VANCOUVER, British Columbia, August 4th, 2020 – Loop Insights Inc. (TSXV: MTRX) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive automated marketing, contact tracing, and contactless solutions to the brick and mortar space explains how the Loop Insights Contact Tracing Platform is complementary to the government’s “COVID Alert” App.
In recent and ongoing conversations with various levels of government in Canada (collectively, the “Governments”), each confirmed their full support and commitment to the implementation of various Covid-19 contact tracing and awareness solutions, among those being considered, is Loop’s technology. The Governments’ key decision-makers acknowledged that for successful management of COVID-19 through technology, several solutions are required to operate simultaneously in order to cover all the potential scenarios. There is an ever increasing sense of urgency to implement contact tracing systems, solutions and plans, not only for the Governments, but also for business, employers, unions and educational facilities to name a few.
How Does Loop Enhance the Governments’ “COVID Alert” App
The biggest single challenge with all current contact tracing apps is adoption (i.e., downloading) by the general public and without widespread adoption, the effectiveness of any such app is very limited. Resistance to adoption is similar to many downloadable apps including privacy concerns, data usage, smartphone storage limits, continuous location tracking, having to download updates, unwanted notifications, and smartphone battery usage due to continuous Bluetooth activation. Additionally, current app options are less effective in industries such as education, industrial labor sites, some union job sites, and in some mining jobs because, in many cases, mobile phones are not permitted or used on site.
What distinguishes Loop’s Contact Tracing Solution from the apps and what makes it more attractive is the fact that is not an app at all and therefore does not face the same adoption challenge as app-based solutions. This is expected to result in a far greater adoption rate and, as stated above, the higher the adoption rate, the higher the effectiveness of any solution. Loop’s check-in solution is potentially a perfect solution for all sectors and potential uses, including those difficult ones referred to above because the check-ins can be done on a mobile phone as well as through a Near Field Communication enabled ID card or bracelet. Loop is positioned to provide a highly scalable solution that would automate current contract tracing legislation and replace the current pen and paper data collection and current proposed app-based solutions. The timely need for Loop’s solution can be seen in the company’s accelerated discussions with major retailers, agencies, and Governments.
CEO Rob Anson: “Contact tracing and management is about widespread adoption, connectivity/coverage, data management and necessary and relevant alert notifications. The Governments have done an exemplary job in the launch of their COVID-19 Alert app. Loop is elated to have met with Government representatives in this regard and look forward to continued discussions regarding a technology relationship with the Governments to among other things, assist in the effort to stop the spread of Covid-19. We concur that for contact tracing to be successful, there will need to be numerous solutions. As such, we have developed our proprietary solution in a manner that is expected to enable our Loop platform to easily connect to, complement and enhance any current and future solutions, whether app-based or otherwise. Loop has been catching the eye of those seeking solutions with our AI and automated data applications.”
Loop’s Focus is on the Return to School and Solutions for the Public Workplace.
The Loop Platform provides a versatile, highly scalable managed process that is expected to aid in the safe reopening of schools, businesses and public facilities. There is now a great responsibility for employers, from an HR perspective, to provide a process that ensures that their members are being protected. Loop is poised to deliver solutions that protect the health and safety of the student body, teachers, staff as well as visitors. For example, providing a check-in solution that is designed to keep children safe from the time they step on the school bus, throughout their day, to when they return home. The Loop platform is expected to provide an alternate process to gain better access and coverage in the public work sector and eliminate some of the current challenges with schools, unions, environment, adoption and connectivity.
The Future of Loop after COVID-19
Governments and decision-makers are looking to invest in future-proof solutions that can continue providing value after Covid-19 rather than simply a short-term, Covid-19 specific Band-Aid. Loop continues to be focused on long-term bricks and mortar retail and other land-based data collection and use solutions. As COVID-19 will eventually disappear, Loop’s most significant benefit is that its contact tracing platform can create a gateway for businesses to access new retail solutions, contactless NFC user experiences and digital transformation. Loop is well-positioned to play a big part in laying the foundation and creating the expectation of what is the “new normal.”
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.
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This news release contains certain statements which constitute forward looking statements or information, including statements regarding Loop’s business and technology; the ability of Loop to engage with industry participants to achieve its goals; the development of Loop’s technology; and the viability of Loop’s business model. 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, 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.
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August 4, 2020