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TrackX Completes Acquisition of broTECH Solutions
DENVER, COLORADO--(Marketwired - Jun 29, 2017) - TrackX Holdings Inc. (TSX VENTURE:TKX) ("TrackX" or the "Company"), is pleased to announce, further to its news release of June 20, 2017, the closing of its acquisition of all of the assets and certain liabilities of broTECH Solutions LLC (the "Acquisition").
As consideration for the Acquisition, TrackX is paying broTECH Solutions LLC aggregate consideration of US $2.5 million (approximately CAD $3.25 million), as follows:
US $1 million (approximately CAD $1.3 million) in cash on closing;
US $500,000 (approximately CAD $650,000) in cash payable on a quarterly basis over a period of 36 months from closing; and,
US$1 million (approximately CAD $1.3 million) in TrackX common shares, being 3,492,842 TrackX common shares, to be released to broTECH Solutions LLC on a quarterly basis over a period of 36 months from the closing of the Acquisition with an initial release on January 2, 2018.
The Acquisition was completed at arm's length to the Company. No finders' fees were paid in connection with the Acquisition.
About TrackX
TrackX, based in Denver, Colorado, is an enterprise Industrial Internet of Things (IIoT) software platform provider leveraging multiple auto-ID technologies for the comprehensive management of physical assets. TrackX's Global Asset Management for Enterprises (GAME) platform enables the IIoT by providing unique item level tracking, workflow processing, event management, alerts and powerful analytics to deliver solutions across a growing number of industries. This platform creates unprecedented visibility and business intelligence of man-to-machine and machine-to-machine interaction. 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.
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.
