logo-loader
viewLiteLink Technologies Inc.

LiteLink Technologies moves into smart waste management with new IoT acquisition

It will buy all the assets from a partnership called 3030 IoT, including sensor technologies, IP rights and equipment

LiteLink Technologies Inc. -
The smart waste management market is expected to grow at a compound annual growth rate of 25.68% to reach US$5.19 billion by 2024

LiteLink Technologies Inc (CSE:LLT) (OTCMKTS:LLNKF) is getting into the smart waste management business as it revealed it had struck a deal to buy Internet of Things (IoT) sensor technologies, which are used in the sector. 

The group will buy all the assets from a partnership called 3030 IoT, including sensor technologies, intellectual property (IP) rights, equipment, customer contracts and prospect lists. The bundle also includes software which has already been commercialized, operating with a large bin waste management company in British Columbia. 

READ: LiteLink Technologies strikes trial deal for 1Shift Logistics platform with Easterday Farms

Using the sensors, parties know the fill-level of containers and therefore, can predict pick-up and processing costs.

"We are very excited about the market-differentiating IoT sensor technology, which will allow us to provide the waste management industry with a much-needed solution," said LiteLink CEO Ashik Karim.

"We are confident that anyone that has interest or charges based on how 'full a bin, container, or space is' will want this technology. From grain to oil to clothing bins that require pick-ups or attention when they are full or empty, this integrated solution will solve this problem automatically without manual inspection."

The US waste management market is expected to grow steadily to US$80.7 billion by 2023, yet the industry is still plagued by factors leading to fines and overhead costs.

Meanwhile, the smart waste management market is gaining traction and is expected to grow at a compound annual growth rate of 25.68% to reach US$5.19 billion by 2024.

A step closer

"With this transaction, LiteLink is one step closer to commercializing a turnkey hardware and software platform for widespread use and adoption," the group said in the statement.

LiteLink has paid a US$50,000 cash deposit and will pay US$60,000 in cash and US$140,000 in LiteLink shares upon completing a subsequent financing.

There is also a maximum royalty payment of US$1.2 million, which is only payable upon revenue being derived from the commercialization of the assets.

LiteLink has also agreed to pay a continued royalty of 15% of revenue for three years after closing.

Shares slipped 9% to C$0.050 in Canada.

Contact the author at [email protected]

Quick facts: LiteLink Technologies Inc.

Price: 0.04 CAD

CSE:LLT
Market: CSE
Market Cap: $6.93 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of LiteLink Technologies Inc. named herein, including the promotion by the Company of LiteLink Technologies Inc. in any Content on the Site, the...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Litelink Technologies moves Easterday Farms onto full 1Shift...

Litelink Technologies (CSE:LLT-OTC: LLNKF) CEO Ashik Karim joined Steve Darling from Proactive Vancouver on Skype with news Easterday Farms Produce Company has transitioned from trials to become a commercial client using 1SHIFT Logistics for rail freight transports. Karim telling Proactive...

on 02/13/2020

2 min read