Loop Insights Inc. (CVE:MTRX), a provider of contactless solutions and artificial intelligence (AI) to drive real-time insights, enhanced customer engagement and automated contact tracing to the brick and mortar space, has received more than $900,000 in funds from an exercise of warrants.
In addition to the closing of the recent private placements totaling 2.7 million dollars, the proceeds from the recent exercise of warrants is expected to provide Loop with the financial resources to fund operations and execution of its business plan for a minimum of 12 months, the group said.
It noted that financial security enables Loop to execute on its business plan and to pursue future opportunities, which not only creates shareholder value but also positions the company well for possible mergers and acquisitions.
The company is currently generating revenue, and anticipates meaningful revenue from its current, pending and anticipated contracts over the next 12 months.
Due to the stabilization of Loop's share price, the company expects to receive additional proceeds from further warrant exercises.
With sufficient cash reserves in the bank, increasing revenues and further warrant exercises being highly likely, Loop is confident that it is, and will continue to be, sufficiently funded to pursue all current, pending and future business opportunities as the demand continues to grow globally for its artificial intelligence and contactless solutions.
In a statement, Loop CEO Rob Anson said: "The warrant exercises announced today not only demonstrates that shareholder value is moving in the right direction and that we have the support and confidence of our shareholders, but also significantly bolsters our financial strength and resources necessary to capitalize on the many current and future opportunities at hand.
“Loop appreciates its shareholders' confidence very much and is committed to further increasing shareholder value as it continues to aggressively pursue its business plan and growth strategy."
The Vancouver-based Internet of Things technology company that delivers transformative 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.
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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