VANCOUVER, British Columbia, Feb. 7, 2018 /PRNewswire/ --
- Multi-year deal with key distribution channel
- Company is the only METRC approved cold chain vendor in California
- Major sales channel in California
- Accelerate the adoption of cold chain tracking software
TrackLoop Analytics Corp. ("TrackLoop" or the "Company") (Canadian Securities Exchange: TOOL) (FRANKFURT: B2IP) (OTCQB: TLOOF) is pleased to announce that it is signing a multi-year distribution agreement (the "Distribution Agreement") with Volta Air Technology and Thermobile, a Southern California based delivery vehicle retrofitter, focusing on refrigerated delivery vans for multiple use cases and industries, including Cannabis and Food. The agreement will open a strategic sales channel for the Company in California, enabling it to scale the delivery of logistics and cold chain tracking technology in a key target market. The California logistics market, alongside Europe and Canada, represents a US$6.2 billion opportunity for the Company.
TrackLoop's real-time supply chain platform monitors temperature-controlled and highly regulated food products (fresh & frozen) in real time, securely and cost effectively, providing an enterprise grade solution to both large and small organizations.
Thermobile specializes in insulated and refrigerated delivery vehicle systems for General Motors Company, Ford Motor Company and Nissan Motor Co Ltd. Volta Air Technology builds full electric & zero emission refrigeration units made for sustainable urban delivery vehicles. Through the partnership with Thermobile, Trackloop tracking technology is installed on delivery vehicles used by major processors and distirbuters within Cannabis value chain. Blackbird, an end user of the Trackloop platform, was recently acquired by TILT Holdings Inc. Blackbird supports more than 250 wholesale and retail cannabis operators in Nevada and California to transport an average of $30 million in wholesale cannabis products every 30 days
"We look forward to working with new partners in California and building a solid footprint in a rapidly growing market. Our partnership with Volta Air and Thermobile will allow us to rapidly scale our recurring revenue while building our sales capacity across the industry," said TrackLoop CTO Zayn Kalyan.
The Company will provide further updates once the Distribution Agreement is formally signed.
The agreement gives the Company access to fleets of refrigerated delivery vehicles operating in the State and will accelerate the adoption rate of cold chain tracking software. The Company is a verified, California METRC software vendor, with its fully functional API integrated with the State mandated compliance platform. Trackloop is the first company with a cold chain tracking solution to be approved by METRC.
About TrackLoop Analytics Inc.
TrackLoop Analytics (TOOL) is an analytics software company that is leveraging digital asset technology to transform and modernize multiple industries. TrackLoop is taking a diversified approach to the analytics and technology space, delivering practical solutions in the finance, logistics, cannabis, and pharmaceutical industries. The Company's turnkey real-time tracking solutions offer the very latest in IoT and AI, providing valuable data and business intelligence to some of the world's leading brands.
TrackLoop is a publicly-traded company listed on the Canadian Securities Exchange (CSE); trading symbol TOOL (C.TOOL or TOOL.cn).
Chief Technology Officer
This news release contains forward-looking information based on current expectations. Statements about the Company's plans and intentions, signing contracts, potential revenues, expansion into the U.S. market, signing of the Development Agreement, other potential transactions, product development, events, courses of action, and the potential of the Company's technology and operations, among others, are all forward-looking information. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company's financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; market conditions and the demand and pricing for products; security threats; relationships with its customers, distributors and business partners; the ability to successfully define, design and release new products in a timely manner that meet customers' needs; the ability to attract, retain and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. TrackLoop may not actually achieve its plans, projections, or expectations. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to successfully develop software, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to achieve goals. Given these risks, uncertainties and assumptions, you should not place undue reliance on these forward looking statements.
Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, the impact of technology changes on the industry, competition, security threats, consumer sentiment towards TrackLoop's products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, lack of demand for TrackLoop's products and services, increase in labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.
The CSE has not reviewed, approved or disapproved the content of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
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SOURCE Trackloop Analytics Corp.