/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
CALGARY, Feb. 15, 2017 /CNW/ - Trakopolis IoT Corp.
(TSXV: TRAK) (the "Company" or "Trakopolis") is pleased to announce
a number of positive developments for the Company.
- Trakopolis has received a grant of $164,000 from the National
Research Council of Canada Industrial Research Assistance
Program (NRC-IRAP). The investment is earmarked for further
enhancements of the Company's Electronic Logbook (ELOG) hours of
service software assets. Trakopolis is currently offering its ELOG
software, which was acquired by the Company last November, to early
adopters in the USA and
Canada. The U.S. Federal
Motor Carrier Safety Administration (FMCSA) has mandated that all
commercial vehicle drivers are required to maintain record keeping
relating to hours of service. Over 6 million vehicles and drivers
in Canada and the USA must be using an hours of service record
keeping solution similar to Trakopolis' ELOG solution by the end of
2019.
- The Company has also received $402,000 from the Canadian Scientific Research
and Experimental Development (SR&ED) Tax Incentive Program.
These funds will be used to reduce the Company's current
institutional debt facility. Combined with the principal repayment
of $14,000 in the month of February,
this will reduce the facility from approximately $2.3 M to approximately $1.75 M as at February
28th, 2017. Under the terms of the debt
agreement, the Company will not be required to make any further
principal repayments until November
2017.
Brent Moore, CEO of Trakopolis,
states, "These are both positive developments for Trakopolis that
highlight our success securing non-dilutive government funding that
has been allocated towards debt reduction and product enhancement
while we focus on aggressively growing our sales programs."
- The Company would also like to announce that the Board of
Directors of Trakopolis has approved a change in the fiscal
year-end from June 30th to
December 31st. The change
in the fiscal year-end will become effective on December 31st, 2016 and the Company
will file results for the six-month period ending on that date.
Thereafter, the Company will operate with a fiscal period beginning
on January 1st and ending
on December 31st.
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.
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: the ability for new staff to
generate sales, subscriber and customer growth; the ability of
Trakopolis to execute on its growth strategy; 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.