CALGARY, Alberta, July 03, 2018 (GLOBE NEWSWIRE) -- AlkaLi3 Resources Inc. ("AlkaLi3") (NEX:ALK.H) announces that it has agreed to the extension of its previously announced non-binding letter of intent (the "LOI") with Loop Insights Inc. ("Loop"), a private British Columbia corporation, whereby AlkaLi3 will acquire all of the issued and outstanding securities of Loop by way of a share exchange, amalgamation or such other form of business combination as the parties may determine (the "Transaction"). As per the terms of the extension, the date of entering into a definitive agreement with respect to the Transaction has been extended to on or before July 31, 2018. Both AlkaLi3 and Loop remain committed to consummating the Transaction and anticipate entering into the definitive agreement shortly. The proposed Transaction remains subject to approval from the TSX Venture Exchange.
Further information regarding the Transaction will be provided in a management information circular of AlkaLi3 which is expected to be mailed to AlkaLi3 shareholders in the third quarter of 2018 in connection with the annual general and special meeting of AlkaLi3 shareholders to be held to consider and approve the Transaction, among other things.
About Loop
Loop Insights Inc. is a joint venture between Fobisuite Technologies Inc. and The Yield Growth Corp.
Loop's technology is a fully automated, plug and play system that requires no POS or IT integration. Agnostic to any POS system in today's current market place, Loop's agility will enable rapid scale and mass adoption.
Loop uses hardware and software to collect live streaming consumer micro data to provide its customers real time actionable strategies to improve all areas of business efficiency. Utilizing Artificial Intelligence (AI) for predictive analysis, Loop will be the first in the cannabis industry to offer automated data insights with measurable ROI to its customers in real time.
For the retailer, Loop will provide granular insights and analytics to define the "TKC" Total Known Customer, utilizing an omni-channel approach to increase sales velocity, product education and consistent brand messaging. Collecting and analyzing consumer purchase data will enable the retailer to action strategies quicker for supply chain planning and merchandising, and to increase sales velocity and provide customers a unique in-store experience.
Licensed Producers will benefit from real time consumer insights at the hyper local, regional and even national level. Real time data enables the LP to "stop chasing the demand chain tail and start walking the dog." Agile, granular data to help plan out grow cycles and understand like and similar customers allows a producer to identify strong products quicker and less reactively, and provides better insights into supply chain forecasting.
Loop will power up and enable its partners to cross promote through its real time offers and rewards engine. The distribution of real time offers and rewards based on individual customer behavior will increase recency and frequency, increase sales basket and boost total customer spend.
Further information about Loop, including financial information, details on its assets and operations and further details concerning the directors and officers of the Resulting Issuer will be included in a further news release.
Forward-Looking Statements
This news release contains certain statements which constitute forward-looking statements or information ("forward-looking statements"), including statements regarding Loop's business; the Transaction including the timing of entering into a definitive agreement in respect of the Transaction and the timing of, and matters of business at, the AlkaLi3 shareholders meeting. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond AlkaLi3's and Loop's control, including the ability of AlkaLi3 and Loop to satisfy the conditions to completion of the Transaction including receipt of all regulatory approvals (including the TSXV) and shareholder approvals, the impact of general economic conditions, industry conditions, competition from other industry participants, stock market volatility and the ability to access sufficient capital from internal and external sources. Although AlkaLi3 and Loop believe that the expectations in the forward-looking statements are reasonable, they are based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. As such, readers are cautioned not to place undue reliance on the forward-looking statements, as no assurance can be provided as to future results, levels of activity or achievements. The forward-looking statements contained in this news release are made as of the date of this news release and, except as required by applicable law, neither AlkaLi3 nor Loop undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable, disinterested shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular of AlkaLi3 to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of AlkaLi3 should be considered highly speculative.
The TSXV has in no way passed upon the merits of the Transaction and has neither approved nor disapproved the contents of this news release.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.