Calgary, AB (GLOBE NEWSWIRE) - Trakopolis IoT Corp. (TSXV: TRAK) ("Trakopolis" or the "Company") announces that the Company has entered into a definitive agreement (the “Agreement”) with a subsidiary of Geoforce, Inc. (“Geoforce” or the “Purchaser”) that provides for the acquisition of substantially all of the assets of its subsidiary, Trakopolis SaaS Corp. (“SaaS”).
Trakopolis provides enhanced global traceability solutions and intuitive dashboards that give insight into core business operations such as fleet management, equipment utilization, maintenance and repair scheduling and worker health and safety. Geoforce will be integrating these capabilities 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. Subject to the closing of the transaction, Geoforce will leverage the capabilities of the combined operations to further enhance its market leading track and trace solutions across multiple industries.
"We are thrilled to welcome the Trakopolis team and customers to the Geoforce family," said James MacLean III, CEO of Geoforce. "Trakopolis' customers and solutions are highly complementary and we look forward to continuing to innovate our combined product offering. We're also excited to build upon Trakopolis' leading position in Canada to further expand our presence across the globe."
The Agreement for the transaction includes provisions relating to exclusivity and customary representations and warranties. As part of the transaction, substantially all of the Company’s employees are expected to continue with the Purchaser. The purchase price payable under the Agreement will be used to repay indebtedness of SaaS and as such, no proceeds are expected to be payable to the shareholders (or debt holders) of Trakopolis as a result of the transaction.
Completion of the transaction is subject to a number of conditions, including court approval, and is expected to close on or before January 24, 2020.
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 900 customers tracking more than 140,000 assets in 70+ 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, and Melbourne, Australia, and sales and service professionals in West Texas and South Louisiana. For more information, visit www.geoforce.com.
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 the continued employment of employees, the integration of the Trakopolis business with Geoforce, the use of proceeds and the timing and closing of the transaction. The statements are dependent on a number of assumptions and risk factors, including the ability of the Company to satisfy the conditions precedent to the transaction. 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.
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