TORONTO, ON--(Marketwired - December 07, 2016) - Truxmart LTD Inc. (OTCQB: FNHI), a wholly owned subsidiary of Franchise Holdings International, Inc., is announcing three key developments that are designed to help execute its strategic growth plan aimed at market leadership in tonneau covers for the light truck market.
As a first development, Truxmart has appointed Michael Johnston as Interim CFO. Mr. Johnston CA, CPA, a graduate of the University of Western Ontario, is a partner at Toronto's Forbes Andersen LLP, Chartered Professional Accountants, and offers over 12 years of experience with both private and public companies.
"Michael Johnston is the second high quality director to join our board recently," commented Steve Rossi, Truxmart president. "We previously announced the addition of Paul Haber, CA, the CFO of Gunpowder Capital, and now Michael Johnston will provide his expertise to us as well. These two appointments reflect Truxmart's need for expert advice as it enters global markets with its innovative tonneau covers."
In addition, Franchise Holdings International, Inc. (FNHI) has filed its preliminary non-offering prospectus with Ontario Securities Exchange Commission (OSC). The filing is required in order for FNHI to qualify in becoming a reporting issuer on the Canadian Securities Exchange (CSE).
The OSC has been designated as FNHI's principal regulator, and it is anticipated that the review of the preliminary non-offering prospectus will take approx. 10 - 20 business days.
"Once we obtain a CSE listing, we plan to raise capital hoping to grow Truxmart's revenues to our $50,000,000 target," Rossi said.
Truxmart will also be resuming development of the new Alpha and Alpha Helios tonneau cover. The Helios cover, capable of producing up to 400 watts of electrical current through three-four solar panels, will be designed to work with the electric and electric hybrid light duty trucks, now creating a presence in the market. These trucks feature Li-ion battery packs coupled to an internal combustion generator delivering 80 miles of all-electric driving and extended range with hybrid efficiency. Patented and ready for final development, the Helios cover will open the way for Truxmart to work with these manufacturers who will be a growing factor in the marketplace within one-two years.
"Truxmart is entering a more rapid phase in its growth and development," said Rossi. "With new directors providing expert counsel, an expected CSE listing and products expected to provide an entry to the important electric and electric hybrid light truck sector, we believe we will be able to capitalize on more and more opportunities globally."
About Franchise Holdings International
Truxmart, Franchise Holdings International's wholly owned subsidiary, was founded in 2011 to take advantage of the limited innovation provided by existing tonneau cover manufacturers. Tonneau covers have remained much the same in price and design since 2005 with one main company controlling a majority of the tonneau cover market. This dynamic market segment is in need of a new innovative manufacturer of high quality, functional, and aggressively priced tonneau covers. Truxmart has developed multiple products for all of the most prominent pick up trucks available in North America. Details of most products can be found at www.truxmartcovers.com. Truxmart sells its products through master warehouse distributors, dealers, and online retailers in North America and is expanding to Central and South American distribution of its products.