infinitii ai inc. announces closing of convertible debenture financing to propel North American growth strategy
VANCOUVER, BC, Feb. 10, 2023 – infinitii ai inc. (“infinitii ai”, the “Company”) (CSE:IAI, FSE:7C5, OTC:CDTAF) is pleased to announce that it has issued a convertible debenture (“Debenture”) led by ThreeD Capital Inc. (“ThreeD”) (CSE:IDK) to support infinitii ai’s North American growth strategy.
ThreeD is a Canadian-based venture capital firm focused on investments in promising, early stage companies with disruptive capabilities, and is currently infinitii ai’s largest shareholder.
“This investment led by ThreeD Capital endorses our growth strategy,” stated Jean Charles Phaneuf, CEO of infinitii ai. “It provides additional working capital to propel business development activities with partners including Core and Main Inc. in the USA and SCG Flowmetrix Inc. in Canada, in addition to our direct sales efforts in both countries.”
Recent growth milestones
On Jan. 23, 2023, infinitii ai announced it had made a record sale that included the newest generation of its Machine Learning software to the Region of Peel through a strategic partnership with SCF Flowmetrix Inc. (“SCG Flowmetrix”). The Region of Peel provides water and wastewater services to 1.5 million residents in the City of Brampton, City of Mississauga and Town of Caledon, ON.
On Dec. 19, 2022, infinitii ai announced it had signed a USA distribution agreement with Core & Main Inc. (“Core & Main”), a leading 300-branch specialized distributor of water, wastewater, storm drainage, treatment plant, geosynthetics and fire protection products and related services. Core & Main chose infinitii flowworks software for its Core+ wastewater solutions.
On March, 9, 2022, infinitii ai announced that it had sold infinitii flowworks to the Los Angeles County Sanitation Districts to service a wastewater system that services 5.6 million residents in 78 cities and unincorporated areas in a two-year contract that is renewable on an annual basis. The sale represents the largest infinitii ai sale to date in the United States.
The Debenture in the amount of $520,000 matures twelve (12) months following the closing date and carries interest at a rate of 7% per annum, payable on the earlier of: (i) the maturity date, (ii) the conversion of the Debenture, or (iii) the prepayment of the Debenture by infinitii. The Principal Amount and any accrued and unpaid interest may be convertible into units (each a “Unit”) at the option of the holder any time until the earlier of: (a) the maturity date, and (b) the date infinitii delivers a prepayment notice. Each Unit at a conversion price of $0.07 per Unit, with each Unit being comprised of one common share of infinitii and one warrant for the purchase of one common share at a price of $0.15 for 36 months from the issuance date.
About ThreeD Capital Inc.
ThreeD is a publicly-traded Canadian-based venture capital firm focused on opportunistic investments in companies in the junior resources and disruptive technologies sectors. ThreeD’s investment strategy is to invest in multiple private and public companies across a variety of sectors globally. ThreeD seeks to invest in early stage, promising companies where it may be the lead investor and can additionally provide investees with advisory services and access to the Company’s ecosystem.
About infinitii ai inc.
Trusted since 2014 to provide environmental monitoring to many of the largest water infrastructure utilities in the U.S and Canada, infinitii ai (formerly Carl Data Solutions Inc.) has evolved into a leader in AI-driven predictive analytics Smart City water and Smart Industry infrastructure applications that rely on time-series data. The company services customers via a trusted partner network that includes engineering and IT services companies like AECOM, Core & Main, Kerr Wood Leidal Associates Ltd., K2 Geospatial and Flowmetrix Technical Services Inc.
infinitii ai software performs real-time analysis, checks flow monitoring status, sets alarms through a single interface, accepts all types of data from any source and offers predictive (what will happen) and prescriptive (what should happen) analytics. Whether it's real-time, historic, wireless, satellite, SCADA or public data sets including USGS, NOAA and weather forecasts – it doesn't matter where the data originates, infinitii ai transforms raw data into actionable information. Visit www.infinitii.ai to learn more.
Contact: Nathan Rudyk
Director, Corporate Communications
infinitii ai inc.
+1 778 200 2093
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
This press release contains certain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information is based on certain key expectations and assumptions made by the management of infinitii ai, including the expectation of future revenue growth. Although infinitii ai believes that the expectations and assumptions upon which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because infinitii ai can provide no assurance that they will prove to be correct. Any forward-looking statements contained in this press release are made as of the date of this press release. infinitii ai disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.