VANCOUVER, British Columbia, August 10, 2020 – Loop Insights Inc. (MTRX:TSXV) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, automated marketing, and contact tracing to the brick and mortar space, is pleased to announce the signing of a channel reseller partnership with global cloud-based Point-of-Sale (POS) company, Vend, as well as, the first sale to a Vend client.
VEND UNLOCKS ACTIVE OPPORTUNITIES IN $5T GLOBAL RETAIL INDUSTRY
Vend is the first POS built for iOS and is now used in over 25,000 stores across 140 countries. Vend’s fast growth and global reach creates opportunities across the world for Loop and its technology in the retail vertical. To this end, the companies have already secured the first implementation at a Vend client, Wild Birds Centers of America Inc. – a North American aviary retail franchise with 30 stores – and subsidiary of Global Harvest Foods Ltd. Loop plans on widening the scope of opportunity Global Harvest Foods.
Furthermore, Vend is already in discussions with several other retail chains and both companies expect to announce additional implementations in the near future.
Loop Insights CEO, Rob Anson stated, “This is a significant partnership for Loop given that both companies offer cloud-based services that provide a strong foundation for rapid scalability and growth. We are both driven to acquire multi-store clients to drive faster, larger adoption rates. As seen by our first implementation with Wild Bird Centers of America, VendHQ is already demonstrating huge value to Loop as a channel reseller. With active conversations already taking place with many of Vend’s global clients, our goals for global penetration into retail are already taking shape.”
Jake West, Director of Business Development at Vend, stated, “We are beyond excited to be partnering with Loop Insights to provide our retailers with robust, enterprise-level tools. With COVID 19, Vend has seen an increase in the number of mid-market and enterprise retailers that are moving to Vend to take advantage of modern, cloud-based technology. Loop Insights is a perfect complement to Vend’s platform, in that, collectively we are able to deliver enterprise & franchise reporting tools, deep product insights and even trends on consumer behavior to our retailers. Vend has long had a partner focused approach, where we partner with the best-of-breed companies like Loop to deliver our clients with an overall superior experience
LOOP’S SOFTWARE INTEGRATION CREATES SCALABLE CHANNEL RESELLER OPPORTUNITIES
The addition of Loop’s API provides Vend clients the unique ability to connect transactional data across all physical retail locations and e-commerce platforms for single stores, multi-store franchises, and international enterprise retail customers. The companies will first integrate Loop’s powerful insights service at Wild Bird Centers of America—a franchise with 30 retail stores in Canada and the United States; Loop plans on widening the scope of opportunity to its umbrella company, Global Harvest Foods Ltd.
Without the need for hardware, Loop Cloud delivers a frictionless implementation process that allows for large-scale adoption and, ultimately, adds high margin revenue-generating power to Loop’s current Software as a Service (SaaS) revenue model. As a channel reseller for Loop’s technology, the companies anticipate revenue from onboarding fees and SaaS fees. Loop’s software API integration also supports seamless access to its other AI-driven services: automated personalized engagement and programmatic advertising. The addition of these services would increase the clients’ monthly SaaS fees, and add additional revenue for Loop through distribution/redemption of third-party promotions.
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 Vend: Vend is a cloud-based point-of-sale and retail management software that lets retailers run their business in-store, online, and on-the-go. Vend includes inventory management, Ecommerce integrations, customer loyalty, and reporting analytics tools. The first POS built for iOS, Vend is trusted by retailers in over 140 countries and is used in more than 25,000 stores worldwide. Vend integrates with leading tools like Bigcommerce, Quickbooks and Marsello and provides seamless integrated payment options by partnering with major banks and processors around the world. Founded in 2010, Vend has offices in Auckland, London, Toronto and Melbourne, and has raised more than $50 million from top-tier investors. For more information, please visit: https://www.vendhq.com/
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.
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August 10, 2020