Vancouver, British Columbia–(Newsfile Corp. – November 17, 2022)- Railtown AI Technologies Inc. (CSE: RAIL) (“railway town” or the “company“) is pleased to announce that the Company’s corporate partner, Quisitive Technology Solutions Inc., has begun commercializing Velocity Insights, a Railtown AI technology, on Microsoft’s Azure Marketplace.
The Microsoft Azure Marketplace is an online store that offers applications and services that are either built on or integrate with Microsoft’s Azure public cloud. The products and services sold through the Microsoft Azure Marketplace come either directly from Microsoft or from its technology partners. The marketplace is a starting point for collaboration and go-to-market support with sales channels and Marketplace Rewards. The websites and in-product experiences make products visible to millions of customers looking for solutions.
By using Railtown technology as Quisitive Velocity Insights, Quisitive developers are more productive, faster and deliver higher quality results to clients. The solution integrates with Quisitive’s existing software development tool stack and is designed to provide transparency, measurability and predictability in the development process to help companies reduce risk when developing new products. The addition of Railtown technology will enable Quisitive to more fully meet enterprise customers’ needs for custom, cloud-native application development by increasing the effective performance of development teams, improving consistency in deployment and time to project completion is shortened.
Additionally, Railtown is pleased to announce that since the beginning of August 2022, the Company has seen a significant increase in customer sign-ups with over 200 new SMBs utilizing Railtown’s technology. Marwan Haddad, CTO of Railtown, commented, “Software engineers pay close attention to the tools and services they use to build applications in their day-to-day lives, and we’re excited about the continued and growing adoption of our technology across the engineering community .”
“We are very excited about the recent commercial launch of Velocity Insights and our continued organic user growth,” noted Cory Brandolini, CEO of Railtown.
In addition, Railtown announces that it has closed a convertible debenture financing through a non-brokered private placement (the “financing“) for aggregate gross proceeds of $565,000. The financing consisted of units (each a “Unit“) at a price of $1,000 per Unit, each Unit consisting of (i) one Convertible Unsecured Debenture (each a “debenture“) in principal amount of $1,000 maturing in 36 months, bearing simple interest at a rate of 10% per annum and in common shares of Railtown (each a “Split“) at a price of $0.15 per share, subject to standard adjustment mechanisms, and (ii) 3,335 common share purchase warrants, each of which may be redeemed into one share for a period of 36 months at a price of $0.30 per share The Company 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 an arm’s length company $45,200 in finder’s fees in cash (equivalent to 8% of gross proceeds) and issued 301,333 non-transferrable finder’s warrants to that company (equivalent to 8% of the number of shares in that company or the principal amount of the Notes is convertible). Each finder’s warrant is convertible into one share at a price of $0.15 per share for a period of 36 months. Railtown also paid that company a finder’s fee of $15,000 and issued 100,000 shares to that company at an assumed price of $0.15 per share.
All securities issued in connection with the Financing will be subject to a standard four month and one day hold period under applicable securities laws.
None of the securities referred to in this press release have been or will be registered under the United States Securities Act of 1933, as amended (the “US Securities Act“) or applicable state securities laws and may not be offered or sold in the United States or to or for the account or benefit of any US person (as defined in Regulation S of the US Securities Act) or any person in any United States not registered or a applicable exception to such registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to purchase any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
ABOUT QUISITIVE TECHNOLOGIES INC.
Quisitive (TSXV: QUIS) (OTCQX: QUISF) is a leading global Microsoft partner that leverages the Microsoft platform and complementary technologies, including custom solutions and first-party offerings, to create transformative impact for enterprise customers. Our cloud solutions business is focused on helping companies move, operate and innovate across the three Microsoft clouds. Our Payments Solutions business is centered around our LedgerPay suite of products and leverages the Microsoft Azure cloud to transform the payments processing industry into an entirely new source of customer engagement and consumer value. Quisitive serves clients worldwide from seventeen employee centers around the world. For more information, visit www.Quisitive.com and follow @BeQuisitive.
ABOUT RAILTOWN AI TECHNOLOGIES INC.
Railtown has developed a SAAS-powered solution for software development teams that leverages AI to drive optimizations and deliver insights at every stage of software development. Railtown converts CI/CD systems into full CI/CD/CM systems (continuous monitoring) – monitor, diagnose and prioritize faults from across the CI/CD environment on a single platform. Railtown’s continuous machine learning application will enable developers to accelerate innovation while ensuring their applications’ reliability and increasing speed.
Rebecca Kerswell, Vice President, Marketing and Communications
Email: [email protected]
This press release contains forward-looking statements regarding the Company’s future operations and other statements that are not historical facts. Forward-looking statements are often identified by words such as “will”, “may”, “should”, “intend”, “anticipate”, “expect” and similar expressions. All statements other than statements of historical fact contained in this press release, including but not limited to statements regarding 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 could 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 identified from time to time in the Company’s filings with securities regulators.
Readers are cautioned that assumptions used in preparing the forward-looking information may prove to be incorrect. Events or circumstances could cause actual results to differ materially from those projected due to numerous known and unknown risks, uncertainties and other factors, many of which are beyond the Company’s control. As a result, the Company cannot guarantee that forward-looking statements will be true and readers should not place undue reliance on forward-looking information. Although this information was believed to be reasonable by management at the time it was prepared, it could prove to be incorrect and actual results could differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release and the Company will not publicly update or revise the forward-looking statements contained herein except as expressly required by Canadian securities laws.
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