$CLTS: Acquisiton of Tech from Miltean Tech Group
Acquisition of Technology
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January 06, 2020 09:30 ET | Source: Earth Life Sciences Inc.
RENO, Nev., Jan. 06, 2020 (GLOBE NEWSWIRE) -- Earth Life Sciences Inc., (the “Company”) (OTC "CLTS") is pleased to announce that it has reached an agreement with the Miltean Technology Group to provide an Artificial Intelligence (“AI”)-driven "mileage based" loyalty system for public transportation. “Miltean” is the plural of miles and defined as “for miles and miles”. The purpose of Miltean’s AI is to identify what loyalty rewards and incentives should be given to whom and when to entice maximum-efficiency usage of public transportation based on unique rider behaviour. The term "maximum efficiency" is a strategy such as return on investment (ROI); increase of ridership, decongestion analysis, interruption of service compensation, congestion management, prediction and analysis of ridership usage patterns. The delivery of the software can be directed to various rider groups by way of apps, via contactless smart cards or multi-tenant platforms.
Under the terms of the agreement, the Company will issue 32 million common shares to the Miltean Group and upon receiving a working version of the software and necessary support documentation, the Company will issue 125 million shares after testing, acceptance, and license transfer of the software. Further issuances of 100 million shares will be based on gross sales of $1 million being reached in a consecutive twelve-month period within 3 years a further 100 million shares after gross sales of $5 million being reached in a consecutive twelve-month period within 5 years. All shares being issued are restricted.
System can be implemented as a multi-tenant SaaS platform. Transit companies will be able to integrate platform into their workflow and systems using APIs. The future is with smart transportation technology.
“We are now in a position to move the company forward with an innovative, flexible, state of the art software system, which will increase shareholder value for years to come," said Angelo Marino, CEO. "The implementation of an AI system such as Miltean will provide huge savings to Public Transport Agencies worldwide (and others), as those entities reduce fuel usage and carbon emissions as routes and ridership are optimized.”
The Company expects an increase in advanced public traffic management systems and team up relationships between private and public enterprise. The American Public Transportation Association (APTA) released new research identifying at least $232 billion in critical public transportation investments required – March 18, 2019. Our mission – Be an integral part of effective solutions!
EARTH LIFE SCIENCES INC.
ANGELO MARINO
CEO
info@earthlifesciences.com
Forward Looking Information
This press release contains forward-looking statements. The words "believe," "desirous," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. The Company has based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. Some or all of the results anticipated by these forward-looking statements may not be achieved. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.
