Combination of Loop technologies with Maitri platform has potential to create new paradigm in $120 Billion PPE market.
VANCOUVER, BC , March 1, 2021 /PRNewswire/ - 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.