DENVER and VANCOUVER, British Columbia, April 21, 2022 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC, (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt:87A) an emerging supply chain technology solutions company, announces a contract to provide design services, equipment and technology for an indoor cannabis cultivation and environmental control operation. The contract value is approximately USD $10 million and is expected to be fully recognized within fiscal year 2022.
This Arizona based implementation has already commenced. The SpotLite360 technology solution will monitor and manage many environmental controls including air flow, humidity, temperature, lighting and process automation. Installed sensors and Internet of Things (IoT) connected devices will provide critical real-time data to efficiently control and monitor environmental conditions and drive process efficiencies.
Bryson Guyer, founder of E3 Service Group added, “We are leveraging years of expertise in designing and developing state of the art solutions to generate optimal cultivation environments. The real-time IoT data we collect allows us to continuously improve our design and implementation processes. Now with experience in more than 300 installed facilities our customers depend on us to help them generate consistent product quality and a more efficient operating environment.”
SpotLite360 recently announced the acquisition of a majority interest in E3 Service Group (see Press Release dated March 10, 2022) and the combination of these companies and technology portfolios began last year. The concept of ‘environment-as-a-service’ drives a philosophy of optimization using technology for real-time data capture and analytics. All devices are IoT enabled and can be connected in a ‘smart-environment’ for near real-time decision making and continuous process improvement.
James Greenwell, President and CEO, added, “We are entering an era where Chain of Custody, Proof of Origin, Authenticity and Proof of Sustainability are mandatory not just after thoughts. We use sensors, IOT devices, live alerts and comprehensive analytics to first capture data, second, act on the data and third, use historical data to prove the consistent quality of every cultivation cycle.”
In addition to the above operations update, the Company has granted an aggregate of 3,250,000 restricted share units (“RSUs”) under the Company’s shareholder-approved restricted share unit plan (the “RSU Plan“) to consultants and an officer of the Company. The RSUs vest four months and one day from issuance. The RSUs entitle each holder to acquire one common share (a “Share”) of the Company underlying each such RSU by delivering a notice of acquisition to the Company in accordance with the RSU Plan. In accordance with the RSU Plan, the RSUs were priced at $0.12 based on the closing price of the Shares on the Canadian Securities Exchange (“CSE”) on April 20, 2022.
SpotLite360 IOT Solutions, Inc, is a publicly trade company on the CSE, OTC and Frankfurt exchanges. The Company was first listed in June 2021 and has made significant progress demonstrating value to the marketplace.