• The new pilot program has been designed to facilitate real-time production monitoring solutions to companies in New Hope Group’s portfolio.
   
• Financial terms related to the matter have not been released by the companies yet.

Internet of Things Inc. (IoT Inc.), a Toronto-based software company, has reportedly announced that its joint venture (JV), New Hope IoT Intl. Inc., with Chinese conglomerate New Hope Data has launched a new pilot program with Canada’s FreePoint Technologies Inc. (FreePoint) in China.

Reports cite, the new pilot program, a platform named ShiftWorx developed by FreePoint, has been specifically designed to facilitate real-time production-monitoring solutions to companies that are present in New Hope Group’s portfolio.

According to a press release by Internet of Things Inc., the ShiftWorx platform has been deployed across three production machines that are installed in New Hope Group’s facility, specifically in the China Chemicals Division. Currently, the system is collecting data & analyzing outputs in an effort to measure production flows in the real time while also assessing inventory management.

The CEO of Internet of Things Inc., Ron Shuttleworth stated that the company’s JV with New Hope Data is a crucial strategic distribution channel that gives it access to the Chinese market. The JV remains important for both the companies’ revenue streams & consolidation strategy. Shuttleworth further added that the FreePoint solution has been deployed to address immediate inventory management & production opportunities that were identified by the firm’s local China management team.

The CEO at New Hope IoT Intl. Inc., Li Hui Wen stated that manufacturers are consistently looking to enhance efficiencies of their operations to eliminate unnecessary downtime. Working along with FreePoint & engaging the capabilities of New Hope Group’s highly-skilled employees would result in improved manufacturing throughput, machine utilization as well as inventory visibility. Hui Wen further added that the success of the pilot would enable broad deployment across the group’s extensive network of companies.

According to reports, financial terms related to the matter have not been released by the companies yet.

Source Credit:  https://www.nasdaq.com/press-release/internet-of-things-inc--new-hope-data-joint-venture--launch-pilot-with-freepoint-technologies-in-20190424-00309