CALGARY, May 3, 2017 /CNW/ - Trakopolis IoT Corp.
("Trakopolis" or the "Company") (TSXV: TRAK) is
pleased to announce that it has entered into an agreement with a
large US-based oil and gas company for the sale of 1,500 units of
Honeywell's ConneXt Lone Worker gas detection solution, powered by
Trakopolis (the "Purchase Agreement").
Brent Moore, CEO of Trakopolis
stated, "Trakopolis and Honeywell Analytics, as innovators in the
enterprise IoT market, have brought a comprehensive gas
detection/lone worker solution to the market, focused on worker
safety. The Trakopolis offering will continue to be integrated in
operational and safety processes throughout the four-year term of
the Purchase Agreement to deliver evolving business
intelligence."
Ken Schmidt, General Manager -
Gas Detection for Honeywell Industrial Safety stated "ConneXt
LoneWorker can significantly improve the energy company's ability
to monitor the safety of workers, no matter where they are. This
connected solution also provides useful business intelligence to
help the company improve its operational efficiency."
Trakopolis will receive payment for the sale of each unit and a
monthly recurring data fee for the connectivity of the devices over
a contracted four-year period. The minimum total contract value is
expected to be USD$4.79 Million, with
an estimated USD$2.82 million
(inclusive of hardware revenue) expected in fiscal 2017.
Pursuant to the terms of the Purchase Agreement, the Purchaser has
the option to acquire up to an additional 1,000 units, on the same
terms as the initial 1,500 units, during the first 18 months of the
term of the agreement.
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: revenue to be recognized
pursuant to the Purchase Agreement; the purchase of additional
units by the purchaser; and the integration by the end customer in
operational and safety processes during the term of the Purchase
Agreement. 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 of the purchaser or the Company to
terminate the Purchase Agreement for cause in certain
situations; the determination by the purchaser to acquire, or
not, additional units; determinations by the purchaser as to the
degree to which the products will be integrated into their
operational and safety processes; general business, economic and
social uncertainties; litigation, legislative, environmental and
other judicial, regulatory, political and competitive developments;
those additional risks set out in the Company's public documents
filed on SEDAR at www.sedar.com; and other matters discussed in
this news release. 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.
SOURCE Trakopolis IoT Corp.