VANCOUVER, British Columbia,
September 26, 2018 /PRNewswire/
--
TrackLoop Analytics Corp. (the
"Company" or "TrackLoop") (CSE: TOOL) (FWB: B2IN) an
analytics software company, is pleased to announce the acquisition
of ChainTrack Technologies Inc. ("ChainTrack"), a company
providing Internet-of-Things (IoT) powered supply chain tracking
solutions, including "cold chain" (refrigerated supply chain)
tracking, for the food and pharmaceutical industries.
On September 25, 2018 (the
"Closing Date"), the Company completed the transaction
pursuant to a share exchange agreement made effective as of
September 25, 2018 (the
"Acquisition Agreement") among the Company, ChainTrack and
the shareholders of ChainTrack (the "Selling Shareholders"),
whereby the Company acquired 100% of the common shares of
ChainTrack from the Selling Shareholders, by issuing 16,500,000
common shares of the Company (the "Consideration Shares") to
the Selling Shareholders on a pro-rata basis, following the
completion of which, ChainTrack is now a wholly-owned subsidiary of
the Company.
The Consideration Shares are subject to resale restrictions,
with 20% released on the Closing Date and 20% released every three
months thereafter.
Announcement of Private Placement
As previously disclosed, TrackLoop intends to complete a
non-brokered private placement (the "Private Placement") of
up to 5,000,000 units (each a "Unit") at a price of
$0.10 per Unit for gross proceeds of
up to $500,000. Each Unit consists of
one common share and one common share purchase warrant. Each
warrant is exercisable at a price of $0.15 per share for a term of two years. The
Company may also pay finders' fees in connection with the Private
Placement in accordance with the policies of the Canadian
Securities Exchange and applicable securities legislation.
The acquisition of ChainTrack will expand and enhance the
Company's existing product line. The Company intends to continue to
develop its other businesses and assets, including its digital
asset exchange solution, peer-to-peer lending platform, and credit
risk analysis application for the digital asset industry.
The acquisition will make TrackLoop the sole provider of
analytics and IoT-powered tracking solutions to award winning Volta
Air Technologies Inc. ("Volta Air"), a delivery vehicle
refrigeration solution provider. Integrated with Volta Air's
electric transport refrigeration units, TrackLoop will now provide
end-to-end cold chain tracking and 3rd party enterprise
solutions to some of the leading delivery and logistics players,
both in Canada and abroad. Current
customers and technology partners include Sustainable Produce Urban
Delivery (SPUD.ca), Save-On-Foods, BC Ferries, Canadian Blood
Services, and BYD Motors (SZSE: 002594, SEHK: 1211) the world's
largest electric vehicle company, whose largest shareholder is
Berkshire Hathaway (NYSE: BRK.A).
ChainTrack is currently generating revenue by delivering
tracking services to its existing customers. Moreover, ChainTrack
expects to sign independent cold chain tracking contracts with
mid-stream logistics service providers, dealers and upfitters
within food and urban delivery sector. Going forward the company
has planned expansion with main grocery chains and will also expand
its customer base rapidly via distribution agreements. The main
revenue will come from delivery of its Software as a Service (SaaS)
tracking platform and which integrates with existing ERP
(Enterprise Resource Planning) software solutions through an
API.
Zayn Kalyan, CTO of TrackLoop
commented, "We are excited to announce the close of this
acquisition and we look forward to helping ChainTrack expand their
product offering as we diversify our business. In the case of the
Cannabis industry many of the companies still rely on paper and
faxes as a method of documentation, while the majority of ERP
systems don't integrate; ChainTrack's platform solves this problem
which presents significant cost savings and efficiencies to the
supply chain and expands a client's existing product offering of
financial analytics solutions."
Stock Options
The Company also announces that it has granted stock options to
officers, directors, employees and consultants to purchase up to
3,300,000 common shares of the Company at a price of $0.07 per share, exercisable for a period of two
years.
The Company paid a finder's fee in the aggregate amount of
1,200,000 units, with each unit comprising one common share and one
common share purchase warrant exercisable at a price of
$0.20 per share (the
"Finder's Fee") to a group of finders upon the
closing of the transaction which are subject to a four-month hold
period.
About TrackLoop Analytics Inc.
TrackLoop Analytics (TL) is an analytics software company that
is leveraging digital asset technology to transform and modernize
multiple industries. TrackLoop is taking a diversified approach to
the analytics and technology space, delivering practical solutions
in the finance, logistics, cannabis, and pharmaceutical industries.
The Company's turnkey real-time tracking solutions offer the very
latest in IoT and AI, providing valuable data and business
intelligence to some of the world's leading brands.
TrackLoop is a publicly-traded company listed on the Canadian
Securities Exchange (CSE); trading symbol TOOL (C.TOOL or TOOL.cn).
For more information about the company please contact us at
1-778-938-3367.
TrackLoop Analytics Corp.
Zayn Kalyan
CTO
Forward-Looking Information
This news release contains forward-looking information based on
current expectations. Statements about the Company's plans and
intentions, signing contracts, potential revenues, other potential
transactions, the Private Placement, product development, events,
courses of action, and the potential of the Company's technology
and operations, among others, are all forward-looking information.
Forward-looking statements consist of statements that are not
purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such
information can generally be identified by the use of forwarding
looking wording such as "may", "expect", "estimate", "anticipate",
"intend", "believe" and "continue" or the negative thereof or
similar variations. The reader is cautioned that assumptions used
in the preparation of any forward-looking information may prove to
be incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company, including but not
limited to, business, economic and capital market conditions; the
ability to manage operating expenses, which may adversely affect
the Company's financial condition; the ability to remain
competitive as other better financed competitors develop and
release competitive products; regulatory uncertainties; market
conditions and the demand and pricing for products; security
threats; relationships with its customers, distributors and
business partners; the ability to successfully define, design and
release new products in a timely manner that meet customers' needs;
the ability to attract, retain and motivate qualified personnel;
competition in the industry; the impact of technology changes on
the products and industry; failure to develop new and innovative
products; the ability to successfully maintain and enforce our
intellectual property rights and defend third-party claims of
infringement of their intellectual property rights; the impact of
intellectual property litigation that could materially and
adversely affect the business; the ability to manage working
capital; and the dependence on key personnel. TrackLoop may not
actually achieve its plans, projections, or expectations. Such
statements and information are based on numerous assumptions
regarding present and future business strategies and the
environment in which the Company will operate in the future,
including the demand for its products, the ability to successfully
develop software, that there will be no regulation or law that will
prevent the Company from operating its business, anticipated costs,
the ability to achieve goals. Given these risks, uncertainties and
assumptions, you should not place undue reliance on these
forward-looking statements.
Factors that could cause the actual results to differ materially
from those in forward-looking statements include, failure to obtain
regulatory approval, the continued availability of capital and
financing, the impact of technology changes on the industry,
competition, security threats, consumer sentiment towards
TrackLoop's products, services and blockchain technology generally,
failure to develop new and innovative products, litigation,
increase in operating costs, lack of demand for TrackLoop's
products and services, increase in labor costs, failure of
counterparties to perform their contractual obligations, government
regulations, loss of key employees and consultants, and general
economic, market or business conditions. Forward-looking statements
contained in this news release are expressly qualified by this
cautionary statement. The reader is cautioned not to place undue
reliance on any forward-looking information.
The forward-looking statements contained in this news release
are made as of the date of this news release. Except as
required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
The CSE has not reviewed, approved or disapproved the content of
this news release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States unless
registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is
available.
For more information about the company please contact us at
1-604-602-0001.
zayn@blckchain.ca
Zayn Kalyan
CTO
BlackChain Solutions Inc.