VANCOUVER, British Columbia, February 22, 2024 – SpotLite360 IOT Solutions Inc. (the “Company“) (CSE: LITE) (OTC: SPLTF) (FRANKFURT: 87A0) (the “Company”) an emerging supply chain technology solutions company, announces a reduction in outstanding debt, a cancellation of certain previously granted stock options and the issuance of additional incentive stock options.
Over the past three Quarters, the company has focused its efforts on the delivery of SaaS-based, IoT-enabled (“Internet of Things”) supply chain tracing, tracking and sustainability solutions within its target industries. It has also worked diligently to reduce its outstanding operating expenses and accrued liabilities as it positions itself for growth within 2024. Since the beginning of this Quarter, the Company has successfully reduced its liabilities from more than $1million to less than $250,000. Over the subsequent quarters, it is the Company’s objective to further reduce liabilities with incremental revenue which it anticipates generating through sales pipeline development and resulting customer contracts.
The Company also announces that it has cancelled a total of 7,500,000 shares, stock options and RSU’s issued previously and has granted, effective February 1, 2024, an aggregate of 6,500,000 stock options (each, an “Option”) to certain management, members of the Board of Directors, advisors, and key employees in accordance with the Company’s stock option plan. Each Option is exercisable for a period of ten (10) years for one common share in the capital of the Company (a “Share”) at a price of $0.07 per Share. This is a normal-course grant that comprises part of the long-term compensation and retention incentives program provided by the Company. The Options will vest over a 12 month period, with 20% of each grant vesting immediately, and the remaining Options vesting in equal tranches of 20% every three (3) month period thereafter.
The recent pandemic negatively impacted companies, large and small, around the globe. It increased awareness regarding the importance of supply chain visibility and chain of custody across all industries. Major enterprises are required to invest in technologies to gain better visibility and to remain competitive in today’s global supply chain environment. To better address this industry opportunity, the Company has shifted its go to market strategy from lengthy direct sales to better leverage of its strong partner network. The company, with its strengths and experience in the delivery of proven IOT-enabled hardware, supply chain solutions and related services will now bundle these total capabilities as a unique offering which can be delivered to large enterprises through outsourcing relationships with the Company’s key partners. This will help the partners expand their revenue opportunities within their core customers through the delivery of new IoT-enabled supply chain tracing and tracking solutions developed and delivered by SpotLite360. The Company will be selling into its partners’ existing customer base, facilitating shorter sales cycles and larger potential revenue opportunities, while minimizing the risk of significant hardware expenses and hosting fees. As these outsourcing opportunities materialize, the Company anticipates that it will be able to announce engagements with new clients in the near future.
On behalf of the Board of Directors of the Company,
SPOTLITE360 IOT SOLUTIONS, INC.
“Gene McConnell”
Gene McConnell, CFO
e-mail: ir@sportlite360.com
For more information about SpotLite360, please visit: www.spotlite360.com
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About SpotLite360 IOT Solutions, Inc.
SpotLite360 provides a fully integrated SaaS-based enterprise tracing, tracking & collaboration solution that companies trust to achieve more sustainable and better performing supply chains. SpotLite360’s solution is built on a scalable and fully customizable platform that leverages a broad array of RFID, IoT (Internet of Things) and sensor technologies to provide item level visibility, proof of origin, authenticity, and chain of custody to its customers in pharmaceutical, healthcare, and agriculture. Companies across all industries are needing to invest in more resilient, adaptable, and collaborative supply chains in order to remain competitive. Current demand by consumers for proof of ESG (“Environmental, Social and Governance”), pressure across all industries to become more sustainable, new regulatory and legal requirements and the need for companies to become more efficient are some of the factors contributing to demand for supply chain solutions. SpotLite360 will leverage its proven supply chain tracing and tracking solutions to meet this demand and transform logistics workflows for enterprise clients in its target markets.
Forward-Looking Statements
Certain information contained herein may constitute “forward-looking information” or “forward-looking statements” under Canadian securities legislation. Generally, forward-looking information can be identified by words such as “pro forma”, “plans”, “expects”, “may”, “should”, “could”, “will”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, or variations including negative variations thereof of such words and phrases that refer to certain actions, events or results that may, occur or be taken or achieved. Such forward-looking statements, including but not limited to statements relating to the expected development and operations of the Company, statements concerning the timing, review, completion and filing of the Annual Filings as well as the duration of the MCTO, involve risks, uncertainties and other factors which may cause the actual results to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company will not update any forward-looking statements or forward-looking information included herein, except as required by applicable securities laws.
All of the forward-looking information contained in this news release is expressly qualified by the foregoing cautionary statements.
Statement Regarding Third-Party Investor Relations Firms
Disclosures relating to investor relations firms retained by SpotLite360 IOT Solutions, Inc. can be found under the Company’s profile on http://sedar.com.