DENVER, COLORADO--(Marketwired - Nov. 1, 2016) - TrackX Holdings Inc. (TSX VENTURE:TKX) ("TrackX" or the "Company") a leading Industrial Internet of Things company providing asset tracking and supply chain management solutions, is pleased to announce the Company is accelerating the nationwide implementation and deployment of asset-tracking, manufacturing work-in-process and yard management solutions across multiple divisions of one of the world's largest beverage companies (the "Customer").
Among the implementations scheduled in the near term will be the deployment of TrackX's Yard Management solution for one of the Customer's largest fully automated sortation and distribution facilities in North America. Leveraging GPS and RFID technologies simultaneously, the TrackX Yard Management solution will provide real time visibility to trailer location, status and utilization. Combined with powerful data analytics and sophisticated workflow processing, TrackX is delivering operational efficiencies at the dock, within the yard and at the entry gates.
Revenue to TrackX is derived from deployment of hardware including RFID tags and readers, and GPS on shunt trucks in the yard, application and integration services, and recurring revenue for cloud-based software deployed in a monthly software-as-a-service (SaaS) model.
To effectively respond to the increased demand from both existing customers as well as a rapidly growing pipeline of new opportunities, TrackX continues to focus efforts on both expanding its partner program, as well as hiring additional resources internally. This expansion facilitates the implementation and support of the TrackX solution suite throughout a growing number of enterprise accounts.
"The continued deployment of TrackX moves this world-leading beverage customer one more step towards a standardization of improved and efficient operational processes that includes integration into their ERP system," said TrackX President and CEO, Tim Harvie. "The operational and labour efficiencies they gain at these initial sites will become replicable across the multiple-dozens of locations that this enterprise account represents."
Grant of Company Stock Options
The Company also announces the grant of 450,000 stock options to its recently appointed Chief Operating Officer, Mr. Jason Read. Each option is exercisable to acquire one common share of the Company at a price of $0.395 until October 31, 2021 in accordance with the terms of the Company's stock option plan.
TrackX, headquartered in Denver, Colorado, is a cloud-based industrial, returnable, and high value asset tracking solutions provider. We deliver a highly configurable software platform that offers visibility, utilization, analytics and executable business intelligence pertaining to high-value assets in a vast array of industries. TrackX's patented, enterprise-scalable, cloud-based asset tracking platform combines support for multiple auto-ID technologies with workflow, event management, alert notification and a comprehensive analytics platform to deliver significant value to a growing list of Fortune 500 customers. Today, TrackX is providing high-value asset tracking, yard management, returnable asset management and mobile inventory management solutions to customer in such industries 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.