Innovation holding company plans to solve logistics challenges with AI
BOCA RATON, Fla., April 30, 2021 (GLOBE NEWSWIRE) — Puget Technologies, Inc. (“Puget”; OTC PINK: PUGE), a Nevada corporation subject to reporting pursuant to Sections 13 and 15(d) of the Securities Exchange Act of 1934, as amended, announces that the company’s Chief Technologies Officer (CTO), Victor Germán Quintero Toro has contributed proprietary software to Puget, subject to retained royalty rights, designed to improve the functioning of logistics in transportation and distribution systems. The methodology involved is believed to be unique and subject to protection as trade secrets, however, Puget may elect to reinforce such protection through patents in the near future.
“The solutions currently available in the marketplace to manage distribution and transportation logistics are limited to just a few specifically customized applications. In contrast, Puget’s software can solve extremely complex problems for its end users by customizing the myriad of variables not currently included in out-of-the-box modular software. It does so in a seamlessly integrated environment without the need for additional capital expenditures. By data mining in big data environments with advanced artificial intelligence algorithms and other proprietary trade secrets, Puget’s newly acquired software is the only technology on the market today, in my opinion, that supports the majority of variables that affect these end users,” commented Mr. Quintero Toro.
“Designed specifically to seamlessly integrate functionality within the big data environments of existing distribution and transportation systems, the software does not replace existing technology. One of the main advantages of this solution is the optimization of company’s operations since this software complements and enhances existing platforms to deliver efficiencies, enabling cost reduction without the need for a significant capital outlay. I’m looking forward to commercializing this technology with Puget’s assistance,” Mr. Quintero Toro explained.
Mr. Quintero Toro’s past experience working to solve similar problems at Walmart distribution centers around the world contributed to the domain expertise needed to come up with such an innovative, integrated solution.
The software has already been beta tested in the public transportation system of the City of Manizales in the Republic of Colombia, where it achieved a 30% reduction in hydrocarbon emissions as a result of better route management. The beta test results were presented at the Congreso Latino-Iberoamericano de Investigacion de Operaciones (CLAIO), and a summary was published in the publication Annals of Operations Research and in the Journal of Heuristics.
Puget intends to commercialize this technology through licensing agreements, leveraging Puerto Rico as a springboard for rollout to Latin America and other parts of the world. The transportation and distribution problems on the Island, aggravated by unfortunate recent weather disasters, provide an opportunity for the technology to make a significant positive impact there. In addition, because of the substantial incentives provided by the Puerto Rico Incentives Code (Law No. 60 of July 1, 2019), Puget believes that the Commonwealth of Puerto Rico would be an ideal site as a worldwide research and development center, which will enable Puget to have a local presence as the team works directly with local business and government leaders to improve the Island’s infrastructure.
About Puget Technologies, Inc.
Puget Technologies, Inc. (pugettechnologies.com) aspires to evolve into an innovation-focused holding company operating through a group of subsidiaries and business units that work together to empower ground-breaking companies to reach their next stage of growth. With a strategy that combines acquisitions, strategic investment strategies, and operational support, Puget intends to provide a one-stop shop for growing companies who need access to both capital and growth resources, while enabling Puget and its stockholders to generate synergies and derive profit through pooled resources and shared goals. Puget’s current investment focus ranges from traditional industries like health care that are ripe for business model innovation to new markets that strive to solve big societal problems such as climate change. Publicly traded on the Pink Open Market under the ticker symbol “PUGE”, Puget is committed to delivering a competitive return to investors.
Any statements made in this press release that are not statements of historical fact, including statements about Puget’s beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements can be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “objective,” “plan,” “potential,” “predict,” “projection,” “should,” “will” or, in each case, their negative, or other variations or comparable terminology. Puget bases these forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances and at such time. As you read and consider this press release, you should understand that these statements are not guarantees of future performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although Puget believes that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect Puget’s actual results to differ materially from those expressed in the forward-looking statements and projections. Puget undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If Puget does update one or more forward-looking statements, there should be no inference that it will make additional updates with respect to those or other forward-looking statements.