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
About Passcreator
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.
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. Loop’s products and services are backed by Amazon’s Partner Network.
Forward Looking Statements/Information:
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.