Business
Canuc Provides Update for IoT Strategic Partnership Agreement
Toronto, Ontario--(Newsfile Corp. - January 17, 2020) - Canuc Resources Corporation (TSXV: CDA...
About this update from Canuc Resources Corporation
[{"type":"text","content":"Canuc Provides Update for IoT Strategic Partnership AgreementToronto, Ontario--(Newsfile Corp. - January 17, 2020) - Canuc Resources Corporation (TSXV: CDA) (\"Canuc\" or the \"Company\") is pleased to provide an update on the previously announced Partnership Agreement with an Internet of Things (IoT) service provider firm. The Partnership Agreement is structured for Canuc to become a Strategic Partner to the IoT Firm with the ability to sell and promote spectrum network in key jurisdictions throughout North America. The Partnership Agreement was signed with Ioticiti Networks Inc (\"Ioticiti\") (www.ioticiti.com). Ioticiti is an IoT Firm with Industrial IoT solutions designed to service Oil & Gas/Mining and other industries.Under the terms of the Partnership Agreement, Canuc is provided exclusivity for oil & gas and mining business applications in the Provinces of Alberta and Saskatchewan and in the State of Texas, USA. Canuc will receive a 20% gross revenue share from Ioticiti for all sales brought forward and Ioticiti will be responsible for providing equipment, labor and warranty for sales. Canuc is currently in talks with oil & gas production and service companies, and with mining companies that have operations in western Canada. Canuc is expecting to bring new clients to Ioticiti within the first quarter of 2020. About CanucCanuc is a junior resource company holding the San Javier Silver-Gold Project in Sonora State, Mexico. The Company generates cash flow from natural gas production at its MidTex Energy Project in Central West Texas, USA where Canuc has an interest in eight producing gas wells and has rights for further in field developments. Canuc also has exclusive rights through a Partnership Agreement with Ioticiti Networks Inc. to sell Industrial IoT applications and infrastructure in the Provinces of Alberta and Saskatchewan, Canada and in the State of Texas, USA. For further information please contact Canuc Resources Corporation:(416) 548 - [email protected] and Forward-Looking StatementsThis news release contains forward-looking statements within the meaning of applicable securities laws relating to the Transaction, including statements regarding the terms and conditions of the Transaction. Readers are cautioned not to place undue reliance on forward-looking statements. Actual resu...