TrackX Inc.

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TrackX, Inc. (TSX VENTURE:TKX), based in Denver, Colorado, is an enterprise asset management company deploying SaaS-based solutions leveraging multiple auto-ID and sensor technologies for the comprehensive tracking and management of physical assets.

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TrackX Inc.

lockPrivateGroup

TrackX, Inc. (TSX VENTURE:TKX), based in Denver, Colorado, is an enterprise asset management company deploying SaaS-b......

people11 Members       (0)

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8020 Admin

17 days ago

8020 Admin posted a press release TrackX Reports Third Quarter of Fiscal 2019 in TRACKX INC.

Company Hosting Conference Call at 4:30pm EST Today


DENVER, Aug. 29, 2019 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | OTC: TKXHF | FRANKFURT:3TH) (“TrackX” or the “Company”), a SaaS-based enterprise asset management solution provider, announces the financial and operational highlights from its third quarter of fiscal 2019 ended June 30, 2019. All results are reported in Canadian dollars unless otherwise specified. A complete set of the June 30, 2019 Consolidated Financial Statements and Management’s Discussion & Analysis has been filed on SEDAR (www.sedar.com). Management will host a conference call today at 4:30pm EST to discuss the financial results (dial-in details provided below).


Financial Highlights for the 3-Months Ended June 30, 2019



  • Revenue of $1.39 million versus $2.14 million in the year-ago quarter (35% decrease); resulting from a reduction in non-recurring software licensing revenue;

  • Recurring revenue increased 37% over the previous year period and 14% over the prior quarter to $761,574;

  • Gross margin of 39% compared to 57% in the year-ago quarter, due to a decrease in non-recurring software licensing revenue; 

  • Adjusted EBITDA loss of $768,317 compared to a $71,480 gain in Q3FY18;

  • Net loss of $1.27 million ($0.02/share) versus a $251,321 loss ($0.00/share) in Q3 FY18.


Third Quarter FY19 Revenue Mix



Read more here: https://quotemedia.com/portal/quote/?qm_symbol=TKX%3ACA&qmodStoryID=5072595721997055 

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8020 Admin

20 days ago

8020 Admin posted a press release TrackX to Deploy High Value Vehicle Tracking Solution for Polaris Industries in TRACKX INC.


DENVER, Aug. 27, 2019 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | OTC: TKXHF | FSE :3TH) (“TrackX” or the “Company”), a SaaS-based enterprise asset management solution provider, is pleased to announce that Polaris Inc. (NYSE: PII), a global leader in powersports valued at over $5 billion, has chosen TrackX to deliver its Global Asset Management for Enterprises (GAME) solution for recreational vehicle inventory management at its facility in Wyoming, Minnesota, as the first of a multi-facility initiative. Leveraging GPS and active RFID tags on its vehicles, TrackX will provide critical real-time visibility to these high-value assets as they move not only throughout Polaris’ facilities, but also on test drives, at tradeshows and at other marketing events nationwide. GAME’s event management, workflow processing, and analytics will not only provide significant savings on inventory loss and insurance liability, but also provide operational efficiency while reducing overall labor costs.


The deployment of this solution will result in real-time data and analytics derived from active RFID and GPS technologies attached to ATVs, snowmobiles, motorcycles, and other high value assets, amounting to approximately 3,000 vehicles at any one time. By capturing data through fixed RFID readers at various choke points throughout the facility, Polaris will have visibility into key metrics around asset dwell times, maintenance scheduling, inventory levels, and specific vehicle location both in the facility and at off-site locations. TrackX revenues will be generated largely from recurring SaaS license fees along with associated implementation and configuration services. 


“Polaris has an extremely diverse asset base that is often exposed to equally diverse conditions resulting in a need to have a wide variety of different IoT technologies to support our solution,” said Mallory Apperson, global environment health and safety manager at Polaris. “TrackX’s flexibility in technology and ability to implement these technologies simultaneously was a major factor for Polaris’ decision.”


“This significant opportunity within Polaris is a further testament to the power of GAME in managing the very diverse business processes, asset classes and business workflows of our customers. Once a customer has implemented GAME, its ability to track other assets, across multiple locations, with completely different tagging technologies and IoT sensors can be easily accommodated, creating further savings, incremental leverage and additional value for our customers,” stated Tim Harvie, TrackX CEO.


About Polaris


As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2018 sales of $6.1 billion, Polaris’ high-quality product line-up includes the Polaris RANGER, RZR and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com 


About TrackX 


TrackX Holdings, Inc., based in Denver, Colorado, is an enterprise asset management company deploying SaaS-based solutions leveraging multiple auto-ID and sensor technologies for the comprehensive tracking and management of physical assets. TrackX's Global Asset Management for Enterprises (GAME) platform enables the Industrial Internet of Things (IIoT) by providing unique item level tracking, workflow processing, event management, alerting and powerful analytics to deliver solutions across a growing number of industries. TrackX delivers significant value to a growing list of Fortune 500 companies and for customers in industries such as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.


For more information, please contact: 


Gene McConnell, TrackX Holdings Inc. 
investor@trackx.com 
303-325-7300 


Sean Peasgood, Sophic Capital 
Sean@SophicCapital.com  
647-361-8358 


Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law. 


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8020 Admin

20 days ago

8020 Admin posted a press release TrackX Holdings Inc. to Host Third Quarter Fiscal 2019 Conference Call in TRACKX INC.


DENVER, Aug. 26, 2019 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | FRANKFURT:3TH) (“TrackX” or the “Company”), a SaaS-based enterprise asset management solution provider, announces that the Company will release its third quarter of fiscal 2019 financial results after market close on Thursday, August 29, 2019.


Chairman and CEO Tim Harvie and CFO Gene McConnell will host a conference call to discuss the results at 4:30pm EST on Thursday, August 29, 2019.  All interested parties are invited to participate in this conference call and should dial the numbers below 10 minutes before the starting time.

























DATE: Thursday, August 29, 2019
TIME: 4:30pm Eastern Daylight Time
DIAL-IN NUMBER: 800‑895‑3361, 785‑424‑1062
CONFERENCE ID: TrackX
REPLAY: www.TrackX.com

About TrackX


TrackX, Inc. (TSX.V:TKX), based in Denver, Colorado, is an enterprise asset management company deploying SaaS-based solutions leveraging multiple auto-ID and sensor technologies for the comprehensive tracking and management of physical assets. TrackX's GAME (Global Asset Management for Enterprises) platform enables the Industrial Internet of Things by providing unique item level tracking, workflow processing, event management, alerting and powerful analytics to deliver solutions across a growing number of industries. TrackX delivers significant value to a growing list of Fortune 500 companies and for customers in industries such as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.


For more information, please contact:


Gene McConnell, TrackX Holdings Inc.
investor@trackx.com
303-325-7300


Sean Peasgood, Sophic Capital
Sean@SophicCapital.com
647-361-8358


Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.


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8020 Admin

24 days ago

8020 Admin posted a press release TrackX enters into Loan Agreement in TRACKX INC.


DENVER, Aug. 22, 2019 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | OTC: TKXHF | FSE :3TH) (“TrackX” or the “Company), a SaaS-based enterprise asset management solution provider, announces that, through its wholly owned subsidiary, TrackX, Inc., it has entered into a non-convertible loan agreement (the “Loan Agreement”) with a single lender in order to meet short term working capital commitments.


Pursuant to the Loan Agreement entered into by the Company and Mercury Fund Management, LLC (the “Lender”), the Lender has advanced to the Company the aggregate principal amount of US$300,000 (~C$399,0001) (the “Loan”). The Loan Agreement, which has been reviewed and accepted by the Company’s directors independent from the Loan, bears interest at a rate of 6% per annum compounded annually based on a 365-day year. The loan is repayable on demand on or after July 31, 2020.


In consideration for the Loan, the Company has agreed to issue to the Lender common shares (the “Shares”) equal to 10% of the total loan amount being 216,666 Shares at a deemed price of C$0.18 per Share and common share purchase warrants (the “Warrants”), equal to 50% of the total loan amount being 1,083,333 Warrants, exercisable at C$0.18 per Warrant for one year from the date of issuance.


The issuance of the Shares and Warrants is subject to the approval of the TSX Venture Exchange.


All securities issued or issuable under the Loan Agreement are subject to a four-month hold period in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.


John Katzenberg has resigned as the Company’s CFO due to personal reasons and not as a result of a dispute or disagreement with the Company. Gene McConnell, the Company’s former CFO who has been fully engaged in transitional duties since his retirement, will assume the CFO position in the interim.  We would like to thank Mr. Katzenberg for his tenure as our CFO and wish him well in his future endeavors.


About TrackX


TrackX, Inc. (TSX.V:TKX), based in Denver, Colorado, is an enterprise asset management company deploying SaaS-based solutions leveraging multiple auto-ID and sensor technologies for the comprehensive tracking and management of physical assets. TrackX's GAME (Global Asset Management for Enterprises) platform enables the Industrial Internet of Things by providing unique item level tracking, workflow processing, event management, alerting and powerful analytics to deliver solutions across a growing number of industries. TrackX delivers significant value to a growing list of Fortune 500 companies and for customers in industries such as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.


For more information, please contact: 


Chris Brumett, TrackX Holdings Inc. 
investor@trackx.com 
303-325-7300 


Sean Peasgood, Sophic Capital 
Sean@SophicCapital.com  
647-361-8358 


Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION


This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law. 


The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.


1 Based on an exchange rate of C$1.33:US$1.00


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TrackX Inc.

lockPrivate Group

TrackX, Inc. (TSX VENTURE:TKX), based in Denver, Colorado, is an enterprise asset management company deploying SaaS-based solutions leveraging multiple auto-ID and sensor technologies for the comprehensive tracking and management of physical assets.

people11 Members       (0)

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TrackX Inc.

lockPrivateGroup

TrackX, Inc. (TSX VENTURE:TKX), based in Denver, Colorado, is an enterprise asset management company deploying SaaS-b......

people11 Members       (0)

Thumb 8020 monitor 200200 2

8020 Admin

17 days ago

8020 Admin posted a press release TrackX Reports Third Quarter of Fiscal 2019 in TRACKX INC.

Company Hosting Conference Call at 4:30pm EST Today


DENVER, Aug. 29, 2019 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | OTC: TKXHF | FRANKFURT:3TH) (“TrackX” or the “Company”), a SaaS-based enterprise asset management solution provider, announces the financial and operational highlights from its third quarter of fiscal 2019 ended June 30, 2019. All results are reported in Canadian dollars unless otherwise specified. A complete set of the June 30, 2019 Consolidated Financial Statements and Management’s Discussion & Analysis has been filed on SEDAR (www.sedar.com). Management will host a conference call today at 4:30pm EST to discuss the financial results (dial-in details provided below).


Financial Highlights for the 3-Months Ended June 30, 2019



  • Revenue of $1.39 million versus $2.14 million in the year-ago quarter (35% decrease); resulting from a reduction in non-recurring software licensing revenue;

  • Recurring revenue increased 37% over the previous year period and 14% over the prior quarter to $761,574;

  • Gross margin of 39% compared to 57% in the year-ago quarter, due to a decrease in non-recurring software licensing revenue; 

  • Adjusted EBITDA loss of $768,317 compared to a $71,480 gain in Q3FY18;

  • Net loss of $1.27 million ($0.02/share) versus a $251,321 loss ($0.00/share) in Q3 FY18.


Third Quarter FY19 Revenue Mix



Read more here: https://quotemedia.com/portal/quote/?qm_symbol=TKX%3ACA&qmodStoryID=5072595721997055 

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8020 Admin

20 days ago

8020 Admin posted a press release TrackX to Deploy High Value Vehicle Tracking Solution for Polaris Industries in TRACKX INC.


DENVER, Aug. 27, 2019 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | OTC: TKXHF | FSE :3TH) (“TrackX” or the “Company”), a SaaS-based enterprise asset management solution provider, is pleased to announce that Polaris Inc. (NYSE: PII), a global leader in powersports valued at over $5 billion, has chosen TrackX to deliver its Global Asset Management for Enterprises (GAME) solution for recreational vehicle inventory management at its facility in Wyoming, Minnesota, as the first of a multi-facility initiative. Leveraging GPS and active RFID tags on its vehicles, TrackX will provide critical real-time visibility to these high-value assets as they move not only throughout Polaris’ facilities, but also on test drives, at tradeshows and at other marketing events nationwide. GAME’s event management, workflow processing, and analytics will not only provide significant savings on inventory loss and insurance liability, but also provide operational efficiency while reducing overall labor costs.


The deployment of this solution will result in real-time data and analytics derived from active RFID and GPS technologies attached to ATVs, snowmobiles, motorcycles, and other high value assets, amounting to approximately 3,000 vehicles at any one time. By capturing data through fixed RFID readers at various choke points throughout the facility, Polaris will have visibility into key metrics around asset dwell times, maintenance scheduling, inventory levels, and specific vehicle location both in the facility and at off-site locations. TrackX revenues will be generated largely from recurring SaaS license fees along with associated implementation and configuration services. 


“Polaris has an extremely diverse asset base that is often exposed to equally diverse conditions resulting in a need to have a wide variety of different IoT technologies to support our solution,” said Mallory Apperson, global environment health and safety manager at Polaris. “TrackX’s flexibility in technology and ability to implement these technologies simultaneously was a major factor for Polaris’ decision.”


“This significant opportunity within Polaris is a further testament to the power of GAME in managing the very diverse business processes, asset classes and business workflows of our customers. Once a customer has implemented GAME, its ability to track other assets, across multiple locations, with completely different tagging technologies and IoT sensors can be easily accommodated, creating further savings, incremental leverage and additional value for our customers,” stated Tim Harvie, TrackX CEO.


About Polaris


As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. With annual 2018 sales of $6.1 billion, Polaris’ high-quality product line-up includes the Polaris RANGER, RZR and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; snowmobiles; and deck, cruiser and pontoon boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with parts, garments and accessories, along with a growing aftermarket portfolio, including Transamerican Auto Parts. Polaris’ presence in adjacent markets includes military and commercial off-road vehicles, quadricycles, and electric vehicles. Proudly headquartered in Minnesota, Polaris serves more than 100 countries across the globe. www.polaris.com 


About TrackX 


TrackX Holdings, Inc., based in Denver, Colorado, is an enterprise asset management company deploying SaaS-based solutions leveraging multiple auto-ID and sensor technologies for the comprehensive tracking and management of physical assets. TrackX's Global Asset Management for Enterprises (GAME) platform enables the Industrial Internet of Things (IIoT) by providing unique item level tracking, workflow processing, event management, alerting and powerful analytics to deliver solutions across a growing number of industries. TrackX delivers significant value to a growing list of Fortune 500 companies and for customers in industries such as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.


For more information, please contact: 


Gene McConnell, TrackX Holdings Inc. 
investor@trackx.com 
303-325-7300 


Sean Peasgood, Sophic Capital 
Sean@SophicCapital.com  
647-361-8358 


Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law. 


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8020 Admin

20 days ago

8020 Admin posted a press release TrackX Holdings Inc. to Host Third Quarter Fiscal 2019 Conference Call in TRACKX INC.


DENVER, Aug. 26, 2019 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | FRANKFURT:3TH) (“TrackX” or the “Company”), a SaaS-based enterprise asset management solution provider, announces that the Company will release its third quarter of fiscal 2019 financial results after market close on Thursday, August 29, 2019.


Chairman and CEO Tim Harvie and CFO Gene McConnell will host a conference call to discuss the results at 4:30pm EST on Thursday, August 29, 2019.  All interested parties are invited to participate in this conference call and should dial the numbers below 10 minutes before the starting time.

























DATE: Thursday, August 29, 2019
TIME: 4:30pm Eastern Daylight Time
DIAL-IN NUMBER: 800‑895‑3361, 785‑424‑1062
CONFERENCE ID: TrackX
REPLAY: www.TrackX.com

About TrackX


TrackX, Inc. (TSX.V:TKX), based in Denver, Colorado, is an enterprise asset management company deploying SaaS-based solutions leveraging multiple auto-ID and sensor technologies for the comprehensive tracking and management of physical assets. TrackX's GAME (Global Asset Management for Enterprises) platform enables the Industrial Internet of Things by providing unique item level tracking, workflow processing, event management, alerting and powerful analytics to deliver solutions across a growing number of industries. TrackX delivers significant value to a growing list of Fortune 500 companies and for customers in industries such as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.


For more information, please contact:


Gene McConnell, TrackX Holdings Inc.
investor@trackx.com
303-325-7300


Sean Peasgood, Sophic Capital
Sean@SophicCapital.com
647-361-8358


Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.


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8020 Admin

24 days ago

8020 Admin posted a press release TrackX enters into Loan Agreement in TRACKX INC.


DENVER, Aug. 22, 2019 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | OTC: TKXHF | FSE :3TH) (“TrackX” or the “Company), a SaaS-based enterprise asset management solution provider, announces that, through its wholly owned subsidiary, TrackX, Inc., it has entered into a non-convertible loan agreement (the “Loan Agreement”) with a single lender in order to meet short term working capital commitments.


Pursuant to the Loan Agreement entered into by the Company and Mercury Fund Management, LLC (the “Lender”), the Lender has advanced to the Company the aggregate principal amount of US$300,000 (~C$399,0001) (the “Loan”). The Loan Agreement, which has been reviewed and accepted by the Company’s directors independent from the Loan, bears interest at a rate of 6% per annum compounded annually based on a 365-day year. The loan is repayable on demand on or after July 31, 2020.


In consideration for the Loan, the Company has agreed to issue to the Lender common shares (the “Shares”) equal to 10% of the total loan amount being 216,666 Shares at a deemed price of C$0.18 per Share and common share purchase warrants (the “Warrants”), equal to 50% of the total loan amount being 1,083,333 Warrants, exercisable at C$0.18 per Warrant for one year from the date of issuance.


The issuance of the Shares and Warrants is subject to the approval of the TSX Venture Exchange.


All securities issued or issuable under the Loan Agreement are subject to a four-month hold period in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.


John Katzenberg has resigned as the Company’s CFO due to personal reasons and not as a result of a dispute or disagreement with the Company. Gene McConnell, the Company’s former CFO who has been fully engaged in transitional duties since his retirement, will assume the CFO position in the interim.  We would like to thank Mr. Katzenberg for his tenure as our CFO and wish him well in his future endeavors.


About TrackX


TrackX, Inc. (TSX.V:TKX), based in Denver, Colorado, is an enterprise asset management company deploying SaaS-based solutions leveraging multiple auto-ID and sensor technologies for the comprehensive tracking and management of physical assets. TrackX's GAME (Global Asset Management for Enterprises) platform enables the Industrial Internet of Things by providing unique item level tracking, workflow processing, event management, alerting and powerful analytics to deliver solutions across a growing number of industries. TrackX delivers significant value to a growing list of Fortune 500 companies and for customers in industries such as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.


For more information, please contact: 


Chris Brumett, TrackX Holdings Inc. 
investor@trackx.com 
303-325-7300 


Sean Peasgood, Sophic Capital 
Sean@SophicCapital.com  
647-361-8358 


Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 


CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION


This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law. 


The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.


1 Based on an exchange rate of C$1.33:US$1.00


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5 months ago

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Jeff Powers

12 months ago

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mario drolet

12 months ago

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luc@mi3.ca

12 months ago

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DArcy Funfer

12 months ago

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