Intellitronix Concludes Robotics Distribution Agreement
EASTLAKE, Ohio, June 14, 2018 (GLOBE NEWSWIRE) -- Intellitronix, a wholly-owned subsidiary of US Lighting Group (OTC:USLG), today announced that it has concluded negotiations with Promobot LLC for the exclusive rights to market their customer service-oriented robot in the United States.
“We are very excited to be working with Promobot LLC, having finalized the exclusive distribution agreement for the entire U.S.,” said Intellitronix CEO, Paul Spivak. “Our engineers will also be working with Promobot LLC to develop more advanced robotic applications to meet market demand in America.”
The U.S. Distribution Agreement is exclusive to Intellitronix for a five-year period, which renews automatically on both parties’ consent. Intellitronix will pay Promobot LLC $600,000 for that exclusivity. The latest Promobot, V4, is an interactive intelligent learning robot that Intellitronix’s engineers will be expanding its capabilities and features to meet market demand. That engineering activity is a co-development with Promobot LLC’s engineering group.
According to Tractica, the global market for customer service robots will exceed 23,000 units by 2022. The sectors of customer service robotics growth will be in retail, travel, hospitality, financial services and healthcare. Tractica is forecasting $451 million in cumulative revenue in that period.
About IntellitronixIntellitronix is a manufacturer of LED lighting, LED gauges and panels, which are energy-saving devices of high-quality automotive after-market products that are also available to consumers through vendors such as Home Depot. The Company also manufactures an array of LED energy-saving light bulbs. All of the Company’s products are ‘Made in the USA’ at its own manufacturing facility located near Cleveland, Ohio.
About Promobot LLCThe Limited Liability Company has engineered Eastern Europe’s first functional robot in terms of service-oriented applications with Promobot now in eighteen countries and growing. The robots have been successful in automating processes as administrators, promoters, hosts, museum guides and financial consultants. Promobot LLC is now in its 4th generation of development with expanded capabilities that enhance and broaden market demand.
Forward-Looking StatementsStatements included in this press release, other than statements of historical fact, are forward-looking statements made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are typically, but not always, identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements.
For further information, contact Intellitronix: (440) 359-7200, or email@example.com
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