CALGARY, Nov. 28, 2016 /CNW/ - Trakopolis IoT Corp. ("Trakopolis" or the "Company", and formerly, Lateral Gold Corp.) (TSXV:TRAK), and its wholly-owned subsidiary, CANHaul International Corp ("CANHaul"), today announced that each have separately filed unaudited consolidated financial statements and MD&A for the three months ended September 30, 2016 on SEDAR which are available at www.sedar.com.
The financial results for the first quarter of fiscal 2017 for Trakopolis and CANHaul respectively reflect the operations of Trakopolis and CANHaul prior to the previously announced closing of an amalgamation on October 28, 2016, whereby CANHaul became a wholly-owned subsidiary of Trakopolis through a reverse takeover transaction. Together with the amalgamation and subsequent to the quarter:
- Trakopolis completed a fully subscribed offering, including exercise in full of the over-allotment option, for gross proceeds of $5,750,000 and listed shares on the TSX Venture Exchange under the symbol TRAK;
- Trakopolis replaced and restructured its long-term debt facility of $1,500,000 with a new facility of $2,800,000 and completed an initial draw of $2,300,000; and
- Trakopolis acquired Electronic Logbook (ELOG) software assets from Verigo Inc. to support Trakopolis' expectation of a forthcoming regulatory requirement for commercial drivers to transition to ELOG based records over the next 2 years.
Brent Moore, President and Chief Executive Officer of Trakopolis made the following comments:
"Now that we have the financial resources in place, we are executing on our strategic growth plan. We have expanded our sales force in key target markets including Texas and Pennsylvania as we increase our sales capability and partnerships in the United States and Canada. We are building our sales funnel with a focus on the enterprise segment and we continue to invest in our software platform to enhance existing products and deliver new capabilities."
Trakopolis provides business intelligence services and software to organizations requiring current information and relevant data on the location and status of corporate assets such as equipment, devices, vehicles and people.
TRAKOPOLIS is a proprietary Software as a Service (SaaS) solution suitable for the customized tracking and analytics requirements of many verticals.
Disclaimer for Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements regarding: the execution of the strategic growth plan; legislative or regulatory changes; and the business and operations of Trakopolis. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments, including legislative developments with respect to ELOG; those additional risks set out in Trakopolis' public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although Trakopolis believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, Trakopolis disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither TSX Venture Exchange nor its Regulation 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.
SOURCE Trakopolis IoT Corp.
For further information: Brent Moore, President and Chief Executive Officer, Trakopolis IoT Corp., Telephone: (403) 450-7854, Email: [email protected]; Investor Relations: Dennis Fong, LodeRock Advisors Inc., Telephone: (647) 797-3376, Email: [email protected]; David Feick, LodeRock Advisors Inc., Telephone: (403) 831-7557, Email: [email protected]