Loop Insights Inc (TSXV: MTRX) (OTCQB:RACMF) has signed a letter of intent (LOI) granting a non-exclusive license to Maitri Health Technologies Corp (CSE:MTEC) (FRA:D84) for various aspects of its technology in return for C$2 million in cash and stock, as well as a revenue-sharing arrangement.
Maitri bills itself as a global platform for healthcare supply security, integrating the latest technology to provide a reliable source of certified PPE (personal protective equipment) and testing solutions.
From Loop, that includes the company’s AI Data Insights Portal, SmarTap check-in technology and Digital Wallet Pass technology. The combination of Loop's technologies with Maitri's products has the potential to create a comprehensive offering for PPE and technology that will establish a foundation for safer, more protected workplaces and communities, the company said.
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"COVID-19 created an immediate need for PPE that also immediately became a highly disorganized and fragmented market of middlemen and brokers with often questionable sources,” Loop CEO Rob Anson said in a statement. “Maitri's ability to establish secure access and trusted distribution to key PPE products through a platform, positions them to quickly become a strong force in the industry.”
The combination represents the convergence of a PPE, AI and Proptech (property technology) offering that enables operators, businesses and building owners to reopen while keeping their constituents protected. The plan is to deliver a documented process, from verified PPE to venue management, and create AI-driven marketing opportunities.
"Our relationship with Loop technology will create the opportunity to deliver a more complete safety protocol, along with our existing products and offerings," Maitri CEO Andrew Morton said. "We're well-positioned to play a significant role supporting a path to global economic recovery."
Specifically, Loop will receive C$250,000 cash and C$1.75 million, in addition to the revenue share, which the companies have yet to determine terms for. Both parties have agreed to a 30-day closing period for a definitive agreement, the terms of which are subject to the approval by both boards of directors.
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