VANCOUVER, British Columbia, August 6, 2020 – Loop Insights Inc. (TSXV: MTRX) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement and automated contact tracing to the brick and mortar space, is pleased to announce the receipt of more than $900,000 from the exercise of warrants.
WARRANT PROCEEDS SUPPLEMENT FUTURE GROWTH CAPITAL
In addition to the closing of the recent private placements totaling 2.7 million dollars, the proceeds from the recent exercise of warrants is expected to provide Loop with the financial resources to fund operations and execution of its business plan for a minimum of 12 months. Financial security enables the Company to execute on its business plan and to pursue future opportunities, which not only creates shareholder value but also positions the Company well for possible mergers and acquisitions.
In addition, the Company is currently generating revenue, and anticipates meaningful revenue from its current, pending and anticipated contracts over the next 12 months. Due to the stabilization of Loop’s share price, the Company expects to receive additional proceeds from further warrant exercises. With sufficient cash reserves in the bank, increasing revenues and further warrant exercises being highly likely, Loop is confident that it is, and will continue to be, sufficiently funded to pursue all current, pending and future business opportunities as the demand continues to grow globally for its artificial intelligence and contactless solutions.
FINANCING PROCEEDS IN 2020 TOTAL APPROXIMATELY 3.6 MILLION DOLLARS
CEO Rob Anson stated: “The warrant exercises announced today not only demonstrates that shareholder value is moving in the right direction and that we have the support and confidence of our shareholders, but also significantly bolsters our financial strength and resources necessary to capitalize on the many current and future opportunities at hand. Loop appreciates its shareholders’ confidence very much and is committed to further increasing shareholder value as it continues to aggressively pursue its business plan and growth strategy.”
This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion and Q&A https://agoracom.com/ir/LoopInsights/forums/discussion
About Loop Insights: Loop Insights Inc. is a Vancouver-based Internet of Things (“IoT”) technology company that delivers transformative artificial intelligence (“AI”) automated marketing, contact tracing, and contactless solutions to the brick and mortar space. Its unique IoT device, Fobi, enables data connectivity across online and on-premise platforms to provide real-time, detailed insights and automated, personalized engagement. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. Loop Insights operates in the telecom, casino gaming, sports and entertainment, hospitality, and retail industries, in Canada, the US, the UK, Latin America, Australia, Japan, and Indonesia.
