(TheNewswire)
April 19, 2024 – TheNewswire - Toronto, Canada – SPARC AI INC. (CSE:SPAI)(OTC:EGTTF) (Frankfurt:5OV0) (“ SPAI ” or the“ Company ”) is pleased to provide an update on operations.
SPARC AI recently announced the development of a newproduct, Interspace, that allows one to record the distance to anyobject located away from us.
Various factors determine how far a drone can flyincluding the drone's battery life, the strength of its transmissionsystem, the amount of lift it can generate, as well as weatherconditions along its flight path. Having successfully testedInterspace on the ground, SPARC AI is pleased to announce its plans totest the new product on drones to survey points of interest that arewell beyond their distance range limits.
According to the Federal Aviation Federation in theUnited States there are 780,226 drones registered. This does notinclude military drones or UAVs. If Interspace is successfully testedon drones, there may be a large market opportunity for SPARC AI. Fromour experience with fixed camera devices installed on towers inforestry areas for bushfire and lighting detection, our algorithmsperformed extremely well at high altitude. We are looking forward toreporting the outcomes of our trials.
Management is working to build a portfolio ofgeospatial products for the military and defense, situation awareness,reconnaissance, security, and commercial sectors. There are half adozen products in our pipeline to be announced once they reach testingstage.
In GPS-denied environments or situations where the GPSsignals are not available, SPARC AI can record its geospatial datausing its proprietary patented algorithms. Alternative GPStechnologies for identifying locations are complex, expensive, and mayonly provide approximate estimations. These solutions use gravityanomaly, magnetic anomaly, celestial and lidar technologies. They mayalso require connections to the internet or satellite. Further, thesesystems appear to measure the location of the sensors only, unlikeSPARC AI that can measure the location of distant objects at differentlocations to the sensor.
The Company is working to build its product portfoliofor GPS-denied environments with no connectivity to satellite orinternet. As our core technology is software and proprietaryalgorithms, our solutions will also be covert and not identifiable byother sensors or radar.
SPARC AI plans to embed its technology into amicrochip, with work already commenced to integrate into the GoogleCoral chip .
For more information contact:
Website: https://www.sparcai.co
Investor Presentation: ClickHere
Anoosh Manzoori, CEO SPARC AI INC. Email: anoosh@sparcai.net Phone: +61.3.9666338 |
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FORWARD LOOKING INFORMATION
This news release contains forward-looking statementsand forward-looking information within the meaning of applicablesecurities laws. These statements relate to future events or futureperformance. All statements other than statements of historical factmay be forward-looking statements or information.
The Company provides forward-looking statements for thepurpose of conveying information about current expectations and plansrelating to the future and readers are cautioned that such statementsmay not be appropriate for other purposes. By its nature, thisinformation is subject to inherent risks and uncertainties that may begeneral or specific and which give rise to the possibility thatexpectations, forecasts, predictions, projections or conclusions willnot prove to be accurate, that assumptions may not be correct and thatobjectives, strategic goals and priorities will not be achieved. Theserisks and uncertainties include but are not limited those identifiedand reported in the Company’s public filings under the Company’sSEDAR profile at www.sedar.com. Although the Company has attempted toidentify important factors that could cause actual actions, events orresults to differ materially from those described in forward-lookinginformation, there may be other factors that cause actions, events orresults not to be as anticipated, estimated or intended. There can beno assurance that such information will prove to be accurate as actualresults and future events could differ materially from thoseanticipated in such statements. The Company disclaims any intention orobligation to update or revise any forward-looking information,whether as a result of new information, future events or otherwiseunless required by law.
Accordingly, readers should not place undue reliance onthe forward-looking statements, timelines and information contained inthis news release. Readers are cautioned that the foregoing list offactors, assumptions and exclusions is not exhaustive.
The forward-looking statements and informationcontained in this news release are made as of the date hereof and noundertaking is given to update publicly or revise any forward-lookingstatements or information, whether as a result of new information,future events or otherwise, unless so required by applicablesecurities laws or the Canadian Securities Exchange. Theforward-looking statements or information contained in this newsrelease are expressly qualified by this cautionary statement.
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