Vancouver, British Columbia – (Newsfile Corp – November 17, 2022) – Railtown AI Technologies Inc. (CSE: RAIL) (“Railtown“or the”Company) is pleased to announce that the company’s enterprise partner Quisitive Technology Solutions Inc. has begun marketing Velocity Insights, a Railtown AI technology, on Microsoft’s Azure Marketplace.
The Microsoft Azure Marketplace is an online store that offers applications and services either built on or designed to integrate with Microsoft’s Azure public cloud. The products and services sold through the Microsoft Azure Marketplace originate from Microsoft directly or its technology partners. The marketplace is a starting point for go-to-market collaboration and enablement with sales channels and Marketplace Rewards. These websites and in-product experiences give products visibility to millions of customers looking for solutions.
By using Railtown technology like Quisitive Velocity Insights, Quisitive developers will be more productive, faster and deliver higher quality results to customers. The solution will integrate with Quisitive’s existing software development tool stack and is designed to provide transparency, measurability and predictability in the development process to help organizations de-risk new product development. The addition of the Railtown technology will enable Quisitive to address the custom, cloud-native application development needs of enterprise customers more fully by increasing the efficiency of development teams, improving consistency in delivery and accelerating time to project completion .
Further, Railtown is pleased to announce that since the start of August 2022, the Company has seen a significant increase in customer signups with over 200 new SMBs using Railtown’s technology. Railtown’s CTO Marwan Haddad commented, “Software engineers are very particular about the tools and services they use in their everyday lives to build applications, and we’re excited to see the continued and growing adoption of our technology throughout the engineering community.”
“We are very pleased with the recent commercial launch of Velocity Insights and our continued organic user growth,” noted Cory Brandolini, Railtown’s CEO.
In addition, Railtown announces that the Company has closed a convertible debenture financing through a non-brokered private placement (the “Financing“) for an aggregate gross proceeds of $565,000. The financing was comprised of units (each, a “Camera“) at a price of $1,000 per unit, with each unit consisting of (i) one unsecured convertible debt (each, a “Debenture“) in the principal amount of $1,000 which matures in 36 months, bears simple interest at the rate of 10% per annum and is convertible into common shares of Railtown (each, a “Share“) at a price of $0.15 per share, subject to normal adjustment mechanisms, and (ii) 3,335 common share purchase warrants, each of which is exercisable in one share at a price of $0.30 per share for a period of 36 months. Expects to use the proceeds of the financing for further customer acquisition, marketing and general corporate purposes.
In connection with the financing, the Company paid one arm’s length entity $45,200 in cash finder’s fees (equal to 8% of the gross proceeds) and issued 301,333 non-transferable finder’s warrants to that entity (equal to 8% of the number of shares into which the principal amount of the debentures is convertible). The warrant of each finder is exercised in one share at a price of $0.15 per share for a period of 36 months. Railtown also paid the entity a referral fee of $15,000 and issued 100,000 shares to the entity at a deemed price of $0.15 per share.
All securities issued in connection with the financing are subject to a standard hold period of four months and one day in accordance with applicable securities laws.
None of the securities referenced in this news release have been or will be registered under the United States Securities Act of 1933, as amended (the “Securities Act“), or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, US persons (as defined in Regulation S under the US States absent registration or AN APPLICABLE EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS This news release does not constitute an offer to sell or the solicitation of an offer to buy any of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Information on QUISITIVE TECHNOLOGIES INC.
Quisitive (TSXV: QUIS) (OTCQX: QUISF) is a premier, global Microsoft partner that harnesses the Microsoft platform and complementary technologies, including custom solutions and first-party offerings, to generate transformational impact for enterprise customers. Our Cloud Solutions business focuses on helping enterprises move, operate and innovate across the three Microsoft clouds. Centered on our LedgerPay product suite, our Payments Solutions business leverages the Microsoft Azure cloud to transform the payment processing industry into an entirely new source of customer engagement and consumer value. Quisitive serves clients globally from seventeen employee hubs around the world. For more information, visit www.Quisitive.com and follow @BeQuisitive.
Information on RAILTOWN AI TECHNOLOGIES INC.
Railtown has developed a SaaS-delivered solution for software development teams that uses AI to drive optimizations and provide insights at every stage of software development. Railtown converts CD/CD systems to full CD/CD/CM (continuous monitoring) systems – monitor, diagnose and prioritize errors from the entire CD/CD environment on a single platform. Railtown’s Continuous Machine Learning application will empower developers to accelerate innovation While ensuring their apps reliability and increasing speed.
Rebecca Kerswell, Vice President, Marketing and Communications
Email: [email protected]
This news release contains forward-looking statements relating to the Company’s future operations and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “indent”, “anticipates”, “expects” and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, statements about the Company’s future plans and objectives, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events may differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are risks detailed from time to time in the filings made by the Company with securities regulators.
Readers are cautioned that assumptions used in the preparation of any forward-looking information may be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of many known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company. As a result, the Company cannot guarantee that any forward-looking statement will materialize, and readers should not place undue reliance on any forward-looking information. Such information, although believed to be reasonable by management at the time of preparation, may be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are exclusively qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release and the Company will only publicly update or revise any of the included forward-looking statements as expressly required by Canadian securities law.
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