DENVER and VANCOUVER, British Columbia, April 21, 2023 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC, (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt:87A) an emerging supply chain technology solutions company, announces that it has been recognized as one of the “Most Innovative Supply Chain Solutions Companies of 2023” by Insights Success Magazine. Insights Success reaches a reader base of more than half a million readers through its print and online distribution. The publication targets C-level executives with more than 55% of its reader base being involved in supply chain related activities, which is SpotLite360’s primary focus within its core markets.
There are multiple factors in today’s economic environment that are driving larger enterprises to adopt enterprise-scalable supply chain solutions to help improve supply chain collaboration, increase product visibility, drive operational efficiency, support sustainability initiatives, and respond to consumer demand for proof of ESG (environmental, social and governance) claims. SpotLite360 will continue to focus more energy, resources, and capital on enhancing its capabilities and delivering repeatable, high margin, SaaS-based supply chain solutions to support supply chain initiatives by customers in healthcare, pharmaceutical and agriculture. Over the past quarter, the Company has expanded its solution with additional integration to new sensor technologies, improved workflow processes and enhanced its mobile applications to easily extend access to field workers and to consumers.
The Company is working hard to broadcast its innovative message to its target markets, creating additional visibility to the Company and its solution value. It has a growing partner network, which it intends to leverage more effectively to 1) expand its geographical presence; 2) enhance its delivery capacity; 3) continually evolve its technology capabilities and 4) extend its sales and marketing efforts.
Recent progress in collaborating with its partner network has generated pipeline opportunities in each of its target markets. In the healthcare space, the Company is working on opportunities to track instrument trays, surgical equipment, and medical devices within multiple healthcare environments. In agriculture, the Company has been approached to track produce from the farm, through the distributor, and to the consumer at retail locations. In the pharmaceutical industry, opportunities have emerged to track the origin, chain of custody and authenticity of controlled medicines throughout the entire supply chain. The Company hopes to close some of these opportunities and others over the subsequent quarters, resulting in potential additional SaaS and service revenue. The Company cautions that until these opportunities are secured, there are no assurances or guarantees that these efforts will result in additional contracts.
In addition, and as reported in the Company’s February 22, 2023 news release regarding the termination of the purchase agreement with E3 Service Group (“E3”), more than 20 million shares in the capital of the Company were to be returned to treasury. To date more than 11 million common shares have been returned to treasury for cancellation. The remaining portion of a little more than 8 million common shares are in the process of being returned to treasury for cancellation. The Company will provide a further update when this process is completed.
E3 and SpotLite360 will continue to collaborate on the delivery of both environmental control and tracing and tracking solutions leveraging SpotLite360’s SaaS-based solution platform to meet the needs of both existing and future E3 customers.
SpotLite360 IOT Solutions, Inc, is a publicly traded company on the CSE, OTC and Frankfurt exchanges. The Company was first listed in June 2021 with its core focus to deliver SaaS-based supply chain tracing, tracking, sustainability, and proof of ESG solutions to the healthcare, pharmaceutical and agriculture industries.
On behalf of the Board of Directors of the Company,
SpotLite360 IOT Solutions, Inc.
Tim Harvie, President and CEO
For more information about SpotLite360, please visit: www.spotlite360.com
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About SpotLite360 IOT Solutions, Inc.
SpotLite360 provides a fully integrated SaaS-based enterprise tracing, tracking & collaboration solution that companies trust to achieve more sustainable and better performing supply chains. SpotLite360’s solution is built on a scalable and fully customizable platform that leverages a broad array of RFID, IoT (Internet of Things) and sensor technologies to provide item level visibility, proof of origin, authenticity, and chain of custody to its customers in pharmaceutical, healthcare, and agriculture. Companies across all industries are needing to invest in more resilient, adaptable, and collaborative supply chains in order to remain competitive. Current demand by consumers for proof of ESG (“Environmental, Social and Governance”), pressure across all industries to become more sustainable , new regulatory and legal requirements and the need for companies to become more efficient are some of the factors contributing to demand for supply chain solutions. SpotLite360 will leverage its proven supply chain tracing and tracking solutions to meet this demand and transform logistics workflows for enterprise clients in its target markets.
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company’s management regarding the future growth of the Resulting Issuer, its results of operations, performance, business prospects, and opportunities. This news release uses words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company’s management, based on information currently available to them.
This forward-looking information includes, among other things, statements relating to: the intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company; anticipated developments in operations of the Company; securing additional contracts; market position, ability to compete, and future financial or operating performance of the Company; the timing and amount of funding required to execute the business plans of the Company; capital expenditures of the Company; the effect on the Company, of any changes to existing or new legislation or policy or government regulation; the length of time required to obtain permits, certifications and approvals; the availability of labor; estimated budgets; currency fluctuations; requirements for additional capital; limitations on insurance coverage; the timing and possible outcome of regulatory and permitting matters; goals; strategies; future growth; the adequacy of financial resources; and our expectations regarding revenues, expenses and anticipated cash needs.
In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including those listed in the Company’s non-offering prospectus dated May 26, 2021.
If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements, or the information contained in those statements.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by SpotLite360 IOT Solutions, Inc. can be found under the Company’s profile on http://sedar.com.