiv AI Inc as well undertaking a share consolidation which it will propose for approval at the annual and special meeting of its shareholders on August 21.
The share consolidation would trim the company’s outstanding shares at a ratio of up to 5.5:1 pre- to post-consolidation shares. There are currently more than 337 million shares of ITT outstanding, the company said.
Internet of Things also updated investors on the progress of its fever-scanning technology ThermalPass, which has the potential to screen for possible coronavirus (COVID-19) cases in public areas.
The company said it expects to reach a definitive agreement with Commersive Solutions Corp over the next month to expedite the development of the technology. ThermalPass will be the first product brought to market by SMRT Labs Inc, a jointly held company owned 51% by ITT subsidiary AI Labs Inc and 49% by Commersive.
"Designing and developing the technology for ThermalPass would be expected to require at least 12 months, but with our experienced and committed team of engineers and partners, we will have completed design, development and testing in less than four months," ITT CEO Michael Lende said in a statement.
"We are looking forward to commercializing ThemalPass as a much-needed solution in today's Covid-19 world," he added.
ThermalPass instantly screens for higher-than-normal body temperatures with an accuracy of 0.36 degrees Fahrenheit, thus identifying possible carriers of the coronavirus. If ThermalPass machines are stationed at the entrances of high-traffic public locations, they can potentially help reduce the risk of further spread.
Most fever-detection equipment requires an individual to be stationary, the company said, but ThermalPass works even with people in motion in high-volume settings. It uses 19 infrared thermal-grade scanners, which trigger an audio and visual signal when a high body temperature is detected.
Contact Andrew Kessel at firstname.lastname@example.org
Follow him on Twitter @andrew_kessel