VANCOUVER, British Columbia, Oct. 27, 2020 (GLOBE NEWSWIRE) -- Loop Insights Inc. (MTRX:TSXV) (RACMF:OTCQB) (the "Company" or "Loop") is pleased to announce that the company has signed a referral and partnership agreement with Summit Services Inc. dba Summit One Source ("Summit") to provide a complete end-to-end integrated COVID-19 management solution consisting of rapid mobile testing, integrated lab results, and exposure alert notification capabilities.
Together with Summit, Loop Insights has established a comprehensive end-to-end testing and venue tracing solution that can be integrated into any physical environment, allowing organizations to safely reopen their facilities while reintroducing students, fans, or workers.
As part of the agreement with Summit, Loop's AI-powered data platform will bring the ability to bridge siloed data between Summit's existing clients. Additionally, Loop will utilize Summit's partners to deliver one fully-integrated COVID-19 end-to-end product inclusive of:
Summit has brought together best in class providers while providing a unique approach to testing and leveraging technology to be as efficient as possible. As part of the partnership, Loop will be introducing both XenonChex and iStoc's technology integration to our clients and partnerships. XenonChex automates the day-to-day tasks associated with ensuring business locations remain compliant and allowing oversight for management. XenonChex drives increased efficiency, improved performance, all while lowering cost. iStoc is the global leader in immediate diagnostics & analytics (IDA) of infectious diseases. Approved by FDA, CE, and HIPAA compliant, iStoc's real-time dashboard decisioning leverages "big data" to enable comprehensive review and ensure a safer workplace.
Loop Insights now has the ability to offer rapid test and lab results to any organization searching for a complete end-to-end COVID-19 solution across all 50 states. The combined product offering featuring Loop's end-to-end solution will focus on stadiums, hospitals, long-term care facilities, construction sites, HR administration, campuses, airlines, cruise ships, resorts, and government buildings.
Summit's COO Emily Jones, stated, "Loop Insights' venue tracing platform is the perfect complement to our best in class service offering. Our goal is to bring to market the tools and technology to enable our community to return safely to work and our children to a safe learning environment. We have listened to our client's needs and feel that combining our technologies will allow us to provide the best available resources. Loop enhances our ability to provide full data connectivity across all of our partners during this critical time."
As recent headlines have shown, airlines are the first industry adopting rapid testing to reduce or eliminate the need for 14-day quarantine periods. The travel sector has realized that industries need to adopt technology that can allow them to safely reopen in order for economic recovery to start. Loop has been actively involved in many conversations with not only airports and airlines but has been busy adding it's integrated lab testing applications to bolster existing NCAA contracts.
The NCAA comprises 1,268 American colleges and universities, representing a portion of the 19.9 million American students that attended college in 2019. In an effort to help reopen American classrooms and sports facilities, Loop Insights is working with Summit to offer its end-to-end COVID-19 mitigation solution. In 2019, the NCAA schools reported annual revenue of $18.9 billion, with $10.8 bllion originating from its athletic department.
Lack of End-to-End COVID-19 Management Solutions Continues to Cause Event Cancellations
As first reported by CBS Sports Matt Norlander, athletic organizations, including ESPN have been unable to safely reopen sports leagues without a complete end-to-end COVID-19 solution due to inflexibility and complications around testing protocols.
"We've decided to redirect our efforts to be sure the teams have enough time to make other plans," said Clint Overby, vice president of ESPN Events. "At the end of the day our bias was toward safety and making sure that what we pulled off was in the best interests of the sport. In the absence of those things, we decided we're better off letting schools do their own thing."
Loop Insights will continue to establish a highly scalable, safe, and secure process that NCAA schools and other organizations can adopt and rely on in order to safely host future tournaments and events with confidence. The company's platform can integrate any third-party data, allowing its venue tracing platform to include various protocols or mandates set out by participants or facilities in order to provide a unified, end-to-end venue tracing solution. Together with Summit's on-site lab and testing services, Loop Insights' platform allows large organizations like the NCAA to reopen athletic and academic facilities by providing guests with rapid testing and real-time results.
Loop Insights CEO Rob Anson stated: "Our objective has always been to help our customers transform their business. We have the ability to integrate with any testing platform globally in order to deliver a true turn-key, end-to-end COVID-19 management solution. With Summit, we saw an opportunity to provide the infrastructure to implement safe venue tracing and testing protocols."
NCAA Schools Provide Huge Growth Opportunity for Loop
Loop's venue tracing platform generates revenue through a software as a service (SaaS) and a cost per user model, which will allow the NCAA to scale across campuses and facilities quickly. Loop Insights has also established a revenue-sharing model based on marketing and brand sponsorship dollars that are generated on the Loop platform for those in attendance or at home.
About Summit Services, Inc dba Summit One Source:
Summit provides a full range of workforce management solutions to help companies and organizations with their most valuable asset: Their Employees. In an effort to provide innovative solutions to our clients we are continually adding new services and technology to our arsenal. In 2020 we focused on our clients first and their primary need to protect their employees and customers. Summit is committed to evolving with the challenges of today and the opportunities of tomorrow. Our nationwide footprint and expansive industry expertise will enable your company's growth through any challenge.
About Loop Insights:
Loop Insights Inc. is a Vancouver-based Internet of Things ("IoT") technology company that delivers transformative artificial intelligence ("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. Its ability to integrate seamlessly into existing infrastructure, and customize campaigns according to each vertical, creates a highly scalable solution for its prospective global clients that span industries. 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. Loop's products and services are backed by Amazon's Partner Network and sold through the TELUS IoT Marketplace.
To learn more about Loop Insights’ venue tracing platform and how the company has leveraged the power of the AWS cloud to provide its venue tracing solutions, sign up for the October 29th webinar here: https://www.loopinsights.ai/webinar-sign-up/
This press release is available on the Loop Insights Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/LoopInsights
This news release contains certain statements which constitute forward-looking statements or information. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop’s control, including the impact of general economic conditions, industry conditions, and competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although Loop believes that the expectations in its forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, Loop does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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