CALGARY, Alberta, Oct. 04, 2018 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. ("Trakopolis" or the "Company") (TSX VENTURE: TRAK) is pleased to announce that it has entered into an amending agreement with its lender, Silicon Valley Bank, to, among other things, modify certain reporting requirements and to extend the time for securing additional financing. In connection therewith, the Company has agreed to pay a loan amendment fee of USD$50,000 and to issue 130,000 common share purchase warrants (the "Bonus Warrants") to Silicon Valley Bank at an exercise price of $0.70. The warrants will be exercisable until September 28, 2023. The Bonus Warrants and any common shares issued pursuant thereto will be subject to a statutory four month plus one day hold period from the date of issuance of the loan bonus warrants.
Issuance of the Bonus Warrants is subject to the approval of the TSX Venture Exchange (the "TSXV").
This press release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The securities will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.
About Trakopolis
Trakopolis is a Software as a Service (SaaS) company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company’s asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.
For further information please contact:
Brent Moore, President and Chief Executive Officer
Trakopolis IoT Corp.
Telephone: (403) 450-7854
Email: bmoore@trakopolis.com
Disclaimer for Forward-Looking Information
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of Trakopolis. Forward-looking statements are frequently characterized by words such as "plan", "continue", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements in this press release include the anticipated issuance of the Bonus Warrants. 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; approval of the TSXV; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com. Although the Company 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, the Company 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.