DENVER: SpotLite360 IOT Solutions (CSE: LITE) has acquired a majority fairness curiosity in E3 Service Group.
Further to the March 3, 2022 announcement of entering right into a binding definitive agreement, the businesses have efficiently accomplished the transaction based upon the phrases beforehand outlined within the definitive agreement.
Bryson Guyer, Founder E3 Service Group added, “We are delighted to join the SpotLite360 household and we glance ahead to sharing our expanded industry imaginative and prescient and capabilities with our present and future customers. Our mixed staff of engineering and technology expertise will create a brand new data pushed cultivation world.”
E3 Service will function as a subsidiary of SpotLite360 and all E3 employees will be retained. E3 has efficiently constructed an award-winning design, engineering and implementation practice within the agricultural/cannabis environmental space.
With 300 plus engineering projects in thirteen states, E3 has supported customers and investors with occasion pushed data to make sure that optimum environmental conditions are maintained for indoor cultivation facilities across the world.
Consideration for the acquisition of 51% of E3 will be US $1.0 million money and 20 million shares of SpotLite360 at CAD $0.20 per share. Cash will be paid from firm treasury in two equal amounts, with US$500,000 paid on closing of the transaction and the balance to be paid on or earlier than the one year anniversary of the closing.
As a result, E3 customers expertise a rise in production, higher high quality products, and greater profitability. The integration of the SpotLite360 provide chain applied sciences and software program with the operational capabilities of E3 will create a broader product portfolio able to capturing additional occasion pushed environmental and facility information collectively with proof of sustainability, chain of custody and ESG (Environmental, Social and Governance) data.
James Greenwell, President and CEO of SpotLite360 commented, “We are thrilled to forge this strategic relationship with the professionals at E3 who share our imaginative and prescient to ship a sustainable agricultural provide chain. SpotLite360 looks ahead to working collectively with E3 – shoulder to shoulder – to construct a provide chain future within the agriculture industry that delivers course of efficiency, helps regulatory and compliance mandates, improves product high quality and provides the consumer with the proof of ESG claims that they’re now demanding. Our engineering designs and provide chain platform will drive best in class fashions for optimum agricultural cultivation.”
The firm additionally introduced the addition of Shawn Phillips as Senior Vice President of Operations.
www.spotlite360.com