VSBLTY SIGNS JOINT VENTURE AGREEMENT WITH A DIVISION OF AL JABR GROUP
posted on Dec 06, 2022 07:10AM
First nine months of 2022 revenue is $5.3 million, which is a 459% percent increase for the same period 2021
Philadelphia, PA, Dec. 06, 2022 (GLOBE NEWSWIRE) -- VSBLTY Groupe Technologies Corp. (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt 5VS) (“VSBLTY”), a leading software provider of security and retail analytics technology, today announced it has signed a joint venture agreement with Business Platform Investment Holdings (BPIH), a division of Al Jabr Group, to bring digital out-of-home solutions and the Store as a Medium (SaaM) program, as well as their security solutions, to retail outlets, the oil and gas industry and smart cities in five Middle East countries.
AL Jabr is a family-owned multidimensional company with more than 6000 employees in the region. Its BPIH division, with its minority partner Hashim Ashour, signed a 50-50 joint venture agreement with VSBLTY, creating VSBLTY-Middle East, headquartered in Dammam, Kingdom of Saudi Arabia. BPIH will manage the joint venture and is responsible for all funding, while VSBLTY will provide software, advanced artificial intelligence (AI) technology, and consulting services for all deployments, initially in the United Arab Emirates, Qatar, Oman, Bahrain and Saudi Arabia.
Mohammed Ajmal, Al Jabr Group CFO, said that BPIH will drive the marketing and deliver turnkey installations using VSBLTY’s advanced technology. “We are excited to finance, staff and manage this operation throughout the region and AI applications will be provided beginning in the oil & gas, smart cities and retail business sectors. We also look forward to introducing AI technology and security solutions to Egypt, Pakistan, Nigeria, Algeria, Tunisia, Morocco and Iraq in the future.”
Commenting on the signing of the joint venture, VSBLTY Co-founder and CEO Jay Hutton said, “The most intelligent way to enter the Middle East market is with an experienced local partner and we are delighted to team with a highly regarded organization who shares our vision of bringing information and security technology solutions to people right where they live, work and shop.” He reported that plans are underway for a SaaM deployment in the largest supermarket chain in the Middle East, and AI activations already have begun in two smart cities.
VSBLTY technology provides enhanced customer engagement and audience measurement using machine learning and computer vision. Its industry leading VisionCaptor™ and DataCaptor™ software combine motion graphics and interactive brand messaging with cutting-edge computer vision measurement and insights. VSBLTY’s AI driven software Vector™ provides enhanced facial recognition that is crucial to strengthening today's security requirements when recognizing weapons or suspicious persons in a crowd.
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About VSBLTY ( http://vsblty.net/ )
Headquartered in Philadelphia, VSBLTY (OTCQB: VSBGF) (CSE: VSBY) (Frankfurt: 5VS) (OTC: VSBGF) (“VSBLTY”) is the world leader in Proactive Digital Display™, which transforms retail and public spaces as well as place-based media networks with SaaS-based audience measurement and security software that uses artificial intelligence and machine learning. Its proprietary technology effectively integrates with other digital retail solutions, including QR codes and mobile applications. The firm is also recognized for its leadership role in the growing Store as a Medium movement that enables brands to reach customers when and where buying decisions are being made while producing a new revenue stream for retailers.
About Al Jabr Group ( https://www.aljabr.com.sa/ )
The company had its beginning early in the 20 th century when Sheikh Hamad Bin Mohammed Aljabr, an ambitious and visionary entrepreneur, started a business in agricultural real estate development and production. In 1952, the sons of Sheikh Hamad—Abdulaziz, Mohammed and Abdullatif—expanded on his vision and entered the world of commerce with the establishment of a small company trading in foodstuffs. Since then, the company has grown into a sophisticated corporation, with interests and endeavors in several widely differentiated businesses. It launched its first international activity in 1956, and today Al Jabr Group is a multi-line conglomerate maintaining a well-diversified portfolio invested in various sectors such as Automobile, Banking & Finance, Real Estate, Oil & Gas Services, Contracting, Home Appliances, Food & Beverages, Laundry & Dry Cleaning, Light Industry and Agriculture. The company later expanded its offices and distribution networks across Saudi Arabia and the Arabian Gulf region.