DENVER: SpotLite360 IOT Solutions (CSE: LITE) has acquired a majority equity interest in E3 Service Group.
Further to the March 3, 2022 announcement of entering into a binding definitive agreement, the companies have successfully completed the transaction based upon the terms previously outlined in the definitive agreement.
Bryson Guyer, Founder E3 Service Group added, “We are delighted to join the SpotLite360 family and we look forward to sharing our expanded industry vision and capabilities with our current and future customers. Our combined staff of engineering and technology expertise will create a new data driven cultivation world.”
E3 Service will operate as a subsidiary of SpotLite360 and all E3 employees will be retained. E3 has successfully built an award-winning design, engineering and implementation practice in the agricultural/cannabis environmental space.
With 300 plus engineering projects in 13 states, E3 has supported customers and investors with event driven data to ensure that optimal environmental conditions are maintained for indoor cultivation facilities around the world.
Consideration for the acquisition of 51% of E3 will be US $1.0 million cash and 20 million shares of SpotLite360 at CAD $0.20 per share. Cash will be paid from company treasury in two equal amounts, with US$500,000 paid on closing of the transaction and the balance to be paid on or before the one year anniversary of the closing.
As a result, E3 customers experience an increase in production, higher quality products, and greater profitability. The integration of the SpotLite360 supply chain technologies and software with the operational capabilities of E3 will create a broader product portfolio capable of capturing additional event driven environmental and facility information along 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 vision to deliver a sustainable agricultural supply chain. SpotLite360 looks forward to working together with E3 – shoulder to shoulder – to build a supply chain future in the agriculture industry that delivers process efficiency, supports regulatory and compliance mandates, improves product quality and provides the consumer with the proof of ESG claims that they are now demanding. Our engineering designs and supply chain platform will drive best in class models for optimal agricultural cultivation.”
The company also announced the addition of Shawn Phillips as Senior Vice President of Operations.