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TrackX Announces Closing of Private Placement

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Trackx Holdings Inc.
·4 min read
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THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, April 12, 2021 (GLOBE NEWSWIRE) -- Track Holdings, Inc. (TSX-V: TKX) (OTC: TRXHF) (FSE: 3TH) (the “Company” or “TrackX”), a SaaS-based supply chain enterprise solution provider, announces that it has completed its non-brokered private placement of 40,000,000 units of the Company (the "Units") at a price of $0.05 per Unit for gross proceeds of $2,000,000 (the "Offering").

Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share of the Company at an exercise price of $0.075 until April 8, 2023.

The net proceeds from the Offering will be used to hire resources needed to meet implementation demands from existing and new customers. The Company will also invest in additional engineering and sales & marketing resources to support an expanded set of SaaS-based supply chain tracing, tracking and sustainability solutions to meet customer demand for proof of ESG (Environmental, Social and Governance) claims, though real time, actionable data.

The Company paid commissions to eligible finders under the Offering totaling 1,146,000 Finders shares. All securities issued or issuable under the Offering are subject to a four-month hold period expiring on August 9, 2021 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.

Closing of the Offering is subject to certain closing conditions including, but not limited to, final approval from the TSX Venture Exchange and receipt of any other required regulatory approvals.

About TrackX Holdings, Inc.

TrackX, Inc., based in Denver, Colorado, is a SaaS-based, enterprise asset management and supply chain solutions company. TrackX empowers companies with the tracing, tracking, transparency and trust they need to operate more sustainable and better performing supply chains. The Company’s Keychain platform leverages multiple auto-ID and sensor technologies, blockchain, comprehensive analytics and integrations with other business systems to capture and prove the origin, movement, authenticity, chain of custody, composition, location and other attributes related to products and assets throughout the supply chain. Clients use the TrackX platform, Keychain, to leverage this data in order to gain operating efficiency, securely collaborate with ecosystem partners, and manage and report on sustainability initiatives. Please visit www.trackx.com for more information.

Additional information can be viewed at the Company’s website www.trackx.com.

For further information, please contact:

Tim Harvie, CEO, TrackX Holdings, Inc.
investor@trackx.com
1-303-325-7300

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

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.