TORONTO and SHANGHAI, China, Aug. 01, 2017 (GLOBE NEWSWIRE) -- Internet of Things Inc. (TSX-V: ITT) (OTC:INOTF) (FRANKFURT:71T) (“ITT Inc.” or the “Company”) and New Hope Data Technology Co., Ltd., a New Hope Group affiliated and investee company (“New Hope”) are pleased to announce the appointment of Michael Agam as CEO of the recently announced New Hope-IoT Intl. Inc. Joint Venture (the “NHG-ITT JV” or the “JV”).
Michael Agam brings over 12 years of diverse C-level executive management and technical experience, combined with a successful track record in fast growing international technology companies. Prior to joining the JV, Mr. Agam was the CEO of MNC Ltd. based in Chengdu, China, a joint venture of Maxtech Networks Israel (www.maxt-mesh.com) and Jaiye International China delivering end to end industrial IoT solutions in China.
Prior to heading up MNC Ltd., Mr. Agam was the VP, Marketing & Business Development at Maxtech Networks, a company developing sophisticated high performance, voice and data mesh communications networks. In that role, he negotiated several $10 Million + contracts with Fortune 500 companies in the US (including General Dynamics, Raytheon, CACI etc.), in Europe (Selex-ES, Thales) and in China (CEC group). Concurrent to Mr. Agam’s role at Maxtech Network, he was an executive board member at Buy2 Networks, a leading Israeli e-commerce company. Under Mr. Agam’s strategic direction, Buy2 Networks grew its annual revenue from USD$2 Million to USD$20 Million.
Mr. Agam brings to the JV a strong technical background in a variety of fields, including telecommunications, cloud and big data analytics, RF and legacy communications systems and networks, broadband communications and mobile applications. He received his Bachelor of Laws (L.L.B., 2002) and Master of Business Administration (MBA, 2003) from the College of Management - Academic Studies, Israel’s largest college.
Michael Agam, CEO of the New Hope-IoT Intl. Inc. JV commented, “I am honored to be chosen as the leader of this innovative and pioneering business. The market opportunity for the JV with Internet of Things Inc. to automate the industrial market in China as part of the ‘Made in China 2025’ program with impactful IoT solutions is of huge significance and scale. The strategic advantage of working with New Hope in terms of market access to its portfolio of companies, its industrial leadership and its government relations is second to none. With this win-win JV partnership and partners combined with the team that I am assembling, we are well positioned to lead the industrial IoT market in China.”
Michael Frank, CEO of ITT Inc. added, “Michael is a great business partner, who understands the opportunities, challenges and dynamics of the nascent Chinese Industrial IoT market, and we are pleased and proud to have him guide and manage the JV with New Hope. We are looking forward to working with Michael to grow NHG-ITT JV into one of the dominant industrial IoT solution providers in China and beyond.”
Additionally, the NHG-ITT JV has entered into advanced discussions with several leading North American, European and Israeli IoT hardware/software, communications and cybersecurity companies regarding potential strategic sales and distribution partnership agreements.
About New Hope Group
New Hope Group (en.newhopegroup.com) was founded in 1982. New Hope Group now has more than 600 subsidiaries in 30 countries, with nearly 70,000 employees and annual revenues of nearly 80 Billion Yuan or CAD$15.5 Billion. It is involved in a wide range of sectors, from agriculture and real estate to infrastructure, chemical engineering, finance, insurance and more. It has a AAA credit rating from China Chengxin International Credit Rating Co. Ltd. (CCXI).
New Hope Group includes New Hope Data Technology Co., Ltd, a Shanghai-based company focused on data acquisition, monitoring, analytics, knowledge transfer through the implementation of cutting-edge IoT technologies as well as professional services and data analytics.
About Internet of Things Inc.
Internet of Things Inc. (www.iotintl.com) is an Internet of Things (IoT) software and solutions provider. The company acquires and implements strategic and disruptive technology solutions targeting the industrial IoT markets, including manufacturing, energy management, agriculture, transportation, social, cybersecurity, e-commerce and fintech. ITT has its headquarters in Toronto, Canada.
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Cautionary and Forward-Looking Statements
Except for the statements of historical fact contained herein, certain information presented constitutes "forward-looking information" within the meaning of applicable Canadian securities laws. Such forward-looking information, includes, but is not limited to, the relationship between Company and New Hope, the parties entering into definitive agreements with regard to the joint venture, the use of the Company and the joint venture within the New Hope's manufacturing processes and projected revenue and income of the joint venture. While such forward-looking statements are expressed by the Company, as stated in this release, in good faith and believed by the Company to have a reasonable basis, they are subject to important risks and uncertainties. As a result of these risks and uncertainties, the events predicted in these forward-looking statements may differ materially from actual results or events. These forward-looking statements are not guarantees of future performance, given that they involve risks and uncertainties. The Company does not undertake any obligation to release publicly revisions to any forward-looking statement, except as may be required under applicable securities laws. Investors should not assume that any lack of update to a previously issued forward-looking statement constitutes a reaffirmation of that statement. Continued reliance on forward-looking statements is at an investors' own risk.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
CONTACT: For further information, contact: New Hope-IoT Intl. Inc. Michael Agam CEO Tel: +86 156 1832 9573 Email: michaelagam@newhope-data.com.com To learn more, visit: www.newhope-data.com Internet of Things Inc. Michael Frank President & CEO Tel: (416) 677-9277 Email: mfrank@iotintl.com To learn more, visit: www.iotintl.com
