Loop Insights Inc. (TSX.V: MTRX) (OTCQB: RACMF) Announces Film Bubble Partnership, New CFO Appointment
Following the success of the Venue Bubble and Travel Bubble projects, Loop has partnered with Draganfly Inc. to launch the first Film Bubble for a major motion picture in January 2021
- The film and television industry has seen a significant drop in revenue, and the Film Bubble is positioned to make sets safer with the technology provided by Draganfly
- Effective December 11, 2020, Mark Lotz took over the position of Chief Financial Officer after the resignation of Abbey Abdiye
Loop Insights (TSX.V: MTRX) (OTCQB: RACMF), an innovative Internet of Things (“IoT”) technology company that delivers contactless solutions, including venue management, personalized engagement, and AI-driven insights, is partnering with Draganfly Inc. (CSE: DFLY) (OTCQB: DFLYF) (FSE: 3U8)) to launch the first “Film Bubble,” a solution designed to help keep movie sets safer and operational during the coronavirus pandemic (https://nnw.fm/Pes0J).
The Film Bubble provides another major opportunity for Loop as a spin-off of the recently successful NCAA Venue Bubble and Travel Bubble projects. According to Loop CEO Rob Anson, the Film Bubble will provide a great showcase for the company’s film industry solution as well as additional opportunities for travel, venue, and other healthcare applications Loop Insights has been working on.
The Film Bubble will be launched for a major motion picture scheduled to commence filming in January 2021. At this time, the names of the motion picture and the actors are being kept confidential until filming begins.
Under the partnership agreement, Loop Insights and Draganfly will combine technologies into Loop’s Venue Bubble solution with the ultimate goal of making the film and television industry safer to resume production, resulting in higher revenue and employment opportunities. “Film industry investors, insurance companies, unions, and guilds are all seeking this type of solution to keep workers safe and protect their investments,” Draganfly CEO Cameron Chell said.
Draganfly provides Safe Set Solutions for the global film and television production industry using ground-based technology for symptom pre-screening, elevated body temperature measurement, and social distancing display.
The Film Bubble solution comes at the right time for an industry that has reported billions in losses as a result of the coronavirus pandemic closing down movie theaters and production. In 2019, the North American box office amounted to $11.32 billion in total earnings and employed over 456 thousand people with several hundred thousand more employees in Canada and other countries worldwide (https://nnw.fm/QhAhR). This past November, AMC Theatres announced that they had seen a 91% drop in their revenues during the most recent earnings period resulting in a loss of $906 million in this quarter alone. The overall global entertainment industry is also projected to lose $160 billion of growth over the next five years (https://nnw.fm/2MHUq).
“The addition of Draganfly’s Safe Set Solutions to our Venue Bubble Platform creates an instant and powerful Film Bubble solution for an industry that has suffered catastrophic losses in 2020 and can’t afford to stay shut down for a minute longer,” Anson said. “We are extremely proud to have jointly delivered a solution to the film industry that will allow them to safely get their crews, actors, and supporting infrastructure back to work and generating prosperity, the ripple effects of which reverberate around the world.”
On the same day the Film Bubble partnership was made public, Loop Insights announced the appointment of a new Chief Financial Officer. The previous CFO, Abbey Abdiye, resigned from the company to pursue other career opportunities. He is replaced by Mark Lotz, who took over the position effective December 11, 2020 (https://nnw.fm/by3n7). Lotz is a Chartered Professional Accountant with 26 years of post-qualification experience. His experience spans across a broad cross-section of industries that include SaaS, mining, manufacturing, financial service, and technology. Lotz has a Bachelor’s degree in Business Administration with a dual Economics major.
Backed by Amazon’s Partner Network, Loop has developed a line of powerful technologies that are simple to use but designed to transform industries. Fobi, an IoT device that is designed to seamlessly integrate with any existing point of sale infrastructure, collects 100% of the transactional data and sends it to the cloud. SmarTap is Loop’s Near Field Communication (“NFC”) device that enables consumers to check-in using a “tap” and their smartphone’s NFC compatibility. SmarTap offers a contactless consumer experience and connects with the cloud via LTE or WiFi to securely transmit data.
Loop Cloud is the middle ground where Fobi and SmarTap’s information meets, being stored digitally and creating a database for the company and their clients. When paired with either Loop solution, the Loop Cloud creates a way for the business to transform their edge-based legacy systems into a unified database.
For more information, visit the company’s website at www.LoopInsights.ai.
NOTE TO INVESTORS: The latest news and updates relating to RACMF are available in the company’s newsroom at https://nnw.fm/RACMF
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