Spotlite360 Iot Solutions Inc. - SPLTF STOCK NEWS

SpotLite360 IOT Solutions, Inc. (OTC: SPLTF) has terminated its acquisition agreement with E3 Service Group, LLC, with no equity interest remaining in E3. Initially announced in March 2022, the deal involved SpotLite360 acquiring a 51% stake in E3 for 20 million shares and $770,000 cash. This decision is aimed at refocusing the company's resources on delivering SaaS-based supply chain solutions within healthcare, pharmaceutical, and agriculture sectors. SpotLite360 aims to cater to consumer demands for supply chain transparency and sustainability while leveraging its integrated IoT-enabled platform.

SpotLite360 IOT Solutions, Inc. (CSE: LITE, OTC: SPLTF) announced new contracts in Oklahoma with Doc Crispy Enterprises and Wild Wolf Organics, valued at over $850,000, with 80% of the total contract amount expected as upfront deposits. Their subsidiary, E3 Service Group, will enhance indoor cultivation facilities' environmental conditions. E3 aims to expand its market presence and has established strong industry relationships. The company focuses on providing transparency and sustainability throughout the supply chain.

SpotLite360 IoT Solutions, Inc. (CSE: LITE, OTC: SPLTF) has signed a contract with Elevate and Bloom, LLC, valued at over $230,000, for environmental upgrades at their indoor cultivation facility. The majority of the contract value will be received upfront. E3 Service Group, SpotLite360's subsidiary, aims to enhance air handling and energy efficiency using advanced IoT technologies, ensuring sustainable cultivation conditions. SpotLite360 focuses on logistics technology, emphasizing supply chain transparency, and aims to meet rising regulatory demands for tracking and accountability in various industries.

SpotLite360 IOT Solutions announced a non-binding Letter of Intent (LOI) to acquire TrackX Holdings, structured as a merger or similar transaction. This acquisition aims to enhance SpotLite360's capabilities in supply chain tracking and visibility through TrackX's SaaS-based solutions, particularly in healthcare and agriculture. The deal is expected to create new revenue opportunities and improve integration with IoT technologies. However, it remains contingent upon regulatory approvals and other customary conditions, with no guarantees of completion.

SpotLite360 IOT Solutions, Inc. (CSE: LITE, OTC: SPLTF) announced Q3 2022 financial results, reporting significant growth with revenue of $4,198,988, up from $5,631 in Q3 2021. Adjusted EBITDA improved to $862,991 from a loss of ($585,091) a year prior. Year-to-date revenue reached $13,898,974, compared to $5,631 in 2021. However, the company posted a net loss of ($1,285,789) in Q3, primarily due to operational expenses. CEO James Greenwell emphasized future growth through strategic expansions and a robust pipeline of customer opportunities.

SpotLite360 IOT Solutions, Inc. (OTC: SPLTF) announced a significant contract with KORcannabis valued at over $21 million for design and technology services in cannabis cultivation. The project will enhance cultivation environments with an implementation timeline extending into fiscal year 2023. E3 Service Group, a SpotLite360 subsidiary, will lead the efforts, including a new general construction management division to meet a tight completion deadline. This initiative is expected to boost revenue primarily through hardware sales and installation services, aligning with typical gross margins from previous contracts.

SpotLite360 IOT Solutions reported significant revenue growth in Q2 2022, achieving C$8.7 million compared to C$944,000 in Q1 2022. This marks a remarkable increase from C$(NIL) in Q2 2021. The company delivered its first positive adjusted EBITDA at C$211,137. Total revenue for the first half of 2022 reached C$9.7 million, up from C$(NIL) in H1 2021. While a net loss of C$(522,671) was reported, the backlog of contracts exceeded C$13 million, indicating strong future growth potential.

SpotLite360 IOT Solutions, Inc. (CSE: LITE, OTC: SPLTF) has successfully acquired 100% equity interests in Reti Capital Corp. and Back to the Digital, Inc. (BTTD). BTTD operates the high-traffic website ImFromDenver.com, which garners over 300,000 daily unique visitors. This acquisition enhances SpotLite360's digital marketing capabilities and supply chain solutions. Additionally, Reti brings an exclusive global license with Encapsa Technology Ventures for innovative data management technology. The acquisitions are expected to be accretive by the end of 2022.