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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 new product, Interspace, that allows one to record the distance to any object located away from us.
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Various factors determine how far a drone can fly including the drone’s battery life, the strength of its transmission system, the amount of lift it can generate, as well as weather conditions along its flight path. Having successfully tested Interspace on the ground, SPARC AI is pleased to announce its plans to test the new product on drones to survey points of interest that are well beyond their distance range limits.
According to the Federal Aviation Federation in the United States there are 780,226 drones registered. This does not include military drones or UAVs. If Interspace is successfully tested on drones, there may be a large market opportunity for SPARC AI. From our experience with fixed camera devices installed on towers in forestry areas for bushfire and lighting detection, our algorithms performed extremely well at high altitude. We are looking forward to reporting the outcomes of our trials.
Management is working to build a portfolio of geospatial products for the military and defense, situation awareness, reconnaissance, security, and commercial sectors. There are half a dozen products in our pipeline to be announced once they reach testing stage.
In GPS-denied environments or situations where the GPS signals are not available, SPARC AI can record its geospatial data using its proprietary patented algorithms. Alternative GPS technologies for identifying locations are complex, expensive, and may only provide approximate estimations. These solutions use gravity anomaly, magnetic anomaly, celestial and lidar technologies. They may also require connections to the internet or satellite. Further, these systems appear to measure the location of the sensors only, unlike SPARC AI that can measure the location of distant objects at different locations to the sensor.
The Company is working to build its product portfolio for GPS-denied environments with no connectivity to satellite or internet. As our core technology is software and proprietary algorithms, our solutions will also be covert and not identifiable by other sensors or radar.
SPARC AI plans to embed its technology into a microchip, with work already commenced to integrate into the Google Coral chip.
For more information contact:
Website: https://www.sparcai.co
Investor Presentation: Click Here
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Anoosh Manzoori, CEO SPARC AI INC. Email: [email protected] Phone: +61.3.9666338 |
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FORWARD LOOKING INFORMATION
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information.
The Company provides forward-looking statements for the purpose of conveying information about current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. These risks and uncertainties include but are not limited those identified and reported in the Company’s public filings under the Company’s SEDAR profile at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise unless required by law.
Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors, assumptions and exclusions is not exhaustive.
The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
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