DENVER, COLORADO--(Marketwired - Feb. 9, 2017) - TrackX Holdings Inc. (TSX VENTURE:TKX) ("TrackX" or the "Company"), is pleased to announce the completion of Phase 1 of its national roll-out with a leading U.S. used car retailer (the "Customer"). TrackX's solution will now track and manage hundreds of thousands of cars throughout all Customer locations over the coming years. The contract value of the integrated solution at the completion of Phase 1, which includes setup, implementation, services and recurring monthly SaaS revenue across 22 existing locations, will exceed US$2,000,000 (C$2,600,000).
With significant expansion of the Phase 1 roll out expected by the Customer in 2017, TrackX's solution will be deployed across an additional 20 locations. This extends the revenue commitment to TrackX under the Phase 1 roll out to a total of up to US$3,000,000 (C$4,000,000) over the first 3 years, in setup, implementation, services and recurring monthly SaaS revenue.
Based on the success and value presented by Phase 1, the Customer is now initiating an additional Phase 2 roll out, to implement workflow tracking and analytics to manage the flow of vehicles through the Customer's automotive processing facilities. Under this new initiative, all vehicles acquired by the Customer are put through mechanical checks, a variety of maintenance and repair steps, and finally a sophisticated media center to prepare the vehicles for presentation on the Customer's retail website. The TrackX solution will track location, progress and provide detailed analytics on service quality, vehicle processing and logistics efficiencies.
"In the coming years, TrackX will be tracking and managing hundreds of thousands of cars per year as they become refurbished and resold, ensuring efficiency and a high-quality customer experience every step of the way," said Tim Harvie, TrackX President and CEO. "The Customer's long-term commitment, as we move into more locations and greater capabilities in Phase 2, is a testament to the value of the efficiencies they've gained."
TrackX, headquartered in Denver, Colorado, is a leading provider of enterprise level asset management solutions leveraging asset tracking and advanced business processes to provide customers improved visibility, utilization and analytics pertaining to their high-value assets and inventory. TrackX's patented, enterprise-scalable, cloud-based asset tracking and management platform combines support for multiple auto-id technologies with unique item level tracking, 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 solutions to customers in such industries as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.
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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 implementation of TrackX's solution on a national basis with Caravan are management's 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.