Article written by Uttara Choudhury
Quick facts: LiteLink Technologies Inc.
Price: 0.02 CAD
Market Cap: $3.46 m
- 1SHIFT platform tracks shipping routes and offers real-time arrival estimates to save businesses money on detention fees
- 1SHIFT cold-chain sensors allow farmers to deliver their produce in mint condition by monitoring temperature and moisture levels in real-time
- LiteLink’s majority-owned subsidiary uBuck Technologies based in the Cayman Islands, specializes in digital payments and wallets
What LiteLink Technologies does:
LiteLink Technologies Inc (CSE:LLT) (OTCMKTS:LLNKF) is a dominant player in developing world-class enterprise platforms and digital wallets. It channels artificial intelligence, blockchain, and predictive analytics to solve outdated technology problems in the logistics and digital payment industries.
The Burnaby, British Columbia company operates its flagship 1SHIFT logistics platform, as a Software-as-a-Service solution, that enables brokers, shippers, and carriers to track shipments and settle payments in real-time.
The platform precisely tracks shipping routes and offers real-time arrival estimates. Integrating global positioning systems allows 1SHIFT to accurately detect longitude, latitude, ground speed and the direction in which trucks are heading. That level of certainty saves companies hundreds if not thousands of dollars in detention fees. With 1SHIFT, companies no longer have to ask, “Where’s my stuff?”
Predictive analytics helps shippers review historical pricing information, partner ratings, and current factors such as fuel prices, weather, and backhaul capacity to make informed pricing decisions. 1SHIFT also streamlines workflow within the partner ecosystem and uses blockchain’s immutable digital ledger in sectors like transportation where paperwork and tracking are especially complex.
Additionally, the 1SHIFT platform not only tracks shipping routes, but 1SHIFT cold-chain sensors allow farmers to deliver their produce in mint condition by monitoring temperature and moisture levels in real-time.
LiteLink’s majority-owned subsidiary uBuck Technologies based in the Cayman Islands, specializes in digital payments and wallets. According to the company, uBUCK Pay is a multi-currency digital wallet for the unbanked and underbanked, while Streambucks is a multi-currency digital wallet built for gamers and streamers.
Users are able to load a prepaid debit card to make purchases online and offline at participating merchants. The uBuck platform also allows drivers to be reimbursed electronically within a day of submitting proof of delivery.
How is it doing:
In February, LiteLink signed a letter of intent with Control Union Guatemala SA, which will widen its reach in Central and South America. Under the tie-up, LiteLink will provide Control Union, an expert in logistics and risk management, the tools to market 1Shift Logistics to its clients in 70 countries. The proposed deal is for two years, and will be automatically renewed for successive 12-month terms.
In another feather in its cap, LiteLink won Easterday Farms as a client for its IoT cold chain 1SHIFT sensors. Founded in 1958, Easterday Farms has 25,000 acres of wheat, potatoes, onions, and corn in Washington State’s Columbia River Basin, and a distribution facility in Florida. At the end of a 45-day trial, Easterday ordered 10 1SHIFT cold-chain sensors and subscriptions to capture real-time GPS, temperature, humidity and other in-transit critical data points.
LiteLink continues to partner with its first US customer Texas-based Bay Water Transportation. Assisting with freight and shipping operations, LiteLink employs its logistics platform for everything from routing to proof of delivery.
Last year, LiteLink released a second beta version of 1SHIFT’s desktop and mobile applications for its consumer trials. The app is available for free on Apple and Android for truckers to download on their smartphones.
LitLink’s subsidiary uBuck, for its part, received $500,000 in financing in December, the second tranche of a $900,000 total capital raise.
LiteLink is partnering with a prominent electronic logging device provider, a technology that automatically records driving time and hours of service. It’s also exploring a partnership with a GPS tracking company.
Additionally, the company is enhancing its presence in the Internet of Things sphere. It signed a deal in January to acquire 3030IoT, a firm that makes sensor technology to monitor fill levels in trash or recycling bins and notify truckers when full bins need picked up.
That technology marries quite well with its existing infrastructure within the shipping industry. The plan is to roll out five different sensors in the near future and market them to housing complexes, construction companies, parks and recreations departments and others.
In November, LiteLink partnered with Pomme Ma-Gic, an apple and potato producer in Quebec. LikeLink provided a trial of its 1SHIFT platform, and in turn was able to open an east coast base at the company’s office. Pommes Ma-Gic is providing LiteLink with cold room storage facilities and trucks and trailers to use in its research into temperature monitoring. In addition, LiteLink will use the facility to test their IoT and 5G sensors and devices in different conditions.
In January, uBUCK signed a deal with Good Gamers Corp, an online platform for gamers to engage with each other and earn rewards. Users can then turn those rewards into Streambucks, uBucks’s digital wallet and make online purchases or earn a prepaid debit card.
uBuck, for its part, received $500,000 in financing in December, the second tranche of a $900,000 total capital raise.
The digital wallet is also progressing into virtual ATM services. On June 24, the company inked a deal with Spare CS Inc, giving it access to QR-code processing technology. With Spare’s software, users can turn their digital currency into cash at about 2,500 participating Los Angeles stores without the need for a debit card or a bank.
As of August 31, the company had $1.7 million in cash on hand and more than $6 million in total assets.
- LiteLink which has customers in the US, Canada, and Central America, plans to eventually widen its reach to South America and Europe
- The big Easterday Farms deal validates the company’s SHIFT Logistics IoT cold chain sensors platform for America’s $134 billion farm sector
- LiteLink is aggressively scaling its cold chain sensors and platform for targeting the North American agriculture industry
- The company’s smart waste sensor is another step in what the company expects to be a continued progression into the IoT sector
- LiteLink and Control Union have defined their first two target customers that would validate the transition from a letter of intent to a commercial deal
- As trials turn to sales, the company hopes to ramp up revenue
- The uBUCK digital wallet allows for instant transfers of funds and is gaining strong traction as transfers can occur globally, with no transfer fees and no cost to the end user
What the boss says:
“LiteLink is very excited to have Easterday buy our devices and subscriptions after running extensive trials across the US with 1SHIFT. At this stage, Easterday has given us the market value and validation we needed to confirm market fit, pricing, and system and device usability. This is just the tip of the iceberg for LiteLink’s growth,” said LiteLink CEO Ashik Karim.
“With over 2.2 million farms in the US, and with approximately 193,000 farms in Canada, there is plenty of market share for 1SHIFT to capture,” he added.