LAS VEGAS, Aug. 27, 2019 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties, today announced the initial deployment of KanKan AI's Smart Campus solution in the Hangzhou Primary School System in Hangzhou, China.
In 2019, the Chinese Ministry of Education and State Council issued a Work Focus Mandate to modernize China's 400,000 secondary school campuses with the latest AI technologies for campus safety, student attendance, and interactive, performance-driven learning. KanKan AI developed its Smart Campus Solution in response to such mandate. As deployed in Hangzhou, the Smart Campus Solution is comprised of integrated hardware and software priced at $8,000 per campus, and it allows for a recurring revenue stream from the integrated software as well as providing a professional channel subscription option on WeChat for parents wanting to view real-time video of their child.
The Smart Campus Solution uses facial recognition technology and object recognition technology to:
- automate student check-in and check-out at the school's entrance and exit points,
- control access to dormitories, laboratories and libraries,
- alert school administrators of unauthorized persons who have trespassed on the school campus,
- ensure students are released only to parents or other pre-approved persons, and
- monitor for unauthorized objects, such as weapons, brought into school buildings.
Strategically-placed cameras installed at school entrances, in passageways, and in campus buildings allow the Smart Campus Solution to monitor such campus locations without utilizing an RFID-based system, turnstiles or other less-effective or inconvenient methods.
The solution initially deployed in the primary school in Hangzhou reduced the statistical errors in attendance records when compared to the previously-used manual tracking process, and it has demonstrated that schools can save time and money by using the Smart Campus Solution. In addition to reducing errors by eliminating manual processes, the Smart Campus Solution allows school administrators to focus on the students.
For parents who wish to actively monitor their children during school hours, KanKan AI's solution provides real-time video monitoring capability and real-time alerting via the commonly-used WeChat and DingTalk apps. Teachers can also receive real-time alerting regarding their students from the Smart Campus Solution.
"We are pleased with the initial success of our AI solution for school administration and campus safety, and that it has helped the primary school in Hangzhou to comply with the China Education Ministry's mandate," noted Kai-Shing Tao, Remark Holdings' Chief Executive Officer. "With the targeted monetization of our investment in Sharecare by the end of September, we are confident that the liquidity provided will strengthen our balance sheet and provide us with the necessary resources to rapidly deploy and expand upon our recently-announced contracts in the telecom and education verticals."
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. 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.
E. Brian Harvey
Remark Holdings, Inc.
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SOURCE Remark Holdings, Inc.