DENVER and VANCOUVER, British Columbia, Sept. 22, 2021 (GLOBE NEWSWIRE) -- SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) is pleased to announce that it has entered into a reseller agreement with Apollo Sciences (“Apollo”) in which Apollo will introduce the SpotLite360 software-as-a-service (“SaaS”) platform for supply chains (the “SpotLite360 Technologies”) to its national network of hemp farmers and supply partners across the United States in exchange for a referral commission from SpotLite360. Based in Aurora, Colorado, Apollo is a long-established player in the hemp industry with a network of more than 200 contract farmers and greenhouses who produce hemp flower and biomass, from which Apollo produces distillate oils and isolate powder. In a press release dated July 29, 2021, SpotLite360 announced its initial software license agreement with Apollo for use of the SpotLite360 Technologies and its unique asset and inventory tracking capabilities, leveraging RFID and Internet-of-Things (“IoT”) technologies. Based on Apollo’s early-stage satisfaction with the SpotLite360 Technologies, its management has negotiated with SpotLite360 to become a national reseller.
With capacity for extracting thousands of pounds of hemp biomass per day, Apollo stands to benefit greatly from the efficiencies created through solutions such as the SpotLite360 Technologies, particularly with respect to such data as proof of origin, product provenance, temperature and humidity. Because supplier partners of firms such as Apollo can benefit from the automatic collection of and near-instant access to this type of data, Apollo believes that such partners could realize significant business value by using the SpotLite360 Technologies. Furthermore, the integration of the SpotLite360 Technologies into the business systems of these suppliers can enhance the value they provide to Apollo as well as the end-users of Apollo’s products. Although tracking and tracing have been mandated through legislation in various jurisdictions for marijuana, this is not yet common for hemp. Accordingly, Apollo intends to encourage its hundreds of supplier partners to preemptively comply with any such regulations that may be introduced in the future by using the SpotLite360 Technologies.
SpotLite360 President James Greenwell commented, “It is an excellent vote of confidence for an early-stage enterprise user of the SpotLite360 Technologies to become a reseller so promptly after taking on a license to use the solution for its own operations. As we detailed in our July 19, 2021 press release, the SpotLite360 Technologies offer an unparalleled value to players in the cannabis industry, especially as differences in state-level regulations across the country continue to differ and create regulatory challenges for interstate trade. SpotLite360 will provide sales support for Apollo in addition to regular support for Apollo’s own use of the SpotLite360 Technologies for its large-scale operation of producing cannabis extracts.”
Aurora Co-Founder Michael Trojan commented, “Many persisting business problems in the U.S. cannabis industry relate to supply chain visibility. Whether that may be visibility for the sake of quality assurance, verifying place of origin, or regulatory compliance, it is generally true for most firms in this industry that you can never collect enough data from any given point or stakeholder in your supply chain. During the summer, we obtained a license for the SpotLite360 Technologies for internal use at Apollo, and we are excited to have the opportunity to expand on that relationship by becoming a reseller of this advanced, high-tech supply chain solution. We plan to immediately begin introducing the SpotLite360 Technologies to our hundreds of suppliers across the United States, emphasizing the benefits they can realize by integrating this solution into their systems.”
On behalf of the Board of Directors of the Company,
SpotLite360 IOT Solutions, Inc.
“James Greenwell”
James Greenwell, President
For more information about SpotLite360, please visit: http://spotlite360.com.
Charles Lee
Investor Relations and Media Inquiries
+1 (720) 830-6120
ir@spotlite360.com
THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.
About SpotLite360 IOT Solutions, Inc.
SpotLite360 is a logistics technologies solutions provider unlocking value, opportunities, and efficiencies for all participants in a supply chain. Building upon existing applications of IoT technologies, distributed ledgers, and machine learning, SpotLite360 endeavours to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries. As regulators across the globe begin to impose new tracing and accountability requirements for the protection of consumers (e.g., DSCSA and FSMA from the U.S. Food and Drug Administration), the need for reliable, cost-effective, and versatile tracking technology is expected to grow considerably. SpotLite360’s flagship SaaS solution has been engineered to seamlessly track the movement of a product by integrating with systems of all major stakeholders in a supply chain ranging from the raw materials to the hands of the end consumer. With a primary objective of onboarding new clients in 2021, SpotLite360 plans to explore innovative use cases for its proprietary stack of technologies which could transform logistics workflows in some of the world’s largest industries.
Forward-Looking Statements
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; 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 labour; 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; 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.
