VANCOUVER, BC / ACCESSWIRE / April 14, 2020 / Loop Insights Inc. (TSX.V: MTRX) (the “Company” or “Loop”)-a provider of transformative artificial intelligence solutions to brick and mortar retailers- announced today that it has signed a Memorandum of Understanding (MOU), and intends to enter into a joint venture partnership, with Frontier Technology to access the lucrative Indonesian retail market.
Frontier Technology’s large network of clients opens up doors to several large-scale industries, including healthcare, convenience and retail chains, restaurant and hospitality chains, and smart city projects.
Loop expects several revenue streams from these large-scale possibilities. In this market, Loop’s re-seller distribution model will ensure the company is positioned for fast scalability, while maintaining an agile and low-cost operating structure. Its revenue share business model will also ensure a very strong, consistent revenue flow. With Indonesia’s expanding population of nearly 256 million, Loop anticipates high engagement with the rapidly growing mobile-friendly market; and therefore, a high ARPU (average revenue per user) opportunity.
Frontier Technology CEO Victor Rindanaung said: “Our clients are in search of transformative, cloud-based solutions-Covid-19 has turned this into an immediate need. Loop has demonstrated to us that their products offer our clients a low-cost, high-return solution to future proof their business. Loop’s contactless ID verification platform and wallet pass technology is particularly disruptive, and we are very excited to bring it to the Indonesian market together.”
IDC (International Data Corporation) Indonesia sees 2020 as a major year for ICT spending as digital transformation awareness is increasing. The information technology (IT) spending alone, excluding communication spending, is expected to reach US$11.9 billion in 2020.
Loop Insights CEO Rob Anson commented: “Loop is 100% focused on the execution and deployment of our products on a global scale. We intend to fully support and leverage Frontier Technology’s network of clients to gain instant traction in the Indonesian market-one that is very mobile-driven and hosts a large population of users. This opportunity with Frontier Technology is a major development for Loop and marks the first of many global partnerships to come.”
About Frontier Technology: Frontier Technology, a division of the Frontier Consulting Group, connects clients to innovative technologies to increase sales and achieve growth targets. The Company is experiencing rapid expansion in Indonesia due to its founders’ (Handi Irawan and Fandy Santoso) strong reputations in the industry-and is on its way to becoming the leading provider of digital marketing solutions in Asia.
About Loop Insights: Loop Insights Inc. (TSX.V: MTRX) is a Vancouver-based technology company that provides transformative artificial intelligence (AI) solutions to level the playing field between brick and mortar retailers and their online competition. Particularly, Loop’s technology aggregates online and on-premise data to enable real-time, data-driven marketing decisions for enhanced customer experience. To close the consumer loop, the Company provides retailers and brands complete, real-time redemption metrics-something that does not exist in the brick and mortar environment today. Loop’s products integrate with clients’ existing legacy systems, which supports a seamless and convenient digital transformation.
LOOP Insights Inc.
Soy Garipoglu, Manager, IR
CHF Capital Markets
Cathy Hume, CEO
T: 416-868-1079 x 231
LOOP Website: www.loopinsights.ai
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.
View source version on accesswire.com: