SpotLite360 IOT Solutions, Inc. Enters into Agreement with Elevate and Bloom

Rhea-AI Summary

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.

Positive

• Contract with Elevate and Bloom valued at over $230,000, with 80% upfront payment.
• E3's extensive experience, having designed over 300 indoor cultivation facilities.
• Use of energy-efficient products and IoT capabilities to optimize the cultivation environment.
• SpotLite360's technology meets growing regulatory demands for supply chain transparency.

Negative

• None.

DENVER and VANCOUVER, British Columbia, Dec. 16, 2022 (GLOBE NEWSWIRE) -- SPOTLITE360 IOT SOLUTIONS, INC. (“SpotLite360” or the “Company”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) is pleased to announce that it has entered into an agreement with Ordway, Colorado based Elevate and Bloom, LLC (“Elevate and Bloom”). Under the terms of the first statement of work SpotLite360’s subsidiary E3 Service Group, LLC (“E3”) will provide services, technology and equipment to upgrade and manage the environmental condition of Elevate and Bloom’s indoor cultivation facility. Specific engineering, design and installation expertise will include the optimization of air flow, air handling, air conditioning and dehumidification. The value of this initial contract is anticipated to exceed $230,000 with 80% of the total contract value to be received as an up-front deposit.

Bryson Guyer, Founder of E3 commented, “Every project has unique environmental conditions within the cultivation facilities and our engineering optimizes the grow. After designing more than three hundred indoor cultivation facilities, we know how to optimize the environment for maximum yield and consistent quality based on the plant’s genetics and unique growing conditions. We can prove our modeling with design outcomes in more than fourteen states.”

E3 is also utilizing the latest “best in class” products in the mechanical, energy efficient environment. All units are designed to work collaboratively and leverage IoT capabilities to create a smart and connected environment. Efficient air handling and distribution throughout the facility is enabled by utilizing fabric air ducting which facilities lower maintenance, relocation and repair, while providing increased flexibility in optimizing air distribution.

E3’s parent company, SpotLite360 is an enterprise scalable SaaS based technology firm focusing on improving collaboration and efficiency across the entire supply chain partner ecosystem. SpotLite360’s supply chain technology solutions provide the product tracing, tracking, transparency and trust that discerning customers are seeking. Facility, equipment process designs offered by E3 leverage the SpotLite360 technology to obtain seed-to-sale data needed for proof of origin, authenticity, sustainability, and product quality that consumers demand in order to gain confidence in the product brand and to ensure that it is being sustainably produced.

On behalf of the Board of Directors of the Company,

SpotLite360 IOT Solutions, Inc.

Tim Harvie, President and CEO
+1 (720) 830-6120
ir@spotlite360.com

For more information about SpotLite360, please visit: http://spotlite360.com

THE CANADIAN SECURITIES EXCHANGE (“CSE”) HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE, NOR HAS OR DOES THE CSE’S REGULATION SERVICES PROVIDER.

About SpotLite360 IOT Solutions, Inc.

SpotLite360 is a logistics technologies solutions provider unlocking value, opportunities, and efficiencies for all participants in a supply chain. Building upon existing applications of IoT technologies, distributed ledgers, and machine learning, SpotLite360 endeavours to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries. As regulators across the globe begin to impose new tracing and accountability requirements for the protection of consumers (e.g., DSCSA and FSMA from the U.S. Food and Drug Administration), the need for reliable, cost-effective, and versatile tracking technology is expected to grow considerably. SpotLite360’s flagship SaaS solution has been engineered to seamlessly track the movement of a product by integrating with systems of all major stakeholders in a supply chain ranging from the raw materials to the hands of the end consumer. With a primary objective of onboarding new clients in 2022, SpotLite360 plans to explore innovative use cases for its proprietary stack of technologies which could transform logistics workflows in some of the world’s largest industries.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation, with respect to the Company. The forward-looking information included in this news release is not based on historical facts, but rather on the expectations of the Company’s management regarding the future growth of the Resulting Issuer, its results of operations, performance, business prospects, and opportunities. This news release uses words such as “will”, “expects”, “anticipates”, “intends”, “plans”, “believes”, “estimates”, or similar expressions to identify forward-looking information. Such forward-looking information reflects the current beliefs of the Company’s management, based on information currently available to them.

This forward-looking information includes, among other things, statements relating to: the intentions, plans and future actions of the Company; statements relating to the business and future activities of the Company; anticipated developments in operations of the Company; market position, ability to compete, and future financial or operating performance of the Company; the timing and amount of funding required to execute the business plans of the Company; capital expenditures of the Company; the effect on the Company, of any changes to existing or new legislation or policy or government regulation; the length of time required to obtain permits, certifications and approvals; the availability of labour; estimated budgets; currency fluctuations; requirements for additional capital; limitations on insurance coverage; the timing and possible outcome of regulatory and permitting matters; goals; strategies; future growth; the adequacy of financial resources; our expectations regarding revenues, expenses and anticipated cash needs.

In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Forward-looking statements are based on certain assumptions and analyses made by the Company in light of the experience and perception of historical trends, current conditions, and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. Although the Company believes that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and there can be no assurance that actual results will be consistent with these forward-looking statements. Given these risks, uncertainties, and assumptions, prospective investors should not place undue reliance on these forward-looking statements. Whether actual results, performance, or achievements will conform to the expectations and predictions of the Company is subject to a number of known and unknown risks, uncertainties, assumptions, and other factors, including those listed in the Company's non-offering prospectus dated May 26, 2021.

If any of these risks or uncertainties materialize, or if assumptions underlying the forward-looking statements prove incorrect, actual results might vary materially from those anticipated in the forward-looking statements. Information contained in forward-looking statements in this news release is provided as of the date of this news release, and the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information or future events or results, except to the extent required by applicable securities laws. Accordingly, potential investors should not place undue reliance on forward-looking statements, or the information contained in those statements.

All 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.

FAQ

What is the value of SpotLite360's contract with Elevate and Bloom?

The contract is valued at over $230,000, with 80% to be received upfront.

What services will SpotLite360 provide to Elevate and Bloom?

SpotLite360 will provide services, technology, and equipment to upgrade and manage environmental conditions at Elevate and Bloom’s indoor cultivation facility.

Which subsidiary of SpotLite360 is involved in the Elevate and Bloom project?

The subsidiary involved is E3 Service Group, LLC.

How many indoor cultivation facilities has E3 designed?

E3 has designed more than 300 indoor cultivation facilities.

What technology is SpotLite360 using for cultivation facility upgrades?

SpotLite360 utilizes best-in-class products and IoT capabilities to optimize air handling and energy efficiency.