VANCOUVER, BC, July 17, 2020 /CNW/ - Loop Insights Inc. (TSX.V: MTRX) (the "Company" or "Loop")—provider of transformative artificial intelligence ("AI") Internet of Things ("IoT") solutions—announced that it has accelerated conversations for the implementation of its Covid-19 contact tracing solution with government officials, and live event and stadium operators, in North America, Australia, Indonesia, and the U.K., since its launch in June 2020.
Loop CEO Rob Anson stated: "Receiving this level of interest across verticals and geographical borders is a true testament to Loop's unique IoT connectivity capabilities. Our core technology has always been built on automation, simplicity and usability. To be able to support the health, safety, and economic recovery of communities is incredibly motivating. Our opportunity to expand Loop's global reach has never been greater."
The coronavirus has had a devastating effect on the health and economies of 188 nations. Government officials and business owners are aware that a second wave is coming, and to prepare, they need proper protocols and mandates in place. Loop's key to success stems from an ability to seamlessly integrate and enhance businesses' existing solutions. With its SIM-enabled connectivity, and compatibility with up to forty languages, Loop's contact tracing platform supports fast, scalable deployment anywhere in the world.
Loop's goal is to leverage this frictionless implementation process to gain government and public sector endorsement at all levels. For government contracts, the Company will gain revenue from onboarding fees per location, an annual software licensing fee with managed service, and ongoing revenue from active user fees. For venue operators, revenue stems from onboarding fees, monthly Software as a Service (SaaS) fees, and ongoing active user fees.
Loop COO Gavin Lee added: "Loop strongly supports the continuation of physical distancing and its implementation in business operations. We understand the need to kickstart economies, but in order to instill confidence back into sports venue and other hospitality experiences, systems must be in place to protect both staff and customers."
Combining Loop's IoT and artificial intelligence capabilities with wallet pass technology, creates a digital Covid-19 Contact Card (stored in their Apple or Google wallet). Users tap their mobile device to check in. Check-ins are tracked based on time and location; and if an outbreak is recorded, the platform can provide real-time notifications to an unlimited number of users. The Company's automated solution is contactless, fast, accurate and scalable—and for those reasons, it is well positioned for global scale.
About Loop Insights: Loop is a Vancouver-based technology company that provides transformative artificial intelligence services and IoT solutions to the brick and mortar retail industry to support its longevity in the face of a growing online consumer culture. At the core of its solution is the Fobi IoT technology, which has the unique ability to connect company-wide data with in-store transactional data in real time. This disruptive capability creates revenue-generating insights, which can be actioned through Loop's automated personalized marketing platform to increase foot traffic, wallet share, loyalty and spend.
This news release contains certain statements which constitute forward-looking statements or information. 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, and 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.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE LOOP Insights Inc.
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