LiteLink Technologies Inc (CSE:LLT) (OTC:LLNKF) (FRA:C0B) has acquired 3030 IoT, a company bringing smart sensors for the waste management sector to market, in a cash and stock deal.
3030 IoT will augment LiteLink's Shift Insights AI platform, providing waste management companies with ruggedized waste bin sensors and unparalleled container visibility. This lets companies know exactly when a bin is nearly full and in need of a pickup.
"In a world where 90% of all waste is picked up at the wrong time, 3030 IoT will complement LLT's Shift Insights AI platform to bring in-bin sensors powered by cloud software and AI and give waste management providers real-time fill level and location driven insights," LiteLink CEO Peter Green said in a statement.
Growing complexity in the logistics of waste collection and the need to comply with regulations have created a demand for better waste management solutions, which are made possible by the use of technology, including IoT (internet of things) sensors.
"We have seen on average 21% increased bin turnovers, and 6.75% more efficient and lower operational costs," said Alan Ligumsky, the owner of Peak Disposal, a waste management company 3030 IoT sensor technology.
Under the terms of the deal, LiteLink made an initial payment of C$50,000 and issued 6.5 million common shares to 3030 IoT. In the future, the company will be required to issue 3 million additional shares, 1.5 million of which are issuable on or before July 1, 2021, and the balance of which are issuable on or before July 1, 2022.
"Over the last 12 months we've seen that global supply chains and distribution will change, [and] Shift Insights will play an important role in this process,” Green said. “The global waste management industry will reach $445 billion over the next two years and is experiencing much innovation in areas of AI and IoT. With the smart sensor waste management space growing 30% [year over year], this acquisition represents a further commitment to our thesis of investing in emerging technologies poised for growth to bring maximum value back to our shareholders."
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