SpotLite360 IOT Solutions (CSE:LITE) Inc has announced a non-binding letter of intent (LOI) to acquire a majority interest in Colorado’s E3 Services Group LLC.
The company said with E3’s “impressive” multi-state presence in the cannabis cultivation space the proposed acquisition will create new revenue opportunities as well as enhance SpotLite360’s ability to commercialize its supply chain visibility solution utilizing Internet of Things (IoT) and blockchain technologies.
“With our proposed acquisition of E3, we believe SpotLite360 can be in a much stronger position for innovation, sales conversions, and long-term overall prosperity,” SpotLite360 IOT Solutions (CSE:LITE) president James Greenwell said in a statement.
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“Clients of E3 could benefit from an unparalleled standard of reporting and monitoring of their facilities and supply chains with integrations of technologies such as ours as part of their overall business infrastructure,” Greenwell added.
Established in 2012, E3 develops, designs, and builds cannabis cultivation facilities with a focus on optimally configuring heating, ventilation, and air conditioning (HVAC) infrastructure to create an ideal environment for growing cannabis plants.
E3 currently services accounts in nine states, including Colorado, Michigan, Oklahoma, Florida, California, Utah, Mississippi, New Mexico, and Arizona.
SpotLite360 noted it anticipates the proposed acquisition of E3 will close by the end of the fourth quarter of calendar 2021.
SpotLite360 IOT Solutions (CSE:LITE), formerly Spotlite360 Technologies, is a Software as a Service (SaaS) based, enterprise software company leveraging Internet of Things (IoT) technologies, blockchain, and machine learning to deliver supply chain solutions, which result in improved tracing, tracking, visibility, efficiency, collaboration and proof of sustainability claims for customers within pharmaceutical, healthcare & agriculture.
The Vancouver and Denver-based developer’s 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.
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