NEW YORK, NY, June 27, 2023 (GLOBE NEWSWIRE) -- International Endeavors Corp. (“IEC”) (OTC PINK: IDVV), a technology holdings company, is actively expanding its Artificial Intelligence (AI) division—and doing so brilliantly. IEC is acquiring revenue producing companies, then using the revenue they generate to acquire additional AI-based companies, and, at the same time, taking advantage of the revenue to begin to eliminate corporate debt. IEC’s expansion into AI has positioned the company to drive significant revenue, become a debt-free company, and set IEC on a path to a profitable future.
After all, it took the company’s new AI division less than two months in the AI space to amass around $600,000 in revenue, which is almost half of the company’s current market cap. And that has led to the search for its next acquisition. IEC has never been in a better position to offer investors real shareholder value.
First, because AI is clearly the key driver of transformation, disruption, and competitive advantage in today’s fast-changing economy, IEC is operating in a sector that is clearly the future of the global economy and a sector with unlimited growth potential. So, seeking out additional acquisitions that offer completely different technologies will further cement the company in the AI space, which will lead IEC to command more of the industry’s market share.
Second, the company is packaging its new found revenue with a combination of restricted stock and/or long-term “locked up” equity (up to 2 years), to (i) acquire future AI-related companies; and (ii) to begin eliminating the company’s debt with current holders. It’s an extremely savvy business move that very few microcap companies prioritize, and the benefit to shareholders is that without debt, the company can begin to turn revenue into profit.
Finally, IEC is rapidly expanding its AI division and the products/services it can offer by acquiring additional revenue-producing companies in the burgeoning AI sector. With future acquisitions, IEC can strengthen its AI portfolio by offering more services across a wider range of industries, which will obviously lead to more clients and even greater revenue.
The company has been meticulously but aggressively seeking out opportunities to broaden its footprint in the AI sector, which PwC estimates could add as much as $15.7 trillion to the global economy by 2030. In Q1, IEC acquired “WITech” and “SF Corp,” then combined the strengths and capabilities of both companies, and voilà, IEC’s AI division was born under the “WITech” brand. The AI division created an instant revenue stream for IEC as it welcomed clients in both the financial and the health and wellness sectors.
Fast forward to Q2, and now the company is taking full advantage of the revenue it has generated by reinvesting some of it back into its AI portfolio. IEC recently announced it will be acquiring “Scribs Ventures.”
Bringing Scribs Ventures, a private company with operations in California and Florida, under the WITech umbrella will immediately produce more revenue for IEC and increase the products and services the company can offer clients throughout the AI space. The company stated that Scribs has developed several AI-based technologies that utilize speech recognition and text generation, and these technologies are currently generating revenue for Scribs with its existing clients.
IEC’s AI division currently operates in the “AI content creation and marketing” industry, but the company expects to parlay the acquisition of Scribs and its technologies into the use of AI in smart phones and smart devices by launching AI-based apps, including an AI-enabled diet app and an AI-powered scheduling app.
An acquisition of technologies that green-light the development of AI-based applications would immediately catapult IEC into the fast-growing AI software industry. According to Precedence Research, the size of the global AI software market was $138.4 billion in 2022, and it is expected to surpass $1.1 trillion by 2032. The research firm added that the market is poised to grow at a compound annual growth rate (CAGR) of 22.97% from 2023 to 2032.
IEC’s Jeremy Smith, commenting on the Letter of Intent to acquire Scribs, said, “We plan on staying ahead of the industry and this will allow us to enter the smart phone/smart device segment of AI. We can begin working with smart phones (iPhone and Android) and smart devices like Amazon’s Alexa, and Apple’s Siri.” Smith also stated that due to the many services the company could begin to provide with this acquisition, IEC will be rolling out the many potential areas of expansion over the coming weeks.
The benefit of acquiring these technologies is that it presents many new business opportunities to IEC. Creating AI based or AI enabled apps would allow the company to not only develop new apps that are powered by AI, but also enhance current apps on the market or that are in development by third-party developers, as well as generate new business-to-business relationships.
So, IEC is clearly right where it should be—in a sector with exponential reach—and the company is already proving that it can quickly establish growth and drive significant revenue. The rapid expansion that we’re witnessing with IEC has the real potential to transform it into an advanced-stage technology company that could eventually become an attractive acquisition target.
To learn more about International Endeavors Corp., visit https://idvvcorp.com.
About International Endeavors Corp.
International Endeavors Corp. is a technology holdings company focused on clean energy, crypto and AI. In 2023, IDVV acquired WITech and SF Corp as part of an expansion into the AI sector. The company will incorporate AI technology into its crypto offerings and develop a platform for AI content marketing.
The company specializes in solar technology, battery storage, as well as clean energy crypto mining options for both on and off grid. IEC is currently implementing EV2G/Bi-directional charging options, which allows customers to use their electric vehicle as a backup battery or to sell power back to the grid.
In 2022, IEC started offering its clients a clean energy crypto mining solution. Its plug-n-play mining rigs can be installed in existing or current systems and the rig allows the option to sell power back to the grid or mine cryptocurrency with any power surplus.
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