DENVER and VANCOUVER, British Columbia, May 05, 2022 (GLOBE NEWSWIRE) — SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) an emerging technology company, announces its financial and operational highlights for the year-ended December 31, 2021 (the “FY21”). The Company’s audited financial statements and accompanying Management’s Discussion and Analysis have been filed on SEDAR (www.sedar.com). All results are reported in Canadian dollars unless otherwise specified.
SpotLite360 was listed on the Canadian Securities Exchange (“CSE”) and became a reporting issuer on June 4, 2021. Since listing on the CSE and throughout the first half of 2022, SpotLite360 has focused on building out its supply chain technology platform, its team and software integrations. Throughout the remainder of 2022, the Company will be largely focused on revenue growth and onboarding new customers.
In FY21, SpotLite360 reported $4.2 million in expenses mostly related to startup costs and stock-based compensation. On a fully diluted basis, the Company reported a 2021 loss of $0.10 per share. Upon completing its initial investments in 2021, the Company generated revenue in the Fourth Quarter of 2021 totaling $204,000.
In March 2022, SpotLite360 closed an acquisition which resulted in the Company obtaining a majority interest in E3 Service Group, a design build engineering firm targeting indoor cannabis cultivation facilities.
In April 2022, SpotLite360 announced a near (USD) $10 million contract with an Arizona based cultivation company. This project began in the first quarter of 2022 and it is expected to be completed within the 2022 fiscal year. The design build statement of work includes hardware and technology solutions which will manage all aspects of air flow, humidity, temperature, lighting, and operational efficiency. All systems will leverage RFID and a wide range of IOT (“Internet of Things”) sensors to capture and analyze real-time data supporting environmental, operational and supply chain business intelligence.
James Greenwell, President and CEO, commented, “We are delighted to secure new customer contracts and associated revenue in the first couple of quarters since going public in 2021 and we are off to a great start in 2022. With our backlog of over (USD) $10 million in contracted revenue and a strong team to support implementations and customer delivery, we anticipate that our first full year of operating results will represent significant growth for SpotLite360.”