VANCOUVER, BC, November 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 venue tracing to the brick and mortar space, is pleased to announce the signing of a referral and partnership agreement with iSTOC Ltd. of Finland to provide a complete end-to-end integrated COVID-19 management platform consisting of rapid mobile testing, integrated lab results, and venue tracing with real-time, automated exposure alert notification capabilities.
The combined solution arising from this partnership will create a Covid-19 tracing and testing solution that is FDA and HIPAA compliant and can be deployed by any government, NGO, healthcare organization or enterprise-level organization worldwide.
Loop Insights CEO Rob Anson stated: “I am very honoured for the opportunity to partner with Jarmo and his world-class team at iSTOC. These have been very trying times, and as we head into the fall-winter months, every country is in desperate need of a complete transformative solution that enables the resumption of in-person schooling, travel, commerce, and a return of spectators to live events. This is a very big day for the Company as our partnership with iSTOC positions us as a true global leader regarding complete Covid-19 management solutions.
iSTOC WILL HAVE FACILITATED MILLIONS OF TESTS IN AT LEAST 50 COUNTRIES BY 2020 END
iSTOC has developed a disruptive mobile solution called IDA (immediate diagnostics and analytics) and has launched rapid tests that can detect antibodies for different infectious diseases from a small drop of blood, plus a mobile diagnostics solution for analyzing the test results, as well as, geographical mapping capabilities for the spread of infectious diseases such as Covid-19. The globally scalable end-to-end solution has proven to be a powerful product and service, offering significant and innovative new business opportunities for iSTOC business partners and customers.
The IDA Platform digitalizes and analyses lateral flow tests (LFTs), including all major infectious diseases. Unlike PCR tests, LFTs detect the antibodies for diseases like Covid-19, which means that LFTs do not show early acute infections but can detect infections beyond the first 14 days of the infection, after which PCR is ineffective.
All diagnostics are performed using smartphone cameras, making it possible to deliver on three important diagnostic criteria: high quality, accessibility even in the most remote locations, and affordability in countries with lower income and high out of pocket costs.
iSTOC has facilitated millions of tests in over 25 countries and expects to be present in at least twice as many countries by the end of 2020.
LOOP AND iSTOC DELIVER FDA AND HIPAA COMPLIANT INTEGRATED COVID-19 MANAGEMENT SOLUTION
The companies have partnered to deliver a fully compliant solution with both FDA and European regulations and is also HIPAA compliant. Loop’s AI-powered data platform and iSTOC’s front end testing application will integrate to deliver a turn-key end-to-end Covid-19 management solution.
Leveraging Loop’s Anonymized Digital ID and Digital Wallet Application and iSTOC’s leading testing and mobile telemedicine application, the combined solution will provide a complete product offering with safety and data security protecting all personally identifiable information. iSTOC’s real-time dashboard decisioning leverages “big data” to enable comprehensive review and ensure safer environments such as venues and workplaces.
PARTNERSHIP PROVIDES LOOP THE ABILITY TO ADDRESS GLOBAL OPPORTUNITIES
On October 29th, Loop Insights and Amazon Web Services (AWS) hosted a webinar to showcase the Company’s Venue Tracing Solution to a global audience of hospitality businesses that resulted in 1,000 attendees from industries including but not limited to:
- Venue Owners
- Sports & Entertainment Organizations
The Company has been engaged in several discussions with global hospitality companies in search of a solution to enable the safe resumption of their operations and ensure their long-term viability and sustainability.
As a result of the partnership with iSTOC, Loop Insights now can offer rapid test and lab results to any organization searching for a complete end-to-end Covid-19 solution across Europe and dozens of other countries where iSTOC has existing adoption and service contracts. The combined product offering featuring Loop’s end-to-end solution will focus on large scale government opportunities, hospitals, stadiums, long-term care facilities, construction sites, HR administration, campuses, airlines, cruise ships, resorts, and government and corporate buildings that need to safely reopen and resume operations.
iSTOC’s CEO, Jarmo Järvenpää stated, “Loop Insights’ venue tracing platform is the perfect complement to our best-in-class immediate diagnostics and analytics of infectious disease application. For the first time, a combined product and service offering will enable a complete end to end management solution.
LOOP IN DISCUSSIONS WITH CRUISE INDUSTRY AS CARNIVAL POSTS $3 BILLION QUARTERLY LOSS DUE TO COVID-19
According to Guardian.com, Carnival (Ticker Symbol CCL) reported a $3B quarterly loss due to the Covid-19 pandemic. With airlines as the first industry adopting rapid testing to reduce or eliminate the need for 14-day quarantine periods, the cruise industry is looking to embrace and adopt technologies that can allow them to safely reopen with contact tracing and best of breed protocols and processes for contactless solutions in order for their economic recovery to begin. To date, Loop has been actively involved in many conversations with not only airports and airlines but the cruise industry as well. The Company believes as a result of the partnership with iSTOC, the Company is well-positioned to deliver the complete end to end solution to enable the cruise industry to reopen its operations and instill confidence in travellers safely.
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
iSTOC is a Finland-based health-tech company that operates globally and is a preferred vendor for several health organizations. iSTOC integrates Point of Care diagnostics, machine vision, mobile technology and cloud computing into one reliable platform. iSTOC has developed a disruptive mobile solution IDA (immediate diagnostics and analytics). The end-to end solution has proven to be a powerful product and service, offering significant and innovative new business opportunities for iSTOC partners and customers around the world. iSTOC IDA Platform digitalizes and analyses lateral flow tests (LFT), including all major infectious diseases as well as blood typing, female and reproductive health and drugs of abuse. More information about iSTOC in the company webpage https://istoc.io/
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.
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