The Company advises that discussions are already underway with major airlines, cruise ship companies, and hotel operators.
VANCOUVER, BC, October 19, 2020, Loop Insights Inc. (MTRX:TSXV) (RACMF:OTCQB) (the “Company” or “Loop”), a provider of contactless solutions and artificial intelligence (“AI”) to drive real-time insights, enhanced customer engagement and automated contact tracing to the brick and mortar space, is pleased to announce a partnership with Empower Clinics (CBDT:CSE) (EPWCF:OTC) (8EC:FRA) to provide an end-to-end COVID-19 mitigation solution complete with venue tracing, real-time automated guest exposure notifications, and frequent testing with rapid results in 15 minutes.
TRAVEL BUBBLE SOLUTION SOLVES CURRENT QUARANTINE REQUIREMENTS THAT ARE SHUTTING DOWN INTERNATIONAL TRAVEL
As a result of the COVID-19 Pandemic, mandatory 14 day quarantine periods, and the lack of any travel bubble solutions that could reliably track and mitigate the global spread of the virus by plane or cruise ship, countries have been forced to take drastic measures that are leading to significant damage of the global travel industry.
Specifically, as of today, travel restrictions by country are as follows:
- 58 countries are completely closed
- 124 countries are partially open with MANDATORY quarantine upon arrival
(Source – https://www.ca.kayak.com/travel-restrictions)
Together, Loop and Empower have created a system built on the pillars of:
- Venue tracing
- Frequent testing with rapid results
- Real-time reporting to ensure the travel bubble provides end-to-end protection
Empower’s rapid antigen and antibody tests produce results in only 15 minutes, providing airlines, cruise ships, and the 182 countries currently in full or partial shutdown with the safety and security necessary to reopen their borders to international travel fully.
Moreover, Empower owns KAI Medical Laboratory, a high-complexity CLIA and COLA accredited laboratory that provides reliable and accurate testing solutions to enterprise level clients, hospitals, medical clinics, pharmacies, and employer groups.
KAI has taken an active role in COVID-19 testing, battling the pandemic through RT-PCR testing and serology testing with the capacity to process 4,000 RT-PCR test specimens per day. COVID-19 RT-PCR testing is the gold standard due to its high degree of accuracy and will play an important role in the Travel Bubble solution.
As the front-facing part of the Travel Bubble solution, Loop Insights is a powerful Artificial Intelligence company whose industry-leading venue tracing has gained significant traction towards reopening the tourism, hospitality, and entertainment industries in the United States with the likes of University of Houston and the NCAA Basketball #VegasBubble, as well as, recently being recognized by TELUS as one of the most advanced IoT solutions in the world for their customers.
Loop Insights CEO Rob Anson stated: “We have heard from stakeholders in the entertainment, travel, and hospitality industries that have stressed the importance of an end-to-end integrated solution capable of protecting employees and customers to facilitate a safe economic recovery. In partnership with Empower’s rapid testing technology, Loop has established a comprehensive solution capable of establishing a travel bubble and reopening a significant portion of the global economy.”
Steven McAuley, Chairman and CEO of Empower Clinics, stated “As we expand our efforts on the Get Back To Work testing initiative, it has become apparent that businesses of all types, large or small, private or public sector require not only fast and accurate COVID-19 testing, but also a comprehensive solution for contact tracing. Establishing a partnership with Loop, working with the RT-PCR and rapid testing capabilities of Kai Medical, allows our companies together to establish a safe and viable economic recovery solution.”
AIR CANADA ADVOCATES FOR TEST-BASED APPROACH AND DROPPING 14-DAY MANDATORY QUARANTINE
The Travel Bubble solution comes at a time when both major industry participants and economic experts are calling for solutions beyond quarantining to reopen industries and stave off economic collapse.
On October 6th, Air Canada (AC:TSX) (ACDVF:OTCQX) called for increased testing in lieu of mandatory quarantine periods,
“We believe that a test-based strategy may be a safe alternative to the 14-day quarantine”
On October 15, 2020 a panel of Canadian economists proclaimed the “economy must remain open despite second wave” or suffer the very likely outcome of bankruptcies and business closures “with hospitality, travel and tourism set for the harshest impact.”
By providing testing, tracking, and real-time reporting, Loop and Empower have created a safe and secure Travel Bubble solution to allow enterprise level businesses to return to full operations, particularly those in the hospitality, travel, and live entertainment industries.
$3.3 TRILLION IN LOSSES FOR GLOBAL TOURISM INDUSTRY
Without a solution to replace the drastic travel measures currently in place around the world, the United Nations Conference on Trade and Development (UNCTAD) reported that Covid-19 may cost the world tourism sector losses of US$ 3.3 trillion.
In Canada alone, according to Statista, the Canadian tourism industry contributed close to $40 billion to the economy in 2019. This year, the COVID-19 pandemic has had devastating consequences for the industry.
Loop and Empower believe the Travel Bubble combination of frequent testing and a robust international tracing platform provides the end-to-end protection necessary to spark a strong global economic recovery.
This press release is available on the Loop Insights Verified Forum on AGORACOM for shareholder discussion, questions and engagement with management https://agoracom.com/ir/LoopInsights
Empower is creating a network of physicians and practitioners who integrate to serve patient needs, in-clinic, through telemedicine, and with decentralized mobile delivery. A simplified, streamlined care model bringing key attributes of the healthcare supply chain together, always focused on patient experience. The Company provides COVID-19 testing services to consumers and businesses as part of a four-phased nationwide testing initiative. Empower recently acquired Kai Medical Laboratory, LLC as a wholly-owned subsidiary with large-scale testing capability.
Forward Looking Statements/Information:
This news release contains certain statements which constitute forward looking statements or information, including statements regarding Loop’s business and technology; the ability of Loop to engage with industry participants to achieve its goals; the development of Loop’s technology; and the viability of Loop’s business model. Such forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Loop’s control, including 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 Loop believes that the expectations in its 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, Loop does not 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. Trading in the securities of Loop should be considered highly speculative. There can be no assurance that Loop will be able to achieve all or any of its proposed objectives.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.