MultiSensor AI Announces Launch of MSAI Inspections Business

HOUSTON, TX / ACCESSWIRE / April 18, 2024 / MultiSensor AI Holdings, Inc. (Nasdaq:MSAI), a leader in the emerging AI-driven predictive maintenance space, today announced that it has reorganized its thermal inspections services into a newly launched multi-sensor business, MSAI Inspection Services.

MSAI has long been a leader in providing thermal inspections to a range of enterprise customers, particularly in the healthcare and industrial spaces. Following the acquisition of Infrared Inspections, LLC in 2017, MSAI has built a growing base of recurring inspection revenues and a strong core of certified inspectors. With the launch of MSAI Inspection Services, MSAI will expand its inspections business to include additional sensor modalities and service offerings to meet the needs of enterprise customers. MSAI Inspection Services also provides an opportunity for MSAI to grow its core Software as a Service (SaaS) business by providing complementary continuous monitoring in appropriate environments. Recent changes in National Fire Protection Association guidelines (NFPA 70B 2023) mandate the annual inspection of electrical equipment, which is increasing demand for these services dramatically.

MSAI Inspection Services will be led by Carl Schultz, CMRP, a 30-year veteran of the condition-based monitoring industry and a certified Level III thermographer. Mr. Schultz said: "We are excited to build this business from its strong core into a national leader in multi-sensor inspections. The strategic fit with the rest of MSAI's business is very strong, and we look forward to working with our customers and the rest of MSAI to keep our customers' facilities and operations safe and efficient."

David Gow, MSAI's Executive Chairman, said: "The launch of MSAI Inspection Services is an important strategic step, as we continue our transition into high-value-add, software enabled services with recurring revenues. Combining MSAI's strong inspection capabilities and leading-edge software provides a hugely attractive value proposition to our enterprise clients."

This press release is not an offer for sale of securities in the United States or in any other jurisdiction where such offer is prohibited, and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended.

Forward Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or their negatives or variations of these words, or similar expressions. All statements contained in this Current Report that do not strictly relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the Company's ability to satisfy the listing criteria of Nasdaq. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, the risk that we and our current and future collaborators are unable to successfully develop and commercialize our products or services, or experience significant delays in doing so; the risk that we may never achieve or sustain profitability; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we experience difficulties in managing our expected growth and expanding operations; the risk that third party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that we are unable to secure or protect our intellectual property; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties discussed under the "Risk Factors" section of the Company's prospectus in the registration statement on Form S-1/A filed with the Securities and Exchange Commission on December 19, 2023, and the Company's other periodic filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made in this Current Report is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the Company expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.