Combination of Loop technologies with Maitri platform has
potential to create new paradigm in $120
Billion PPE market.
VANCOUVER, BC, March 1, 2021 /CNW/ - Loop Insights Inc. (TSXV:
MTRX) (OTCQB: RACMF) (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. (CSE:
MTEC) 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/LoopInsights/forums/discussion
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 investors@maitrihealth.ca
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. Loop's products and services are
backed by Amazon's Partner Network.
This news release contains certain statements that constitute
forward-looking statements or information, including statements
regarding Loop's business and technology; the ability of Loop to
engage with industry participants to achieve its goals; the
development of Loop's technology; and the viability of Loop's
business model. Such forward-looking statements are subject to
numerous risks and uncertainties, some of which are beyond Loop's
control, including the impact of general economic conditions,
industry conditions, competition from other industry participants,
stock market volatility, and the ability to access sufficient
capital from internal and external sources. Although Loop believes
that the expectations in its forward-looking statements are
reasonable, they are based on factors and assumptions concerning
future events which may prove to be inaccurate. Those factors and
assumptions are based upon currently available information. Such
forward-looking statements are subject to known and unknown risks,
uncertainties, and other factors that could influence actual
results or events and cause actual results or events to differ
materially from those stated, anticipated, or implied in the
forward-looking statements. As such, readers are cautioned not to
place undue reliance on the forward-looking statements, as no
assurance can be provided as to future results, levels of activity,
or achievements. The forward-looking statements contained in this
news release are made as of the date of this news release and,
except as required by applicable law, Loop does not undertake any
obligation to publicly update or to revise any of the included
forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements
contained in this document are expressly qualified by this
cautionary statement. Trading in the securities of Loop should be
considered highly speculative. There can be no assurance that Loop
will be able to achieve all or any of its proposed
objectives.
Readers are cautioned that the letter of intent entered into
between Loop and Maitri is not binding on either party.
Completion of any transaction between the parties remains subject
to the negotiation and finalization of definitive documentation as
well as other customary closing conditions for transactions of this
nature.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
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SOURCE LOOP Insights Inc.
