Loop Insights Inc (CVE:MTRX) (OTCMKTS: VRZPF) has released a company update detailing how it would navigate a post-coronavirus (COVID-19) future as governments finally loosen stay-home orders to allow more business activities.
The Vancouver-based technology company sees great opportunities for itself as governments and municipalities lift restrictions to allow brick-and-mortar retailers to slowly reopen.
“Many of Loop's previous projects that were put on hold due to the COVID-19 lockdown are now being fast-tracked, with implementations being scheduled for mid-June,” the company said in a statement on Thursday.
Loop said that there’s “a major emphasis” now on contactless solutions, which might actually work very well in its favour. In many cases, the contactless solutions have been mandated as part of a retailer's required approval process for reopening.
“With Loop's recent product releases of contactless services, including ID verification and digital receipt platform, its product line is now more relevant than ever; the company expects a major boost in contracts and continued growth,” said the company.
Loop Insights CEO Rob Anson said: "COVID-19 brought Loop the perfect storm of relevancy for our products and services. The sense of urgency, and need to embrace digital transformation, could not be any higher.”
He added: “We identified the gaping holes in the market long ago and our commitment and focus to stay on course has now positioned us to become a global leader in the contactless, frictionless solutions space. Our sole focus for the remainder of 2020 will be on the execution and successful implementations of the many big projects that lie ahead of us."
The timely completion of an oversubscribed financing puts Loop in a strong cashflow position to capitalize on several recently announced global opportunities. These include large-scale distribution partnerships in Hawaii, Tokyo, Mexico, Latin America, Indonesia, and Canada. The group said its long-term growth strategy is to remain “extremely lean and agile” and to expand through “distribution and channel resellers.”
Loop has developed a unique automated artificial intelligence (AI) marketing platform intended to level the playing field for brick and mortar retailers in their battle with online digital competition.
It gives brands and retailers the capability to interconnect their physical and digital ecosystems by using a device that can be plugged into any point of sale environment, independent of hardware or IT networks, thus enabling rapid deployment and global scale.
Contact the author Uttara Choudhury at [email protected]
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