TrackX Reports a 324% Year-Over-Year Revenue Increase in Nine-Month Period, CEO Provides Update on Operations

TrackX News | August 30, 2017

DENVER — August 30, 2017— TrackX Holdings Inc. (TSX.V:TKX) (“TrackX” or the “Company”), an enterprise IIoT software platform provider for the management of physical assets, announces the financial and operational highlights from its third quarter ended June 30, 2017, and provides an update on its ongoing operations.  All results are reported in Canadian dollars unless otherwise specified. A complete set of the June 30, 2017 Consolidated Financial Statements and Management’s Discussion & Analysis have been filed on SEDAR (www.sedar.com).

Financial Highlights

“The key achievement in the quarter was closing our oversubscribed $5.2 million bought deal financing in May and using some of those proceeds to close our acquisition of broTECH Solutions in June,” said President and CEO Tim Harvie. “Since then, we’ve commenced consolidating resources, establishing cost controls, creating strategies to leverage our enhanced partnerships, expanding our engineering and development capacity, and evolving our product and implementation support. We can now shift more focus to the growth of our sales organization and the continued expansion of our partner network to support our combined pipeline.”

 

Selected Financial Information

(Canadian dollars – in thousands except per share) Nine-month Period Ended June 30, Three-month Period Ended June 30
  2017 2016 2017 2016
$ $ $ $
Revenue 3,839 905 878 328
Gross Margin 1,190 (247) 286 (55)
Loss for the period (2,685) (3,380) (1,090) (2,485)
Loss per share (0.05) (0.26) (0.02) (0.10)
Adjusted EBITDA (Loss)* (2,378) (1,762) (1,070) (981)
* Adjusted EBITDA is a non-IFRS (international financial reporting standards) measure and excludes stock based compensation

Q2 2017 and Subsequent Period Operational Highlights:

Integration of broTECH Team

The Enhanced TrackX GAME Platform

With the integration of the broTECH iOS and Android mobility extensions and enhancements to TrackX’s GAME platform, TrackX expands its product offering and strengthens its competitive differentiation in current and future customer deployments.

For example:

About TrackX

TrackX, based in Denver, Colorado, is an enterprise Industrial Internet of Things (IIoT) software platform provider leveraging multiple auto-ID technologies for the comprehensive management of physical assets. TrackX’s Global Asset Management for the Enterprise (GAME) enables the IIoT by providing unique item level tracking, workflow processing, event management, alerts and powerful analytics to deliver solutions across a growing number of industries.  This platform creates unprecedented visibility and business intelligence of man-to-machine and machine-to-machine interaction.  TrackX delivers significant value to a growing list of Fortune 500 companies and for customers in industries such as transportation, beverage, brewery, healthcare, hi-tech, hospitality, mining, agriculture, horticulture, manufacturing and government.

For more information, please contact:

Knox Henderson, TrackX Holdings Inc.                    

khenderson@trackx.com

778-373-2003                                                 

 

Sean Peasgood, Sophic Capital

Sean@SophicCapital.com

416-565-2805

 

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.

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