- Current customer wins in the first quarter 2020, are expected to add predictable recurring revenue for up to three years
- Commences security coverage for cannabis retail stores
- Enters into a formal contract with a major logistics/distribution company in Ontario, to securely transport cannabis to retail stores in Ontario
- Secures contract with Global Affairs Canada to provide high risk pre-deployment training, boosting its continuing client-diversification focus.
ALMONTE, Ontario, Feb. 27, 2020 (GLOBE NEWSWIRE) -- 3 Sixty Risk Solutions Ltd. (“3 Sixty” or the “Company”) (CSE: SAFE) (OTCQB: SAYFF) (FSE: 62P2) is pleased to announce that the Company, which operates through its wholly-owned subsidiary, 3 Sixty Secure Corp., has secured multi-year contracts providing secure transport and guarding services to a number of cannabis-based companies in Canada. The company expects these contracts to provide predictable recurring revenue material in nature for up to three years. Additional contracts under negotiation, align with 3 Sixty's strategic priorities which include significant organic growth, including a non-cannabis client base, coupled with the expansion of security services offered to existing customers within the legalized cannabis industry.
"We have been extremely impressed with the cadence and quality of agreements that we are engaging in," said Thomas Gerstenecker, Founder and CEO of 3 Sixty. "The company is confident that it is building an iconic brand that resonates with Canadian consumers and it continues to build a national distribution network for a significant part of the cannabis market. We are thrilled to have been selected to provide guarding and secure transport services by these leading companies who demonstrate clear growth ambitions, tremendous production capacity, and have supply agreements in place that can support their strategic intentions."
The Company has, and continues to secure contracts within the cannabis retail sector across Canada as it relates to safe and secure cannabis deliveries in multiple provinces, guarding and cash management solutions. In addition, our recent contract win as a third-party secure transport provider to the Ontario Cannabis Store’s distribution provider, will continue to show significant growth (in revenue and operational footprint) for our secure transport service line, as retails stores continue to materialize over 2020. Finally, Global Affairs Canada has selected the Company to provide high-risk security training for government employees prior to their deployment to hazardous locations around the world.
“2020 will see the Company not only continue to capture market share within the cannabis industry, but also drive a more diversified security service platform forward in other industry sectors,” said Thomas Gerstenecker. “A strategy of providing security service offerings to a more diversified client base across other industries will demonstrate a less constrained approach, positively increasing opportunities for sustainable growth” added Thomas Gerstenecker.
3 Sixty will release its financial results for the year ended December 31, 2019 before market open on Tuesday, April 28, 2020. The Company expects to provide an operational update concurrent with the results.
Management will host its conference call on Tuesday, 28 April, 2020 at 9:00am EST to discuss the results.
Dial-in details are as follows:
Toll Free (North America): 1(877) 221-6399
About 3 Sixty Risk Solutions Ltd.
3 Sixty Risk Solutions Ltd., operating through its wholly-owned subsidiary, 3 Sixty Secure Corp., is one of Canada's leading security service providers to the cannabis sector, transporting approximately $250 million of product every month. 3 Sixty provides cannabis security consulting, guarding and secure transport security services to more than 600 customers and more than 100 licensed cannabis producers, including some of the world's largest, such as licensed producers owned by Canopy Growth Corporation. 3 Sixty has a staff of over 650 employees and employs a fleet of over 150 vehicles, which management believes provides a combined security footprint to approximately 35 million square feet of patrolled area.
Forward-Looking Information
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the business and operations of 3 Sixty. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, 3 Sixty assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.