CALGARY, Alberta, Jan. 21, 2020 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. (TRAK.V) ("Trakopolis" or the "Company") announced today that the Company and its subsidiary Trakopolis SaaS Corp. (“SaaS”) have completed the previously announced disposition of substantially all of the assets of SaaS (the “Transaction”) to a subsidiary of Geoforce, Inc. (“Geoforce”).
As a result of the completion of the Transaction, Trakopolis no longer has active business operations or assets other than the remaining cash proceeds from the Transaction, following the repayment of the Company’s senior secured debt and transaction costs. It is anticipated the remaining cash will allow Trakopolis to pay off a portion of its unsecured debt. The Company now plans to focus on the efficient winding-up of the affairs of Trakopolis and SaaS pursuant to proceedings under the Bankruptcy and Insolvency Act (Canada) (the “Act”). No proceeds from the transaction are anticipated to be distributed to the shareholders of the Company.
Geoforce will be integrating the assets purchased from SaaS with its world leading global traceability solutions to serve over 1,300 customers in industries with intensive field operations and remote equipment including oil & gas, agriculture, construction and transportation.
Trakopolis is a Software as a Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company’s asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.
Combining a cloud-based software platform with ruggedized GPS tracking devices and global satellite and cellular networks, Geoforce’s Track and Trace solutions bring control to often chaotic field operations. With over 1,300 customers tracking more than 160,000 assets in over 90 countries, the company operates the world’s largest network of connected field equipment within the Oil & Gas industry, and its solutions are used in many other field operations intensive industries, including agriculture, construction, mining, transportation, logistics, and rail. Headquartered in Dallas, Texas, Geoforce has R&D offices in Bozeman, Montana, sales and support offices in Houston, Texas, Denver, Colorado, Arroyo Grande, California, Macae, Brazil, Melbourne, Australia, and Calgary, Alberta and sales and service professionals in West Texas and South Louisiana. For more information, visit www.geoforce.com.
FOR FURTHER INFORMATION, PLEASE CONTACT
Richard Clarke, General Manager - Canada
Telephone: (403) 450-7854
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, completion of proceedings under the Act and the status of operations following closing. The statements are dependent on a number of assumptions and risk factors, including the ability of the Company to obtain certain court orders required under the Act. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on Trakopolis. These forward-looking statements are made as of the date of this press release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
Neither TSX Venture Exchange nor its Regulation 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.