AISIX and OctoAI Partner to Bring Climate Risk Assessment to
Real Estate
Vancouver, British Columbia, April 25th, 2024. AISIX Solutions Inc., (“AISIX” or “the Company”) (TSXV: AISX) (OTCQB: AISXF) (FSE: QT7), a leading provider of artificial intelligence (AI) and data analytics solutions for advanced climate risk management, is announcing a strategic partnership with OctoAI Technologies Corp. (“OctoAI”) executed on April 24, 2024.. OctoAI is a property technology (proptech) company offering AI-driven insights for the multi-family residential sector with its Eli Report platform.
AISIX provides easy-to-understand and actionable climate risk assessments that are fully transparent and auditable. These assessments enable individuals, businesses, and governments to effectively analyze, manage, and mitigate climate-related risks such as wildfires, flooding, droughts, extreme weather events, and more.
OctoAI’s Eli Report platform enables real estate professionals to quickly and easily review key details from condo documents using AI to analyze and extract crucial information from years' worth of property documentation, enabling them to better inform their clients.
AISIX will grant OctoAI licensing rights to incorporate its detailed climate risk scores directly into the Eli Report platform.
"The goal is to enable more informed decision-making processes for property investments, enhancing due diligence and risk management practices in real estate transactions," said the CEO of AISIX. “Real estate plays a significant role in the economic well-being of individuals, families, businesses, communities, and governments. It is crucial to deploy sound and thorough risk management strategies in this important sector.”
Climate-related physical risks, including wildfires, have the potential to significantly affect property valuations. The Centre on Climate Adaptation reported that climate change could reduce the value of homes in Canada by as much as 15% by 2050. While flooding is a major concern, wildfires are also a critical weather-related hazard, especially given the increasing frequency and severity of such events. Like flood maps, wildfire risk assessments are often outdated, compromising the accuracy of current property valuations. In the U.S., research by the National Bureau of Economic Research indicates that homes in high-risk areas are subject to significant mispricing, akin to the $34 billion overvaluation found in flood-prone areas.
“By integrating cutting-edge climate risk data into our Eli Report, we are not only enhancing the way properties are evaluated but also empowering our clients to navigate the complexities of real estate investment with confidence and precision," stated the CEO of OctoAI Technologies Corp.
For more information about AISIX Solutions and its climate risk solutions, please visit their website, www.aisix.ca, or connect on Twitter or LinkedIn.
About OctoAI
OctoAI operates within the real estate sector, providing artificial intelligence-driven insights to owners, buyers, realtors, attorneys, property managers and other stakeholders in the multi-family residential space through its Eli Report platform and annual benchmark reports. To order a report on any strata or condo community or learn more visit: elireport.com.
About AISIX Solutions
AISIX Solutions, is a leading global climate risk and data-analytics solutions provider trusted by organizations seeking a more predictive future. Leveraging the advancements of artificial intelligence, data analytics, and risk assessment, AISIX Solutions is on a mission to provide auditable, explainable, and defensible assessments to help businesses and communities protect their property, assets and infrastructure from climate-related risks. By empowering organizations with real-time insights, AISIX Solutions aims to foster resilience and sustainability in the face of climate change.
For further information:
Mihalis Belantis, Chief Executive Officer
+1 (604) 620-1051
Forward Looking Statements
Certain information in this news release constitutes forward-looking statements and forward-looking information (collectively, the “forward-looking statements”) within the meaning of Canadian securities laws, and is subject to numerous risks, uncertainties, and assumptions, many of which are beyond the Company's control. This forward-looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions. The words “may”, “could”, “should”, “would”, “suspect”, “outlook”, “believe”, “anticipate”, “estimate”, “expect”, “intend”, “plan”, “target” and similar words and expressions are used to identify forward-looking information, including the Company’s expected product offerings, the functionalities of the AI Climate Risk Consumer Interface and the Company’s expected growth opportunities. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, the Company's ability to engage and retain qualified key personnel, employees and affiliates, the Company’s ability to obtain capital and credit on reasonable terms, the Company’s ability to compete and the Company’s ability protect its intellectual property rights.
The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also been assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking statements contained in this news release represent the expectations of the Company as of the date of this news release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time.
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