Loop Insights Receives Over $900,000 from Exercise of Warrants, Bolstering Company's Financial Position
VANCOUVER, BC, Aug. 6, 2020 /CNW/ - Loop Insights Inc. (TSXV: MTRX) (the "Company" or "Loop"), a provider of contactless solutions and artificial intelligence ("AI") to drive real-time insights, enhanced customer engagement and automated contact tracing to the brick and mortar space, is pleased to announce the receipt of more than $900,000 from the exercise of warrants.
WARRANT PROCEEDS SUPPLEMENT FUTURE GROWTH CAPITAL
In addition to the closing of the recent private placements totaling 2.7 million dollars, the proceeds from the recent exercise of warrants is expected to provide Loop with the financial resources to fund operations and execution of its business plan for a minimum of 12 months. Financial security enables the Company to execute on its business plan and to pursue future opportunities, which not only creates shareholder value but also positions the Company well for possible mergers and acquisitions.
In addition, the Company is currently generating revenue, and anticipates meaningful revenue from its current, pending and anticipated contracts over the next 12 months. Due to the stabilization of Loop's share price, the Company expects to receive additional proceeds from further warrant exercises. With sufficient cash reserves in the bank, increasing revenues and further warrant exercises being highly likely, Loop is confident that it is, and will continue to be, sufficiently funded to pursue all current, pending and future business opportunities as the demand continues to grow globally for its artificial intelligence and contactless solutions.
FINANCING PROCEEDS IN 2020 TOTAL APPROXIMATELY 3.6 MILLION DOLLARS
CEO Rob Anson stated: "The warrant exercises announced today not only demonstrates that shareholder value is moving in the right direction and that we have the support and confidence of our shareholders, but also significantly bolsters our financial strength and resources necessary to capitalize on the many current and future opportunities at hand. Loop appreciates its shareholders' confidence very much and is committed to further increasing shareholder value as it continues to aggressively pursue its business plan and growth strategy."
This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion and Q&A https://agoracom.com/ir/LoopInsights/forums/discussion
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.
Forward-Looking Statements/Information:
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.
Loop Insights Inc., Rob Anson, CEO, T: +1 877-754-5336 Ext. 4, E: [email protected]; LOOP Website: www.loopinsights.ai, Facebook: @LoopInsights, Twitter: @LoopInsights, LinkedIn: @LoopInsights
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