Breaking News: TrackLoop Analytics Announces Acquisition of Cannabis, Food and Pharma Logistics Tracking Technology

TrackLoop Analytics Corp. (CSE: TOOL) an analytics software company, is pleased to announce the acquisition of ChainTrack Technologies Inc. (“ChainTrack”), a company providing Internet-of-Things (IoT) powered supply chain tracking solutions, including “cold chain” (refrigerated supply chain) tracking, for the food and pharmaceutical industries.

September 25, 2018 Closing Date”), the Company completed the transaction pursuant to a share exchange agreement made effective as of September 25, 2018 (the “Acquisition Agreement”) among the Company, ChainTrack and the shareholders of ChainTrack (the “Selling Shareholders”), whereby the Company acquired 100% of the common shares of ChainTrack from the Selling Shareholders, by issuing 16,500,000 common shares of the Company (the “Consideration Shares”) to the Selling Shareholders on a pro-rata basis, following the completion of which, ChainTrack is now a wholly-owned subsidiary of the Company.

The Consideration Shares are subject to resale restrictions, with 20% released on the Closing Date and 20% released every three months thereafter.

As previously disclosed, TrackLoop intends to complete a non-brokered private placement (the “Private Placement”) of up to 5,000,000 units (each a “Unit”) at a price of $0.10 per Unit for gross proceeds of up to $500,000. Each Unit consists of one common share and one common share purchase warrant. Each warrant is exercisable at a price of $0.15per share for a term of two years. The Company may also pay finders’ fees in connection with the Private Placement in accordance with the policies of the Canadian Securities Exchange and applicable securities legislation.

The acquisition of ChainTrack will expand and enhance the Company’s existing product line. The Company intends to continue to develop its other businesses and assets, including its digital asset exchange solution, peer-to-peer lending platform, and credit risk analysis application for the digital asset industry.

The acquisition will make TrackLoop the sole provider of analytics and IoT-powered tracking solutions to award winning Volta Air Technologies Inc. (“Volta Air”), a delivery vehicle refrigeration solution provider. Integrated with Volta Air’s electric transport refrigeration units, TrackLoop will now provide end-to-end cold chain tracking and 3rd party enterprise solutions to some of the leading delivery and logistics players, both in Canada and abroad. Current customers and technology partners include Sustainable Produce Urban Delivery (SPUD.ca), Save-On-Foods, BC Ferries, Canadian Blood Services, and BYD Motors (SZSE: 002594, SEHK: 1211) the world’s largest electric vehicle company, whose largest shareholder is Berkshire Hathaway (NYSE: BRK.A).

ChainTrack is currently generating revenue by delivering tracking services to its existing customers. Moreover, ChainTrack expects to sign independent cold chain tracking contracts with mid-stream logistics service providers, dealers and upfitters within food and urban delivery sector. Going forward the company has planned expansion with main grocery chains and will also expand its customer base rapidly via distribution agreements. The main revenue will come from delivery of its Software as a Service (SaaS) tracking platform and which integrates with existing ERP (Enterprise Resource Planning) software solutions through an API.

Zayn Kalyan, CTO of TrackLoop commented, “We are excited to announce the close of this acquisition and we look forward to helping ChainTrack expand their product offering as we diversify our business. In the case of the Cannabis industry many of the companies still rely on paper and faxes as a method of documentation, while the majority of ERP systems don’t integrate; ChainTrack’s platform solves this problem which presents significant cost savings and efficiencies to the supply chain and expands a client’s existing product offering of financial analytics solutions.”

Stock Options 

The Company also announces that it has granted stock options to officers, directors, employees and consultants to purchase up to 3,300,000 common shares of the Company at a price of $0.07 per share, exercisable for a period of two years.

The Company paid a finder’s fee in the aggregate amount of 1,200,000 units, with each unit comprising one common share and one common share purchase warrant exercisable at a price of $0.20 per share (the “Finder’s Fee”) to a group of finders upon the closing of the transaction which are subject to a four-month hold period.

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1 Comment
  1. Roger Corales 2 months ago
    Reply

    never heard of cold chain, will do my DD, thanks.

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