SPOTLITE360 IOT SOLUTIONS, INC. is pleased to announce that it has entered into a non-binding letter of intent (the “LOI”) with E3 Services Group LLC (“E3”) of Thornton, Colorado, dated November 12, 2021, for SpotLite360 to acquire a majority interest in E3. In its November 10, 2021 press release, SpotLite360 announced an engagement with E3 for professional services relating to the development of a solution for consolidating data collected by a wide range of Internet-of-Things (“IoT”) sensor models including those offered as part of SpotLite360’s hardware integrations. SpotLite360 and E3 have identified numerous possible opportunities for value to be realized from combining their respective strengths through this contemplated acquisition as IoT technologies continue to gain popularity in various supply chain and large-scale enterprise use cases globally.
Under the terms of the non-binding LOI, SpotLite360 intends to acquire a majority sum of all outstanding common shares in the equity of E3. All terms provided in the non-binding LOI are subject to change pending factors including, but not limited to the completion of final negotiations, execution of a definitive agreement, obtaining any applicable regulatory approvals, and approvals from the Board of Directors of both SpotLite360 and E3. The Company anticipates that, subject to the satisfactory completion of the conditions precedent referenced above, the acquisition contemplated pursuant to a definitive agreement, to be agreed to between the parties, will close by the end of calendar Q4 2021.
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After nearly ten years in the business of developing, designing, and building cannabis cultivation facilities, E3 currently services accounts in nine states including Colorado, Michigan, Oklahoma, Florida, California, Utah, Mississippi, New Mexico, and Arizona. With a primary focus on engineering heating, ventilation, and air conditioning (“HVAC”) equipment to optimize environments in which cannabis plants are grown, E3 has formed vendor partnerships with well-known HVAC brands including Carrier, Honeywell, and Anden. E3’s current product range includes the installation of IoT sensors to monitor environmental metrics such as temperature and humidity, an offering which E3 intends to enhance with the data consolidation solution to be developed by SpotLite360 under an agreement announced earlier this quarter. Data gathered through IoT sensors in cannabis cultivation facilities built by E3 could also be incorporated into supply chain workflows to improve overall visibility into each step of the journey of a given plant and its derivative products.
With E3’s impressive multi-state presence in the cannabis cultivation space, SpotLite360 is confident that the proposed acquisition contemplated in the non-binding LOI can be beneficial to the Company with respect to new revenue opportunities, as well as an enhanced ability to commercialize its supply chain visibility solution utilizing IoT and blockchain technologies.
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James Greenwell, President of SpotLite360 commented, “Strategic acquisitions are an important part of the modern growth strategy for technology companies such as SpotLite360. Having a great solution is only part of the equation, and through majority ownership of channel partners, tech companies can scale their distribution at an unprecedented level, with the benefit of diversified revenue streams. 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. 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.”
Bryson Guyer, Founder of E3 added, “With even more states set to enter the cannabis and hemp markets, the industry is poised to grow even further in 2022 and beyond. As there are varying regulations in each state with an absence of federal regulatory oversight, quality control standards and compliance are an increasingly tricky subject, particularly from our perspective as a developer of cannabis cultivation facilities in nine U.S. states where the regulations can differ significantly. Our initial agreement with SpotLite360 announced this quarter can enable our clients to derive even more value from IoT sensors by aggregating the data they receive from a multitude of different sensor types. However, I believe there is even greater value to be had from the planned acquisition of the majority of E3 by SpotLite360, as our respective teams will have the ability to join forces in a way that could greatly benefit new and existing clients, as well as the end consumers of their products.”
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