DENVER and VANCOUVER, British Columbia, Sept. 28, 2021 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) is pleased to provide a corporate update with regard to its milestones achieved in the course of Q3 2021. On June 15, 2021, the Company’s common shares began trading on the Canadian Securities Exchange and promptly thereafter began initiatives focused on select industries for launching the SpotLite360 software-as-a-service (“SaaS”) solution (the “SpotLite360 Technologies”). As supply chains around the globe continue to evolve in ways that can benefit from blockchain and Internet-of-Things (“IoT”) solutions such as the SpotLite360 Technologies, the Company is strategically positioning itself to align with some of the world’s largest and most complex industries with respect to their business objectives, needs of the end consumer, and regulatory compliance.
Below, an overview is provided of the Company’s key milestones from this quarter. Additional information can be found on the SpotLite360 website, as well as on the Company’s SEDAR profile at http://sedar.com.
||Industry Focused Launch Initiatives: In press releases published throughout July and August, the Company announced initiatives for launching the SpotLite360 Technologies to accounts in the pharmaceutical, healthcare, cannabis, and agriculture industries. Given the often complicated regulatory frameworks in which players in these industries operate as well as the pervasiveness of counterfeit goods in the pharmaceutical sector, firms could realize significant value from the integration of the SpotLite360 Technologies into their business systems, as well as the systems of their respective partners and suppliers. In mid-July 2021, SpotLite360 President James Greenwell made a 17-minute video presentation explaining the potential benefits of the SpotLite360 Technologies in the cannabis industry. This presentation can be viewed by clicking here.
License Agreements for the SpotLite360 Technologies: This quarter was a promising start for the Company as it landed two license agreements for the SpotLite360 Technologies with cannabis industry players in the state of Colorado; Aurora-based Apollo Sciences (hemp manufacturer with more than 200 contract farmers) as well as Denver-based Peak Dispensary (holder of Colorado’s fourth dispensary license, well-known tourist attraction, currently planning multi-state expansion).
First SpotLite360 Technologies Reseller Relationship: Building upon SpotLite360’s existing relationship with Apollo Sciences as a licensee of the SpotLite360 Technologies, Apollo Sciences also became a reseller of the Company’s solution in September 2021. Given their reach in the cannabis industry, Apollo Sciences is capable of reaching many new potential accounts for licensing of the SpotLite360 Technologies.
Updated Company Name: To better reflect the vision of the Company’s management for the SpotLite360 Technologies as an innovative solution for global supply chains leveraging the capabilities of IOT integrations, the Company was renamed to SpotLite360 IOT Solutions, Inc. effective Tuesday, August 24, 2021. The ticker symbols for the Company’s common shares remained the same following this change.
SpotLite360 President James Greenwell commented, “We have had an exciting Q3 2021 and are very much looking forward to what is in store for next quarter as we seek to build upon our developments to date. With software licenses and integrations in the works, as well as our first reseller relationship with a leading biosciences firm in Aurora, CO, I believe we have come a long way in launching the SpotLite360 Technologies. Other initiatives currently underway include team-building for our Denver office, in addition to exploring acquisition opportunities to enhance the SpotLite360 Technologies and the value it can provide to clients as well as their partners, vendors, service suppliers, and end consumers.”
On behalf of the Board of Directors of the Company,
SpotLite360 IOT Solutions, Inc.
James Greenwell, President
For more information about SpotLite360, please visit: http://spotlite360.com
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About SpotLite360 IOT Solutions, 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 endeavours 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 (eg, 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.
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 IOT Solutions, Inc. can be found under the Company’s profile on http://sedar.com.