DENVER and VANCOUVER, British Columbia, April 05, 2022 (GLOBE NEWSWIRE) -- SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) announces that it has executed a master terms agreement dated March 30, 2022 (the “Master Agreement”), to create a strategic relationship with American Cannabis Consulting (OTCQB:AMMJ) (ACC) an arm’s length party to the Company. Denver, Colorado based ACC is a nationally recognized business-to-business cannabis consulting solutions provider and licensed owner operator with a number of significant brands and company relationships. As recently as February 25, 2022, ACC announced a partnership with the Bubba Kush cannabis brand.
Under the terms of the Master Agreement, both companies will work together in joint consulting engagements to leverage their combined strengths. SpotLite360’s recent announcement of acquiring a majority interest in E3 Service Group, combined with SpotLite360’s SaaS based technology and ACC's deep history of indoor cannabis cultivation knowledge can offer best in-class design, build, total cost of ownership, production and financial returns. SpotLite360’s technology will provide supply chain transparency including the necessary proof of sustainability claims.
James Greenwell, President and CEO of SpotLite360, commented, “Our companies’ have a shared vision to assist our clients’ making data driven decisions - across a sustainable agricultural supply chain. SpotLite360 looks forward to working together with ACC to deliver process efficiency, support regulatory and compliance mandates, improves product quality and provide the consumer with the proof of ESG claims that they are now demanding. Our engineering designs and supply chain platform will drive best in class models for optimal agricultural cultivation.”
Both companies are currently working together on significant customer opportunities in seven (7) different states. Most projects are new construction opportunities with several in advanced discussions. Joint announcements are anticipated throughout the remainder of 2022.
Ellis Smith, founder and CEO of ACC, said, “Investors and operators agree, the future of cultivation is not based on old school mechanical systems, but technology, IOT, automation and data driven analytics. We believe consistent and repeatable high-quality product is a direct result of good design, good engineering, best practices, good systems, good data and good decisions. Together our companies’ will partner with our customers for more than a consulting agreement, or a design or an install but for decades of joint successes.”
On behalf of the Board of Directors of the Company,
SpotLite360 IOT Solutions, Inc.
“James Greenwell”
James Greenwell, President and CEO
For more information about SpotLite360, please visit: http://spotlite360.com
Charles Lee
Investor Relations and Media Inquiries
+1 (720) 830-6120
ir@spotlite360.com
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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 Company’s relationship with ACC to deliver process efficiency, support regulatory and compliance mandates, improved product quality and proof of ESG claims on joint consulting engagements; 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.
