VANCOUVER, BC, July 20, 2020 /CNW/ - Loop Insights Inc. (TSXV: MTRX) (the "Company" or "Loop"), a provider of contactless solutions and Artificial Intelligence ("AI") to drive marketing and real-time consumer insights, is pleased to announce the signing of an MOU with ImagineAR (CSE: IP); (OTCQB: IPNFF) an Augmented Reality ("AR") mobile platform.
The integration of each company's respective technologies into a singular platform will deliver personalized promotions and targeted engagement, leading to higher conversions and transaction revenue in the professional sports, entertainment, and retail industries.
Both companies are well supported and positioned with Loop recently becoming a member of the Amazon Partner Network and ImagineAR being a Microsoft co-sell Azure partner. ImagineAR clients include NBA Sacramento Kings, AT&T, Mall of America, and the Basketball Hall of Fame.
LOOP INSIGHTS ENTERING COMMERCIALIZATION WITH TIER-1 CUSTOMERS AND NORTH AMERICAN TELECOM GIANTS
On July 13, 2020, Loop announced the acceleration of conversations and projects with two of Canada's largest telecommunications companies, as well as, two of the largest network providers in the United States. Moreover, the Company is in advanced discussions with major organizations in the NFL, NHL, NCAA, and a globally renown Casino company.
Loop Insights CEO Rob Anson stated: "Loop Insights utilization of Artificial Intelligence and IoT technology was already turning heads in retail with our ability to deliver dynamic, personalized promotions in real-time. With ImagineAR's immersive AR applications, we can create a whole new world of engagement that does not exist today. Together, our innovative solution unlocks engagement strategies that consumers simply have not previously experienced. This is the convergence of AI, IoT, and AR that technology companies have been promising the retail industry for years."
THE COMBINED OFFERING AND MARKET OPPORTUNITY
ImagineAR allows its clients real-time engagement with their consumer using mobile augmented reality. Loop Insights enhances the AR solution with artificial intelligence to make the customer experience hyper-personalized promotions for the purpose of generating a higher average spend. Loop and ImagineAR will jointly introduce their platform to each other's global client networks to increase reach and accelerate scalability. Revenues will be driven through onboarding and annual licensing fees, both companies will also benefit from monthly Software as a Service (SaaS) and managed service fees.
ImagineAR CEO Paul Silverrstieen added: "Both of our companies are already focused on the sports, entertainment and retail industries. ImagineAR's platform solution captures fan and consumer attention with its immersive experiential AR activations. Now with Loop's integration, we can offer highly personalized, dynamic targeted promotions to increase loyalty and consumer spend, as well as marketing attribution to create detailed fan loyalty profiles, for our shared global clients."
Together, the companies plan on seizing huge market opportunities in AR and AI. According to Allied Market Research, in 2017, the global augmented and virtual reality market size was $11.35 billion and is now projected to reach $571.42 billion by 2025—growing at a CAGR of 63.3%. The global artificial intelligence market size was estimated at $39.9 billion in 2019 and is expected to reach 62.3 billion by the end of this year (2020) alone. The companies are set on capturing meaningful market share by merging their respective groundbreaking technologies, which are already achieving 3rd party validation.
About ImagineAR Inc.
ImagineAR is an augmented reality (AR) platform that enables businesses of any size to create and implement their own AR campaigns with no programming or technology experience. Every organization, from professional sports franchises to small retailers, can develop interactive AR campaigns that blend the real and digital worlds. Customers simply point their mobile device at logos, signs, buildings, products, landmarks, and more to instantly engage videos, information, advertisements, coupons, 3-D holograms, and any interactive content all hosted in the cloud and managed using a menu-driven portal.
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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