LiteLink Technologies Inc (CSE:LLT) (OTCMKTS:LLNKF) CEO Ashik Karim told shareholders that the enterprise firm is getting ready to revitalize the Internet of Things sector in 2020.
In a letter to shareholders released Monday, the CEO talked about the Vancouver-based company’s plans to increase revenue, market adoption and integration to become a market leader in the logistics technology space.
“There is no question that our future growth plans focus on disruption in IOT hardware and sensors, technology, market value, and market differentiators,” Karim wrote.
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LiteLink operates 1SHIFT Logistics, a software platform that enables brokers, shippers, and carriers to track shipments and settle payments in real-time without having to micromanage individual drivers. It also owns uBuck Technologies, a subsidiary that is revolutionizing payment in the shipping industry via a platform that allows drivers to be reimbursed electronically within a day of submitting proof of delivery.
“With the 1SHIFT Logistics platform commercialization being our core focus at LiteLink, we have learned from the market, understood pricing fit, and trialed with real customers across North America with success,” wrote Karim.
“We are now rolling out the final stages of a subscription model that will allow customers to enter credit card information and activate their account all in a self-service, streamlined model that will require little to no customer support from our end. In anticipation of growth in 2020, we have also enabled a full remote customer support tech support solution, that allows us to take control of any device to troubleshoot any customer from the comfort of our BC-based office.”
Subsidiary uBuck Technologies SEZC is preparing to launch its platform in 2020 following the buildout of its digital mobile wallet. The company signed an agreement with Deltec Bank in 2019 that represents a key step in the platform’s commercialization.
The firm also announced US$400,000 in private funding for the entity that owns uBUCK, in which LiteLink will continue to own a majority stake.
“With geographical analysis, regulation and compliance fit, this journey did take more time than we anticipated, however, rest assured, our intention is to launch uBUCK this year having mitigated risks inherent to a highly regulated business,” Karim wrote to shareholders.
“We will continue to push commercializing uBUCK payments for the rest of 2019 in order to pave the way for accelerated growth in 2020.”
LiteLink told shareholders that it is planning to host an open house in January at the company’s Burnaby headquarters to showcase and demonstrate its technology.
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