VANCOUVER – LiteLink Technologies Inc., a player in logistics platforms and payment solutions, will acquire Internet of Things sensor technologies for the waste and container management industry from a partnership of individuals called 3030 IoT.
As the global population approaches eight billion, continued population density and growth inevitably increases the volume of garbage and recycling, putting additional pressure on the waste management industry. Industrial smart bin monitoring is a revolutionary way to drive greater optimization and efficiency for operators.
The U.S. waste management market is expected to grow steadily to $80.7 billion by 2023, yet the industry is still plagued by overfills leading to manual cleanup and a lack of efficiency in container pick-ups that are half-full or overfilled, driving fines and overhead costs. Moreover, several containers and bins have been connected with deaths during pick-up, which are all potentially avoidable through technology solutions.
Meanwhile, the smart waste management market is gaining traction and is expected to grow at a compound annual growth rate of 25.68 percent to reach $5.19 billion by 2024. With this transaction, LiteLink is one step closer to commercializing a turnkey hardware and software platform for widespread use and adoption.
With IoT sensors, all parties know the fill-level of containers, and can predict pick-up and processing costs which, in turn, improves pick-up scheduling, profitability, and optimization.
LiteLink Technologies Inc., a BC-based SaaS provider of smart monitoring sensors to improve the supply chain, is now offering smart waste/construction/recycling management solutions. By incorporating ultrasonic IoT sensors with the 1SHIFT Logistics platform, LiteLink can provide businesses with a cost-saving and efficiency-driving solution:
“We are very excited about the market-differentiating IoT sensor technology, which will allow us to provide the waste management industry with a much-needed solution,” said LiteLink CEO Ashik Karim.
“We are confident that anyone that has interest or charges based on how full a bin, container, or space is will want this technology. From grain to oil to clothing bins that require pick-ups or attention when they are full or empty, this integrated solution will solve this problem automatically without manual inspection.”
Under the terms of the Acquisition Agreement, LiteLink will purchase all of the assets from 3030 IoT, including, among other things, sensor technologies, intellectual property rights, equipment, hardware, inventory, customer contracts and prospect lists. Among the assets is IoT device and software which has already been commercialized, operating with a large bin waste management company in British Columbia.
As consideration for the Assets, LiteLink has paid a $50,000 cash deposit, and has agreed to pay: $60,000 in cash and $140,000 in common shares of LiteLink upon LiteLink completing a subsequent financing, and a maximum royalty payment of $1,200,000, which is only payable upon revenue being derived from the commercialization of the assets. LiteLink has also agreed to pay a continued royalty for three years after closing of 15 percent of revenue.
The acquisition is subject to customary closing conditions, including LiteLink’s satisfactory due diligence review of the assets, and that the chief engineer and inventor of the assets will be joining LiteLink on a full-time basis.