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LiteLink Technologies Announces Acquisition of 3030 IoT, an innovator in the Multi-Billion Dollar Smart Sensor Waste Management Industry
VANCOUVER, BC, Jan. 14, 2021
VANCOUVER, BC, Jan. 14, 2021 /PRNewswire/ - LiteLink Technologies Inc. (the "Company") (CSE: LLT) (OTC: LLNKF) (FRA: C0B:FF), a company focused in emerging technologies, is pleased to announce the acquisition of 3030 IoT, an innovation leader in the Industrial Internet of Things, bringing to market smart sensors for the waste management space. 3030 IoT will augment the Company's Shift Insights AI platform, providing waste management companies with ruggedized bin sensors, and unparalleled container visibility.
"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," says Peter Green, LiteLink Technologies CEO.
The growing complexity in the logistics of waste collection and the need to comply with regulations pertaining to waste processing while helping fuel smart cities, demand better waste management solutions, which are made possible by the use of technologies, such as IoT (Internet of Things) sensors. "We have seen on average 21% increased bin turnovers, and 6.75% more efficient and lower operational costs", says Alan Ligumsky, Owner at Peak Disposal, a leading waste management company using sensor technology from 3030 IoT.
"Over the last 12 months we've seen that global supply chains and distribution will change, Shift Insights will play an important role in this process. The ability to help the global waste management space maximize profitability, improve customer experience, generate more revenue, optimize collection routes and schedules, and increase driver safety, is paramount to the foundation of this platform."
"The global waste management industry will reach $445Bn 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% YoY, 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," says Peter Green, Chief Executive Officer of the Company.
The Company acquired 3030 IoT from a series of arms-length vendors (collectively, the "Vendors"). In consideration for 3030 IoT the Company completed an initial cash payment of C$50,000, and issued 6,500,000 common shares, to the Vendors. The Company is also required to issue a further 3,000,000 common shares to the Vendors, of which 1,500,000 are issuable on or before July 1, 2021, and the balance are issuable on or before July 1, 2022.
All references to common shares issuable in connection with the acquisition are to the common shares of the Company as presently constituted and will be adjusted to give effect to the share consolidation previously announced by the Company. All common shares issued to the Vendors in connection with the acquisition are subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws. No finders' fees or commissions were paid in connection with completion of the acquisition.
On behalf of the board,
Chief Executive Officer
LiteLink Technologies Inc. (CSE: LLT.CN) (OTC: LLNKF) (FRA: C0B:FF) a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI, cloud technologies, and gaming. Led by senior leaders and industry experts, LiteLink invests in and provides subject matter experts within portfolio companies to accelerate success and maximize value for shareholders.
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
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SOURCE LiteLink Technologies Inc.
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