Many of Loop's projects that were suspended due to COVID-19 pandemic restrictions are being scheduled for mid-June restarts. Completing them will be the Vancouver, British Columbia-based company's primary focus throughout the remainder of 2020.
Loop's recently released products, which include contactless identification verification and digital receipts, are expected be in greater demand because of the new emphasis on contact-free retail interactions due to the coronavirus. Thus, the tech firm expects an increase in new contracts and continued growth.
"COVID-19 brought Loop the perfect storm of relevancy for our products and services," CEO Rob Anson said in the release. "The sense of urgency and need to embrace digital transformation could not be any higher."
"We identified the gaping holes in the market long ago and our commitment and focus to stay on course has now positioned us to become a global leader in the contactless, frictionless solutions space. Our sole focus for the remainder of 2020 will be on the execution and successful implementations of the many big projects that lay ahead of us," Anson said."
To achieve growth over the long term, the company plans to remain "extremely lean and agile and to expand through distribution and channel resellers," the release noted.
Loop Insights stated it is well financed to capitalize on its newly announced distribution partnerships in Hawaii, Canada, Mexico, Latin America and Indonesia, thanks to the company recently completing an oversubscribed financing.[NLINSERT]
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