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TruTrace Technologies Signs Global Partnership with Laava to Focus on Blockchain-Secured Product Verification
Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Positive)
Tags
partnership
Rhea-AI Summary
TruTrace Technologies (CSE: TTT; OTC: TTTSF) has forged a strategic alliance with Australian tech firm Laava to enhance product traceability and authenticity. This partnership aims to address challenges in the global supply chain, ensuring consumer protection and product quality. Laava's patented Smart Fingerprint technology will be integrated with TruTrace's blockchain platform, improving the safety and consistency of products. The collaboration will promote both companies’ offerings to a global market while focusing on anti-counterfeit measures.
Positive
Partnership with Laava aims to enhance product traceability and authenticity.
Integration of Laava's Smart Fingerprint technology with TruTrace's blockchain platform.
Focus on addressing global supply chain challenges for better consumer protection.
Expands market potential by promoting both companies' offerings globally.
Negative
None.
Companies will collaborate on transparency and anti-counterfeit measures within the supply chain to protect consumers and improve product quality.
TORONTO--(BUSINESS WIRE)--
TruTrace Technologies (CSE: TTT; OTC: TTTSF), developer of a fully-integrated blockchain platform for the legal cannabis, food, and pharmaceutical industries, today announced that it has entered into a strategic partnership with Australian technology company Laava to collaboratively drive product provenance and traceability.
“Upon our introduction to TruTrace we could clearly see that we shared the belief that producers and brand owners deserve to protect the quality of their products, and that consumers should always get what they pay for,” stated Gavin Ger, Joint-CEO and Commercial Director of Laava. “We believe that together we will find ways to improve the traceability and authenticity within the product supply chain in order to help meet these goals.”
In collaboration with Australia’s leading scientific research institution CSIRO, Laava is the developer of the patented Laava Smart Fingerprint®, the Global Mark of Trust™ and since 2019 has deployed more than five million of these Smart Fingerprints around the world on products ranging from cherries to wine, PPE, documents and NFTs. Understanding that items and products are far more scannable in today’s world, while at the same time seeing an ever-increasing number of vulnerabilities in the traditional QR code, Laava was determined to create a better way forward. Since their inception, Laava has launched several projects focused on imports into China and Southeast Asia which incorporated both anti-counterfeit and authentication, as well as consumer engagement measures. Beyond this region, Laava is also working on several projects across the EU, the USA, Hong Kong, New Zealand, Scandinavia and Israel.
The agreement provides that both parties will pursue opportunities to promote the individual products, services and offerings of the other to appropriate customers, partners and other commercial contacts. Additionally working together to ensure the success of all technologies deployed in the partnership while marketing the combined services to clients around the world.
“Over the past several months we have seen significant stress within the global supply chain and with these significant delays and challenges it has become imperative more now than ever to ensure that products are safe and consistent,” says Robert Galarza, CEO of TruTrace. “Our strategic partnership helps fill many of the gaps by combining the best features of our software platform with patented, next generation, optical Fingerprint technology which serves as ‘on package’ authentication to provide a unique customer experience driven by blockchain, traceability and testing.”
About TruTrace Technologies
TruTrace Technologies is the developer of fully-integrated software, secured on a blockchain infrastructure, that gives clients’ the ability to store, manage, share and immediately access quality assurance and testing details, COAs, as well as motion and movement intelligence on inventory. The platform was specifically designed to power the traceability of testing standards within the legal cannabis, nutraceutical, food and pharmaceutical space with a focus on the authentication of source materials or ingredients used in formulation. For more information, please visit www.trutrace.co.
About Laava
We are an Australian technology company that has created the patented Laava Smart Fingerprint®, The Global Mark of Trust™. Our Sydney-based team are passionate about protecting products from global counterfeiters and connecting business owners directly with their consumers. In Australia and in export markets around the world, there are now millions of Fingerprints on products like cherries, wine, PPE, documents and NFTs. For more information, please visit www.laava.id
This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation which are based upon TruTrace current internal expectations, estimates, projections, assumptions and beliefs and views of future events. Forward-looking information can be identified by the use of forward-looking terminology such as “expect”, “likely”, “may”, “will”, “should”, “intend”, “anticipate”, “potential”, “proposed”, “estimate” and other similar words, including negative and grammatical variations thereof, or statements that certain events or conditions “may”, “would” or “will” happen, or by discussions of strategy.
The forward-looking information in this news release is based upon the expectations, estimates, projections, assumptions and views of future events which management believes to be reasonable in the circumstances. Forward-looking information includes estimates, plans, expectations, opinions, forecasts, projections, targets, guidance or other statements that are not statements of fact. Forward-looking information in this news release include, but are not limited to, statements with respect to internal expectations, expectations with respect to actual production volumes, expectations for future growing capacity and the completion of any capital project or expansions. Forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; adverse industry events; loss of markets; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the global supply chain generally; the ability of TruTrace to implement its business strategies; the COVID-19 pandemic; competition; and other risks.
Any forward-looking information speaks only as of the date on which it is made, and, except as required by law, TruTrace does not undertake any obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for TruTrace to predict all such factors. When considering this forward-looking information, readers should keep in mind the risk factors and other cautionary statements in TruTrace’s disclosure documents filed with the applicable Canadian securities regulatory authorities on SEDAR at www.sedar.com. The risk factors and other factors noted in the disclosure documents could cause actual events or results to differ materially from those described in any forward-looking information.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CANADIAN SECURITIES EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
What is the strategic partnership between TruTrace Technologies and Laava about?
The partnership aims to enhance product traceability and authenticity using Laava's Smart Fingerprint technology integrated with TruTrace's blockchain platform.
How will the TruTrace and Laava partnership impact supply chain transparency?
The collaboration will address issues in the global supply chain, ensuring products are safe and consistent.
What technology is being utilized in the partnership between TTT and Laava?
The partnership will use Laava's patented Smart Fingerprint technology along with TruTrace's blockchain platform.
What industries are affected by the TruTrace and Laava collaboration?
The collaboration targets the legal cannabis, food, and pharmaceutical industries, focusing on product quality and consumer safety.
