DENVER, COLORADO--(Marketwired - Sept. 27, 2016) - TrackX Holdings Inc. (TSX VENTURE:TKX) ("TrackX" or the "Company"), a leading provider of enterprise level RFID-enabled asset tracking and supply chain management solutions, has signed an enterprise-wide implementation and software licensing agreement with a leading U.S. used car retailer (the "Customer"). Phase one of the agreement, including hardware and software customer integration and ongoing monthly-billed software as a service (SaaS) is initially valued at over C$1,000,000.
Through the remainder of 2016, TrackX will deploy its asset tracking and supply chain management solutions in all of the Customer's current locations to track more than 10,000 cars located in 20 lots throughout the United States. The TrackX solution will also be deployed in new sites in 2017 as the Customer continues its expansion throughout the United States.
In addition to real-time location data, the TrackX solution includes powerful inventory management and workflow solution, and data analytics which will be deployed in a cloud-based application fully integrated with the Customer's enterprise systems.
Phase one of the install is to manage the Customer's inventory of automobiles across all locations. Phase two is to provide workflow tracking data and analytics to manage the flow of vehicles through the Customer's automotive processing facilities, within which the automobiles are put through mechanical checks, various maintenance and repairs and finally a sophisticated media shop to prepare for the addition of the vehicle to the Customer's retail website.
The Customer selected TrackX for its proven expertise in supply chain management solutions and capability to support the Customer's requirements for work-in-process as it refurbishes and accessorizes vehicles throughout its facilities. TrackX will become an essential component to the Customer's operations as it continues provide the highest quality of service for the highest quality of vehicle, with the timeliest delivery of vehicles to its customers.
Tim Harvie, President and CEO of TrackX, said, "This enterprise-wide application of TrackX will utilize our supply chain management solution and the capabilities we have around real-time locationing using passive RFID -- a low cost alternative to GPS. It will also leverage the work we already do for Fortune 500 companies, such as vending machine maintenance, for work in-process, managing assets through their receipt, assessment phase, customization and repair through to their media center. This implementation is a classic example of how TrackX customers are embracing its SaaS based solutions and further enabling the Internet of Things through the unique item level tracking and management of high-valued assets. It aligns the value and efficiencies they gain from TrackX with their operational goals. Key to TrackX investors is the long-term customer retention and recurring revenue and that is built into both the SaaS model and the sustainable differentiation of TrackX solution offerings."
TrackX, headquartered in Denver, Colorado, is a cloud based asset tracking solutions provider. We deliver a highly configurable software platform along with the design and implementation of holistic solutions offering business intelligence, visibility, utilization and analytics 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.
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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 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.