VANCOUVER, BC, (GlobeNewswire - December 7, 2020), 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 approval by the Board of Directors of the Company’s intended plan (“Uplist Plan”) to begin the process of uplisting to major North American Stock Exchanges.
The Uplist Plan outlines Loop’s proposed plan to apply to have its common shares uplisted to the Toronto Stock Exchange (“TSX”), as a technology company, from the TSX Venture Exchange (“TSXV”). Completion of the Uplist Plan is subject to meeting certain conditions, as well as the approval of the TSX. There is no assurance that the TSX will approve the listing application or that Loop will complete the Uplist Plan as proposed.
Secondly, if the Company is successful in uplisting to the TSX, Loop intends to, as soon as practical, begin the process of filing a Form F-1 Registration Statement with the Securities and Exchange Commission of the United States (the “SEC”), which will enable Loop to apply to be listed on the NASDAQ. In the opinion of the Board, legal counsel, and financial advisors, a NASDAQ listing application would be better served coming from a TSX listed company, as opposed to a direct application from the TSXV. Any such listing application is subject to meeting the stringent conditions of the SEC, as well as, the approval of the NASDAQ. There is no assurance that either the SEC or NASDAQ will approve the Company’s respective applications or that Loop will complete the listing to the NASDAQ as proposed. Loop may elect to not complete the uplist to the TSX or the NASDAQ for a variety of reasons, including, but not limited to, unfavourable market conditions, the additional regulatory and financial burden of being listed on the TSX or the NASDAQ, or other conditions affecting the business or operations of Loop.
UPLIST PLAN ENACTED IN ANTICIPATION OF COMPANY GROWTH IN 2021
2020 has seen extraordinary growth for the Company in terms of its technology stack, customer acquisitions, Tier-1 partnerships, technology deployments, and most importantly, the growth of the Company’s sales pipeline. Though Loop cannot provide any assurances as to the success stemming from its current and growing sales pipeline, we are of the strong opinion that we will continue to see increased demand in the marketplace for our AI data applications and product services. The digital transformation driven by COVID-19 has accelerated Loop’s products across all industries and channels. As a result, Loop is well-positioned to be a big winner in the global digital transformation opportunity, as we seek to develop the connective tissue that bridges all data worlds together in real-time.
The Company’s main goal from the outset was to be the first publicly-traded, Artificial Intelligence, data play that delivers the ability to connect and to provide real-time data applications across the big three channels; In-Store, E-Commerce, and M-Commerce. The Company has not only accomplished this goal in 2020, it has begun to commercialize and build a strong pipeline of Tier-1 global brands.
Loop Insights CEO Rob Anson stated, “As a result of our immutable relevancy, high demand for Loop’s products, pipeline growth, and ability to easily scale into a global marketplace that is in full press digital transformation, we expect a continued accelerated pace that now warrants an uplist and dual list strategy that will attract institutional investors commensurate with our anticipated profile in 2021 and far beyond.”
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 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.