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VANCOUVER, British Columbia, Jan. 12, 2021 (GLOBE NEWSWIRE) — Loop Insights Inc. (MTRX:TSXV) (RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement and automated venue tracing to the brick and mortar space, is pleased to announce the signing of a Letter Of Intent (“LOI”) to acquire Passcreator, a leading European digital wallet and mobile marketing company with Tier-1 clients such as Mercedes-Benz and BMW. The acquisition is expected to be completed by late January or early February 2021, subject to customary due diligence and Exchange approvals.
Acquisition of Passcreator to Provide Loop with Complete Control Over its Digital Wallet Pass Technology In Anticipation of Upcoming Business Developments
Loop commenced its technology partnership with Passcreator early in 2020 to provide Loop with the support necessary to deliver on its anticipated first-stage developments in the sports venue, hospitality, travel, and health industries. To this end, on December 29, 2020, Loop Insights announced its most successful year in Company history, including partnerships with major telecom companies TELUS and NTT DATA.
With this proposed acquisition, Loop is taking its partnership to the next level by both incorporating the Passcreator team and taking full control of its Wallet pass technology in anticipation of Loop’s next stage of significantly larger business developments. Specifically, significant interest garnered in the UK and European markets dictate that Loop secures and directly manages the further development of Passcreator’s Wallet Pass platform, which is able to deploy rapidly and at scale in up to 40 languages.
The Passcreator mobile wallet pass is built on Android and iOS Wallet pass technology. By acquiring Passcreator, Loop will vertically integrate its Wallet pass capabilities, as well as, gain access to Passcreator’s clients such as BMW and Mercedes Benz.
Loop Insights CEO, Rob Anson stated, “In our December 29th review I stated that Loop was very confident that significant developments would be announced in 2021 when our partners and customers returned from their holiday breaks. With the first week of January behind us, we have good reason to believe in the potential for significant developments in the UK and Europe, so the time was right to now acquire Passcreator, secure our core technology, and bring this great team into the Loop family.”
Passcreator CEO, Mario C.G. Juhnke stated, “We believe that the merging of two very proven technology companies will greatly accelerate further development and synergistic growth. Furthermore, the bridging of the markets of both Loop and Passcreator will serve to improve market resiliency and bolster confidence in the future.”
Completion of the Transaction is subject to customary items, including satisfactory due diligence by both parties, completion of definitive agreements in respect of the Transaction and exchange approval, if required. The Transaction is expected to be structured as an “Expedited Acquisition” under the policies of the TSX Venture Exchange (the “TSXV”). No finder’s fee is expected to be paid in connection with the Transaction and no new directors of officers will be added to the board and management of Loop in connection of the Transaction. The closing of the Transaction, which is subject to several conditions, is expected to be completed by late January or early February 2021.
This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement https://agoracom.com/ir/LoopInsights/forums/discussion
Passcreator is a brand of mediahelden GmbH. Our goal is to offer state of the art mobile marketing with modern technology. First and foremost we do this by distributing mobile wallet passes to the wallet apps on iOS or Android. Our particular strength lies in the fact that we integrate into existing processes. Passcreator is used by various market leaders worldwide in a variety of markets and industries, predominantly in the white label version. Passcreator has been on the market since 2012, which makes us one of the most experienced market participants.
Loop 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. Loop’s products and services are backed by Amazon’s Partner Network and sold through the TELUS IoT Marketplace.
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This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. Any securities referred to herein have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to a U.S. Person absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.
Notice Regarding Forward-Looking Statements
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. These statements generally can be identified by the use of forward-looking words such as “may”, “should”, “could”, “intend”, “estimate”, “plan”, “anticipate”, “expect”, “believe” or “continue”, or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the closing of the Transaction; the receipt of conditional approval from the TSX Venture Exchange; the expectation that closing will occur shortly after TSX approval; the expectation that due diligence will be completed and no material deficiencies will be identified; that the parties will enter into definitive agreements with respect to the Transaction on terms acceptable to all parties; post-closing objectives of Loop for the Passcreator brand and business; the expectation of additional revenues to Loop post-closing; the expectation that Passcreator revenues may continue to grow as expected; that the Transaction may position Loop for future growth through additional strategic acquisitions; and that the founders of Passcreator will assist Loop with the transition of operations post-closing and will use best efforts to act as management for Passcreator post-closing in accordance with new employment agreements entered into with them. There are numerous risks and uncertainties that could cause actual results and Loop’s plans and objectives to differ materially from those expressed in the forward-looking information, including (i) inability to close the Transaction for any reason; (ii) COVID-19 risks; (iii) difficulties and delays associated with integrating and growing the Passcreator business post-closing; (iv) risks inherent in the online marketing software and technology industries in general; (v) other factors beyond the control of the Company; and (vi) risks outlined in Loop’s publicly filed documents available on SEDAR. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.