DENVER and VANCOUVER, British Columbia, July 29, 2021 (GLOBE NEWSWIRE) -- SPOTLITE360 TECHNOLOGIES, INC. (“Spotlite360” or the “Company”) (CSE: LITE) is pleased to announce that it has entered into a software license agreement (the “License Agreement”) with Apollo Sciences (“Apollo”, and together with the Company the “Parties”), a vertically integrated producer and distributor of hemp in Aurora, Colorado. Under the License Agreement, Apollo will have the right to utilize Spotlite360’s suite of blockchain and Internet-of-Things (“IoT”) technologies which can provide unprecedented visibility to all participants in a supply chain and ensure optimal product and service quality (collectively, the “Spotlite360 Technologies”). The Parties have explored several potential applications of the Spotlite360 Technologies to Apollo’s business activities, which include biomass storage, pharmaceutical grade extraction, post-processing, and white-label production of hemp-derived products. Moreover, the Spotlite360 Technologies could enable legal-aged purchasers of hemp products produced and/or distributed by Apollo to trace the origin and verify the authenticity of the product through matrix barcodes (commonly referred to as “Quick Response” or “QR” codes) printed on product packaging, which can match individual product units to their respective provenance records in seconds using a smartphone camera.
Apollo is fully licensed with the Colorado Department of Agriculture and leverages a network of more than 200 contract farmers and greenhouses to procure top-shelf hemp flower and biomass which it uses to fill orders. To improve its overall efficiency and provide greater value, Apollo has identified opportunities to integrate blockchain and IoT technologies into its supply chain to enhance visibility and traceability of each and every unit throughout its journey. For instance, if a customer prefers to use hemp oil extracted from plants grown in a specific region or of a particular genetic strain, the immutable records of the plant’s origin stored on a decentralized blockchain network can easily allow attributes such as region of origin or strain type to be identified.
Numerous opportunities exist for clients of Apollo to directly or indirectly benefit from the firm’s use of Spotlite360 Technologies. Apollo’s services are offered on an “a-la-carte” basis to the hemp ecosystem as part of its business model to offer flexibility to the many entities in the rapidly evolving hemp industry. The National Industrial Hemp Council values the 2019 market at USD $4 billion and is projected to grow to around USD $16 billion by 20271. The Company believes this use case could be instrumental in demonstrating the value of the Spotlite360 Technologies, which can also be utilized in the pharmaceutical and healthcare industries. Spotlite360’s team will work closely with Apollo to integrate the Spotlite360 Technologies into its day-to-day workflows, while making observations to identify areas for potential improvement as the Company prepares to launch the Spotlite360 Technologies on a broader scale.
Spotlite360 President James Greenwell commented, “As the hemp category becomes more sophisticated with each passing year, consumers and industry stakeholders have become more discerning when it comes to the origin of their products and the accuracy of tracking mechanisms throughout the supply chain. Moreover, given the stringent regulations relating to hemp, as well as to agriculture at a macro level, manufacturers such as Apollo are now held to very high standards in terms of how diligent they must be in the management and supervision of their supply chains. The Spotlite360 Technologies are designed for easy integration, reducing the burden of adding blockchain capabilities to existing systems. We look forward to working with Apollo to make the Spotlite360 Technologies a key part of how they do business.”
Sources
1 - https://www.forbes.com/sites/jordanstrickler/2021/01/20/hemp-industry-gets-lift-from-new-usda-rule/?sh=41798e654e79
On behalf of the Board of Directors of the Company,
Spotlite360 Technologies Inc.
“James Greenwell”
James Greenwell, President
For more information about Spotlite360, please visit: http://spotlite360.com
Charles Lee
Investor Relations and Media Inquiries
+1 (720) 830-6120
ir@spotlite360.com
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About Spotlite360 Technologies Inc.
Spotlite360 is a logistics technologies solutions provider unlocking value, opportunities, and efficiencies for all participants in a supply chain. Building upon existing applications of IoT technologies, distributed ledgers, and machine learning, Spotlite360 endeavors to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries. As regulators across the globe begin to impose new tracing and accountability requirements for the protection of consumers (e.g., DSCSA and FSMA from the U.S. Food and Drug Administration), the need for reliable, cost-effective, and versatile tracking technology is expected to grow considerably. Spotlite360’s flagship SaaS solution has been engineered to seamlessly track the movement of a product by integrating with systems of all major stakeholders in a supply chain ranging from the raw materials to the hands of the end consumer. With a primary objective of onboarding new clients in 2021, Spotlite360 plans to explore innovative use cases for its proprietary stack of technologies which could transform logistics workflows in some of the world’s largest industries.
Forward-Looking Statements
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company’s management regarding the future growth of the Resulting Issuer, its results of operations, performance, business prospects, and opportunities. This news release uses words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company’s management, based on information currently available to them.
This forward-looking information includes, among other things, statements relating to: the intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company; anticipated developments in operations of the Company; market position, ability to compete, and future financial or operating performance of the Company; the timing and amount of funding required to execute the business plans of the Company; capital expenditures of the Company; the effect on the Company, of any changes to existing or new legislation or policy or government regulation; the length of time required to obtain permits, certifications and approvals; the availability of labour; estimated budgets; currency fluctuations; requirements for additional capital; limitations on insurance coverage; the timing and possible outcome of regulatory and permitting matters; goals; strategies; future growth; the adequacy of financial resources; our expectations regarding revenues, expenses and anticipated cash needs.
In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate, and are subject to risks and uncertainties. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including those listed in the Company's non-offering prospectus dated May 26, 2021.
If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements or the information contained in those statements.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by Spotlite360 Technologies Inc. can be found under the Company's profile on http://sedar.com.
