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VANCOUVER, BC , July 15, 2020 /CNW/ - Loop Insights Inc. (MTRX.V) (the "Company" or "Loop")—provider of transformative artificial intelligence ("AI") solutions—announced that it has applied for eligibility to The Depository Trust Company ("DTC") in preparation for trading company shares on the OTCQB® American Venture Market, operated by OTC Markets Group based in New York .
This listing will be a timely milestone, as Loop has a robust pipeline of activity tied to product and business development, and overall company expansion. Over the past few years, in-store tech investment has steadily increased (60% in 2019 alone), while funding for e-commerce companies has declined, a CB Insights report found. If successful, the OTCQB® listing is a strategic move to leverage this shift in tech funding, and broaden Loop's access to a much larger, international group of investors—as the Company seeks to become a truly global company.
DTC eligibility will offer an electronic trading method that drives cost effective, timely settlements. Because some US firms prohibit the trading of shares that are not DTC eligible, this will widen the Company's exposure and scope of opportunity in the US market.
Loop CEO, Rob Anson stated: "By trading on the OTCQB® with DTC eligibility, we are being attentive to this investor demand, in a nation that has one of the largest retail markets. With so many US-based opportunities and partnerships already in the pipeline, it's a no-brainer for us to list on this exchange. It's an important, and natural step, as our compelling story grows and transcends geographical borders."
The CB Insights report furthers that retailers are turning to innovative technology designed to boost sales and supply chain productivity in stores. The retailers that are leading this shift are big fish in the American retail pool—including Target, Walmart, Home Depot, and Best Buy—and it stems from an understanding of customer needs for a more digital experience. In 2019, 80% of customers were found using their mobile phone while in a brick and mortar store. For long-term success, these benchmark retailers recognize that their storefronts are a major gateway for boosting revenue—and are now drawing huge attention to the technology companies that can make this happen. Loop stands prepared, with its listing on the OTCQB® Venture Market.
About OTC Market Group Inc: OTC Markets Group Inc. operates the OTCQX® Best Market, the OTCQB® Venture Market and the Pink® Open Market for 10,000 U.S. and global securities. Through OTC Link® ATS and OTC Link ECN, the company connects a diverse network of broker-dealers that provide liquidity and execution services. OTC Markets enables investors to easily trade through the broker of their choice and enable companies to improve the quality of information available for investors.
The OTCQB® Venture Market is the premiere marketplace for early stage and developing U.S. and international companies that are committed to providing a high-quality trading and information experience for their U.S. investors. The OTCQB quality standards provide a strong baseline of transparency as well as the technology and regulation to improve the information and trading experience for investors.
To learn more about how OTC Markets creates better informed and more efficient markets, visit www.otcmarkets.com.
About DTC: DTC is the Depository Trust Company, a member of the Federal Reserve System, a limited-purpose trust company under New York State banking law, and a registered clearing agency with the U.S. Securities and Exchange Commission. DTC provides for the shares of eligible international and U.S. companies to be electronically cleared and settled through its systems (DTC Eligibility).
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.
SOURCE LOOP Insights Inc.
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