LAS VEGAS, Feb. 2, 2018 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a global technology company focused on providing artificial intelligence solutions, announced that China Mobile IoT ("Internet of Things") has selected KanKan, Remark Holdings' artificial intelligence platform, as its AI-solution partner for facial recognition and verification technology. A wholly-owned subsidiary of China Mobile, China Mobile IoT Company Limited has businesses in agriculture, financial technology, logistics, traffic control, public safety, medicine and energy. China Mobile IoT will deploy KanKan's SmartEyes product as part of their IoT infrastructure solutions in building safety, public safety, logistics, traffic control and energy. KanKan's highly-precise, fast-processing, low-power and low-cost solution has successfully beaten the products of several other AI companies as evidenced by this contract. The new contract is a multi-million-dollar revenue opportunity over the next 24 months and beyond.
"We are extremely pleased with the success of our SmartEyes product," stated Kai-Shing Tao, Chairman and CEO of Remark Holdings. "In addition, the early success in monetizing our SmartEyes product gives us another avenue of growth that will help us exceed Kankan's guidance of $30 million in revenue for 2018 that we provided on our last earnings call."
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) primarily focuses on the development and deployment of artificial-intelligence-based solutions for businesses and software developers in many industries. Additionally, the company owns and operates digital media properties that deliver relevant, dynamic content. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
Douglas Osrow, CFO
Remark Holdings, Inc.
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SOURCE Remark Holdings, Inc.
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