CALGARY, Alberta, Nov. 04, 2019 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. (TRAK.V) ("Trakopolis" or the "Company") today announces that the Company has received a formal demand for payment of its credit facilities from its lender, ESW Holdings, Inc. ("ESW") and a Notice of Intention to Enforce Security pursuant to s.244 of the Bankruptcy and Insolvency Act.
ESW has formally demanded payment in the amount of USD$3,425,518 and has requested payment in full of such amount immediately.
The Company is reviewing options of how to extend the payment deadline or settle with ESW.
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.
FOR FURTHER INFORMATION, PLEASE CONTACT
Brent Moore, President and Chief Executive Officer
Trakopolis IoT Corp.
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, statements regarding ESW's intention enforce on its security. The statements are dependent on a number of assumptions and risk factors, including the ability of the Company to satisfy the terms of ESW's demand letter. 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.