CALGARY, Alberta, Jan. 03, 2020 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. (TSXV: TRAK) ("Trakopolis" or the "Company") wishes to provide an update on certain matters related to the acquisition agreement dated December 20, 2019 entered into with a subsidiary of Geoforce, Inc., an arms’ length purchaser, that provides for the acquisition of substantially all of the assets of its subsidiary, Trakopolis SaaS Corp. 

Trakopolis confirms that trading on the TSX Venture Exchange (“TSXV”) will remain halted and that the disposition is subject to approval by the TSXV under its policies.

As previously announced, on November 7, 2019 the Company filed a Notice of Intention under the Bankruptcy and Insolvency Act (Canada) (the “Act”).  The sale will occur under in accordance with the Act and as such the Court of Queen’s Bench of Alberta will be asked to authorize the disposition without the requirement for shareholder approval. 

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, statements regarding the approval of the exchange, the halting of Trakopolis stock and the requirement for shareholder approval.  The statements are dependent on a number of assumptions and risk factors, including the ability of the Company to obtain the required approvals. 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.