Xigem Technologies Announces Strategic Investment in Logistics Technology Provider Shipit.to
April 20, 2021
Shipit.to tracking solutions set to revolutionize global supply chains
TORONTO/TEL AVIV, April 20, 2021 – Xigem Technologies Corporation (CSE:XIGM) (FSE:2C1) (“Xigem” or the “Company”), a technology provider for the emerging remote economy, and Israel-based Alperton Ltd., doing business as Shipit.to (“Shipit.to”), today announced they have entered into a letter of intent (the “LOI”) for Xigem to acquire a 21% interest in Shipit.to for US$1.1 million. On a continuing basis, this investment will allow Xigem to recognize its share of profit (or loss), after the effective date of acquisition, from the results of Shipit.to.
Shipit.to has been developed and commercialized to be a cost-effective shipment-tracking solution providing real-time information about the location and condition of goods being shipped anywhere around the world. Based on Shipit.to’s proprietary low-cost disposable trackers and supported by its artificial intelligence-based software, the Shipit.to solution offers an economical means for businesses to monitor shipments as they work their way through the supply chain to end consumers. The system enables consumers to track the full history of a cargo’s movements across land, sea or air, with alert notifications for any unexpected delays or rerouting.
“Shipit.to has developed an innovative solution with the potential to disrupt the way the world tracks shipments. Their business is perfectly situated to benefit from the increase in e-commerce activity and the growing need for new technologies to help companies manage their global supply chains,” said Brian Kalish, co-founder and CEO of Xigem Technologies. “This investment is fully aligned with Xigem’s strategy to aggregate technologies designed to enable and disrupt the growing trillion-dollar remote economy. We plan to take advantage of our public platform to build a portfolio of complementary technologies, with Shipit.to’s ground-breaking technology being the first of several opportunities that we are evaluating.”
“We look forward to partnering with Xigem as we reach an inflection point in the commercialization of Shipit.to,” said Ofer Lavi, co-founder and Chief Product Officer of Shipit.to. “The injection of capital will enable us to further develop our solution and expand our market share. We also expect to collaborate with the Xigem team on identifying specific customer opportunities.”
According to a recent estimate, the global digital logistics market size is expected to grow from US$17.4 billion in 2020 to US$46.5 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 21.7% during the forecast period.1 The recent shipping backlog in the Suez Canal serves as a reminder of the interdependence of the global supply chain and the importance of having real-time knowledge of the location of goods in transit, as companies turn to supply chain analytics for business continuity planning.
With a growing roster of partners providing global reach, Shipit.to trackers have been dispatched, and analyzed across 90 countries for customers such as Damco (a division of Maersk), DSV Global Transport and Logistics, Filtersafe and Maytronics.
Pursuant to the LOI, the Company will acquire a 21% interest in Shipit.to in exchange for US$200,000 in cash and US$863,291 in common shares of Xigem. In addition, the Company will appoint a representative to the Shipit.to Board of Directors. The transaction is expected to be completed within the next thirty days, subject to the execution of definitive agreements and the receipt of any regulatory approvals.
1 Source: Research and Markets, Digital Logistics Market, September 2020.
Privately owned and based in Israel, Shipit.to is a digital logistics platform with a mission to create supply chain clarity for its customers. The platform uses IoT and machine learning to analyze the needs of the supply chain, predict the risks to its goals, and aid in the decision-making process required to avoid hazards along the entire supply chain.
About Xigem Technologies Corporation
Established in Toronto, Ontario, Xigem Technologies Corporation (CSE:XIGM) (FSE:2C1) is positioned to become a leading SaaS technology platform for the emerging near trillion dollar remote economy, with software capable of improving the capacity, productivity, and overall remote operations for businesses, consumers and other organizations. “iAgent,” the Company’s patented technology, will provide organizations, businesses and consumers with the tools necessary to thrive in a vast array of remote working, learning and treatment environments.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. In particular, forward-looking statements in this news release include, but are not limited to, statements with respect to (i) the execution of definitive agreements and regulatory approvals required to complete the Company’s strategic investment in Shipit.to; (ii) Shipit.to’s ability to grow its share of the shipment tracking and global supply chain analytics markets; and (iii) the Company’s ability to complete additional transactions designed to grow its portfolio of intellectual property. Forward-looking statements necessarily involve known and unknown risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Such risks and factors include, but are not limited to, (i) unanticipated events that could arise following the date hereof, which could affect the Company’s plans to pursue a strategic investment with Shipit.to, and (ii) the Company’s inability to secure or maintain regulatory, exchange and/or other approvals necessary to continue its business operations as proposed. Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. The forward-looking statements included in this news release are made as of the date of this news release and the Company does not undertake an obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws. Forward-looking statements, forward-looking financial information and other metrics presented herein are not intended as guidance or projections for the periods referenced herein or any future periods, and in particular, past performance is not an indicator of future results and the results of the Company in this news release may not be indicative of, and are not an estimate, forecast or projection of the Company’s future results. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Xigem Technologies Corporation
On behalf of SHIPIT.TO:
Ofer Lavi, Chief Product Officer
On behalf of the Company:
Brian Kalish, Chief Executive Officer