MultiSensor AI Partners with Seek Thermal, Leading Thermal Sensor Manufacturer

Seek Thermal Customers Now Able to Leverage MultiSensor AI's Leading Condition-Based Monitoring (CBM) Software

HOUSTON, TX and SANTA BARBARA, CA / ACCESSWIRE / October 15, 2024 / MultiSensor AI Holdings, Inc. (NASDAQ:MSAI), a pioneer in AI-pwered industrial condition-based maintenance and process control solutions, today announced that it has formalized a strategic partnership with Seek Thermal, Inc. Formed in 2012 by Bill Parrish, PhD and Tim Fitzgibbons PhD, Seek Thermal designs and develops high-quality thermal devices which are manufactured in the USA.

This partnership announcement is the culmination of months of effort between the two organizations to integrate Seek's hardware solutions with MSAI's predictive maintenance software. The partnership will provide Seek's customer base with easy access to cutting-edge software for asset reliability programs, and will provide MSAI's customers with a broader range of thermal imaging solutions.

David Gow, MSAI's Executive Chair, said: "This partnership with Seek Thermal is an important step forward for MultiSensor AI. Seek Thermal has a long, rich history of providing world-class thermal imaging solutions, with hundreds of thousands of units installed globally. Seek's user base will now have access to our AI-Powered, predictive maintenance software, which will allow them to enhance their reliability programs through MSAI's next generation data outputs and predictive analytics."

"We're excited to partner with MSAI," said Jeff Karlson, Seek Thermal's Vice President of Products and Marketing. "MSAI has spent years developing solutions that help their customers monitor critical assets and infrastructure. By integrating their AI-driven predictive maintenance platform with Seek's high-resolution, low-cost Guardian camera line, we are breaking down barriers to thermal monitoring that were once cost-prohibitive. Together, we're delivering a powerful solution that will help customers enhance safety, ensure operational continuity, and reduce costs."

The Strategic Partnership arrangement goes into effect immediately, and is expected to accelerate MSAI's and Seek's commercial activity, especially in the Distribution and Logistics, Electric Vehicle Manufacturing, and Industrial manufacturing markets.

This press release is not an offer for sale of the 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.

About MultiSensor AI (MSAI)

MultiSensor AI's SmartIR is an AWS-powered software platform that leverages MSAI-built thermal imaging, acoustic imaging, and vibration sensing devices for condition-based monitoring of critical mechanical and electrical assets and manufactured outputs. MSAI's solutions are deployed by organizations to protect critical assets across a wide range of industries including distribution & logistics, manufacturing, utilities, and oil & gas. MSAI's sensing solutions are built around high-resolution thermal imaging along with visible, acoustic, vibration and laser spectroscopy imagers and sensors. This full-stack solution measures heat, sound, and gas in the surrounding environment, helping companies gain insight to efficiently manage their most important assets and infrastructure. MSAI designs and manufactures digital thermal sensing solution platforms with edge and cloud-based software.

For more information, please visit https://multisensorai.com/.

About Seek Thermal, Incorporated

See The Unseen®

Seek Thermal was founded in 2012 by two pioneering scientists, Bill Parrish, PhD, and Tim Fitzgibbons, PhD, who together spent 40 years advancing military and professional-grade thermal imaging technology. After successfully building and selling two previous companies-Amber Engineering and Indigo Systems-Seek Thermal became their third venture, with a mission to make thermal imaging an integral part of everyday life.

Seek is a fabless designer and manufacturer of microbolometer detectors, and one of the few companies worldwide capable of creating thermal sensors. As a global leader in detector design, manufacturing, and productization, the company has shipped hundreds of thousands of thermal imaging products globally, providing affordable and reliable thermal solutions to professionals and consumers at scale. Seek Thermal continues to make this technology accessible, enabling people to work safer, faster, and smarter.

For more information, please visit https://www.thermal.com/

MSAI Contact:
Michael Cummings
President
Alpha IR
Phone: +1 (617) 461-1101
[email protected]
www.multisensorai.com

Seek Thermal Contact:
Brent LaSala
Vice President, Marketing
Seek Thermal
[email protected]
www.thermal.com

SOURCE: MultiSensor AI

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