CALGARY, Alberta, Nov. 14, 2019 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. (TSXV: TRAK) ("Trakopolis" or the "Company") announces that Mr. Brent Moore has resigned his position as Chief Executive Officer and a Director of the Company with immediate effect.
Mr. Richard Clarke, formerly Chief Financial Officer of the Company, has been appointed as the Chief Executive Officer and a Director of the Company. Richie has served as the Company’s Chief Financial Officer since 2013 and has been significantly involved in its restructuring efforts.
In addition, the Company has appointed Mr. Chris Burchell, a current Director of the Company, as Chief Restructuring Officer ("CRO") to oversee the Company's previously announced restructuring efforts. Chris has served as a Director since October 2016 and has substantial restructuring and M&A experience having spent more than 14 years in the investment banking industry.
The Company continues to work closely with its financial and other advisors to successfully conclude the restructuring process and will provide further updates once available.
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
Richard Clarke, Chief Executive Officer
Trakopolis IoT Corp.
Telephone: (403) 450-7854
Email: rclarke@trakopolis.com
Forward-looking Statements
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, the completion of a restructuring transaction. The statements are dependent on a number of assumptions and risk factors, including the ability of the Company to identify a suitable restructuring transaction. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors contained herein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected effects on Trakopolis. These forward-looking statements are made as of the date of this press release. Except as required by applicable securities legislation, the Company assumes no obligation to update publicly or revise any forward-looking statements to reflect subsequent information, events, or circumstances.
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.