VANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Loop Insights Inc. (MTRX:TSXV)(RACMF:OTCQB) (the “Company” or “Loop”), 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, is pleased to announce the signing of a Pilot Agreement with PharmAssist Solutions (“Pharmassist”) to implement Loop’s analytics platform into multiple independent pharmacy affiliated locations.
OPPORTUNITY FOR FULL IMPLEMENTATION ACROSS 12,000 LOCATIONS
Pharmassist is an independent pharmacy solutions provider that serves 15% of the UK market with 12,000 independent pharmacies. Upon successful completion of the Pilot, it is the intention of both parties to implement Loop’s artificial intelligence-driven analytics platform across all 12,000 pharmacies in the United Kingdom.
Pharmassist Managing Director Amar Randhawa stated, “Loop Insights data analytics solution is a game-changer for independent pharmacies here in the UK. PharmAssist Solutions has been integral to the success of the independent chain, and adding Loop’s ability to understand transaction details, shopping behaviors and habits, trends, and other powerful pieces of information once thought lost, will provide a massive benefit to each individual pharmacy. Understanding what products have been sold and prescribed gives these independents the ability to offer personal, relevant, and adjacent over the counter products to consumers, increasing sales, and delivering a more personal experience in-store. We are excited to be the first solutions provider in the UK market to offer this, and expect great uptake of the solution to our growing customer base.”
INSIGHTS REVENUE MODEL PROVIDES POTENTIAL FOR $USD 28.8 MILLION IN ANNUAL REVENUES UPON SUCCESSFUL COMPLETION OF PILOT
On November 4, 2020, Loop announced it successfully completed a similar Pilot at 20 stores and was rolling out to all 550 retail locations of Your CBD Store. In that press release, the Company provided details with respect to its “Insights” pricing model including $USD 50 per month per till, with an average of 4 tills per retail location, which would equate to potential monthly recurring revenue of $USD 2,400,000 or $USD 28,800,000.
In addition, when the Company’s automated marketing "Engage" service and wallet pass loyalty applications are layered in, these numbers quickly multiply by 5-10x and provide the company with an even more significant potential revenue stream.
Loop Insights CEO Rob Anson stated, “Signing this Pilot with Pharmassist in the very early days of 2021 serves as a strong indication of Loop’s anticipated penetration into the UK and European markets. Coupled with our recently announced LOI to acquire Passcreator and take control of our technology in anticipation of major business developments in 2021, I can unequivocally say that Loop is heading into a major growth phase as promised in our letter to shareholders at the end of 2020.”
PILOT AGREEMENT STEMS FROM PARTNERSHIP WITH UK LEADER SG-RETAIL
On October 13, 2020, Loop announced the signing of a referral agreement with leading UK-based SG-retail to expand Loop's services and products into the UK and Europe. SG-retail, led by retail industry veteran Steve Gray, is assisting Loop with its efforts to establish a strong presence in Europe.
Steve Gray is a CPG (Consumer Packaged Goods) expert and globally recognized leading innovator in customer loyalty, CRM data analytics, and personalization in the retail sector. SG-retail has worked with many of the world's leading retailers and consumer brands to support their customer engagement initiatives by partnering with leading-edge technology partners like Loop Insights.
SG-retail is introducing and reselling Loop's services to clients that include many of the world's leading brands such as P&G, PepsiCo, British Airways/Avios, Sky, Virgin Megastores, Tesco, Kroger, and British Gas to name just a few.
Today’s announcement represents the first deal through SG-retail and demonstrates the efficacy of the Company’s artificial intelligence-driven marketing solution to the brick and mortar space.
Steve Gray, Managing Director of SG-retail, states, "Rob and his team have built the type of innovative solution that our retail and brand clients across Europe have been desperately searching for. Given the level of discussions we have been having with clients who see and understand the power of Loop, I am confident that today’s Pilot with Pharmassist will be the first of many successes across the UK and Europe, where Loop is well-positioned to gain a substantial market share in 2021.”
Loop Insights CEO, Rob Anson added, “Our SG-retail partnership is already yielding great value for Loop by rapidly accelerating our entry into large verticals such as pharmacy retail. This is the true power of partnerships with the likes of SG-retail, Vend, TELUS, and NTT DATA, all of whom are introducing Loop to opportunities that simply wouldn’t be possible if we tried to go it alone with a direct sales force. Combined with our ability to rapidly implement our solutions at just about any scale imaginable, we expect to achieve great success early and often in 2021.”
This deployment with Pharmassist will allow Loop to demonstrate the power of its Fobi device and the Company’s comprehensive retail insight and analytics. As the Company has shown through previous retail deployments with Telus and Your CBD Store, Loop’s Fobi device provides valuable real-time data applications that enable retailers to improve on operational efficiencies with automated supply chain and inventory management tools. Loop enables retailers to action and monetize their data.
This Press Release Is Available On The Loop Insights Verified Forum On AGORACOM For Shareholder Discussion And Management Engagement https://agoracom.com/ir/LoopInsights/forums/discussion
PharmAssist solutions, a software solutions provider to UK independent pharmacy channels, was founded by pharmacists Marshall Glynn and Amar Randhawa after they identified gaps in the supply, buying, and endorsing decisions in independent pharmacies. PharmAssist solutions integrate with existing PMR solutions, and bring technology to the independent sector, giving complete control and compliance to buying rules, increases profitability, and creates efficiencies in the dispensing process. Pharmassist brings together the power of a multiple location provider, linking the speed and adaptability of an independent pharmacy, servicing the 12,000 independent pharmacies in the UK. PharmAssist Solutions LTD is headquartered in Leeds, United Kingdom.
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.
For more information, please contact:
Loop Insights Inc.
LOOP Website: www.loopinsights.ai
Rob Anson, CEO
Facebook: @ LoopInsights
T : +1 877-754-5336 Ext. 4
Twitter: @ LoopInsights
LinkedIn: @ LoopInsights
This news release contains certain statements that constitute forward-looking statements or information, including statements regarding Loop’s business and technology; the ability of Loop to engage with industry participants to achieve its goals; the development of Loop’s technology; and the viability of Loop’s business model. 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, 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.
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