VANCOUVER, BC, March 1, 2021, Loop Insights Inc. (MTRX:TSXV) (RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement, and automated venue tracing to the brick and mortar space, is pleased to announce the signing of a letter of intent (LOI) for the grant of a non-exclusive license to Maitri Health Technologies Corp. (MTEC:CSE) for various aspects of Loop’s technology in return for CDN$2,000,000 in cash and common shares as well as a revenue-sharing arrangement.
Maitri Health Technologies is focused on modernizing healthcare systems for a post-pandemic world. Global events in 2020 identified the need for long-term security in both healthcare and the workplace. Maitri is a global platform for healthcare supply security providing a reliable source of certified PPE (personal protective equipment) and testing solutions through an onshore manufacturing model. This model has led to the creation of innovative and industry-leading products integrated with technology to help track, trace, and enable safer workplaces and communities. Maitri’s vision for the future is for safe workplaces and institutions to enable economies to operate uninterrupted.
The global market for PPE is expected to exceed USD$123 Billion by 2027 according to Grandview Research. The global workplace safety market is expected to grow to USD$19.9 Billion by 2025 according to Research and Markets.
The combination of Loop’s technologies with Maitri’s unique products has the potential to create a comprehensive offering for PPE and technology that will provide the foundation for safer, more protected workplaces and communities.
Loop Insights CEO Rob Anson stated: “COVID-19 created an immediate need for PPE that also immediately became a highly disorganized and fragmented market of middlemen and brokers with often questionable sources. Maitri’s ability to establish secure access and trusted distribution to key PPE products through a platform positions them to quickly become a strong force in the industry. This licensing arrangement will provide the ability to add venue, business and building protection to their offering, leading to brand new opportunities and revenue models.”
LICENSING ARRANGEMENT TO COMBINE PPE, ARTIFICIAL INTELLIGENCE AND PROPTECH IN FIRST-EVER AND FULLY SCALABLE OFFERING
Maitri’s PPE line of products combined with Loop Insights technology represents the convergence of a powerful PPE, AI, and Proptech offering that enables operators, businesses and building owners to reopen and protect all constituents with a documented process from verified PPE to venue management and artificial intelligence-driven marketing opportunities. This combined protocol enables physical buildings to fully reopen, generate revenue, and remain viable assets under end-to-end protection.
As a result, Loop Insights gains access to another major industry component that is essential to the safe re-opening of the global economy and society.
“Our relationship with Loop technology will create the opportunity to deliver a more complete safety protocol along with our existing products and offerings,” said Andrew Morton, CEO of Maitri. “We’re well-positioned to play a significant role supporting a path to global economic recovery.”
TERMS OF THE LOI
Loop will license the following technology:
- AI Data Insights Portal;
- SmarTap Check-in Technology; and
- Digital Wallet Pass Technology.
In exchange for the license, Loop will receive a total value of $2,000,000 in a combination of both:
- Cash $250,000;
- Common Shares $1,750,000; and
- Revenue Share (terms to be determined)
Both parties have agreed to a 30-day closing period for a definitive agreement, the terms of which are subject to the approval by the Board of Directors of both companies.
This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement https://agoracom.com/ir/
About Maitri Health Technologies
Maitri Health Technologies Corp. (CSE: MTEC, FRA: D84) is a global platform for healthcare supply security. Our mission is to enhance safety and quality of life, and keep organizations and economies running. Maitri provides a reliable source of innovative, certified personal protective equipment and testing solutions through an onshore manufacturing model. Our stable, scalable supply chain is integrated with unique digital technology to deliver a comprehensive healthcare supply platform. For more information: https://maitrihealth.ca/ or firstname.lastname@example.org
About Loop Insights
Loop Insights Inc. is a Vancouver-based Internet of Things (“IoT”) technology company that delivers transformative artificial intelligence (“AI”) automated marketing, venue 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. Loop’s products and services are backed by Amazon’s Partner Network.
Loop Insights Inc.
This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Notice Regarding Forward-Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the closing of the Transaction; post-closing objectives of Loop for acquired assets; the expectation of additional revenues to Loop post-closing; the expectation that Loop will be able to successfully integrate the acquired assets; that the Acquisition may position Loop for future growth; and that the vendors will assist Loop with the transition of operations post-closing. There are numerous risks and uncertainties that could cause actual results and Loop’s plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) COVID-19 risks; (ii) difficulties and delays associated with integrating and growing the acquired assets post-closing; (iii) risks inherent in the technology and AI industries in general; (iv) other factors beyond the control of the Company; and (v) risks outlined in Loop’s publicly filed documents available on SEDAR. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.