CALGARY, Alberta, Nov. 08, 2019 (GLOBE NEWSWIRE) -- Trakopolis IoT Corp. (TSXV: TRAK) ("Trakopolis" or the "Company") announces that on November 7, 2019 it has proactively filed a Notice of Intention to Make a Proposal ("Notice of Intention") pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) (the "BIA").
Pursuant to the Notice of Intention, Alvarez & Marsal Canada has been appointed as the proposal trustee in the Company's proposal proceedings and will assist the Company in its restructuring efforts.
This filing follows the Company's receipt of a demand letter and notice of intention to enforce security under the BIA from its secured lender and the subsequent halt of trading in the Company's shares on the TSX Venture Exchange on November 4, 2019.
The filing of the Notice of Intention has the effect of imposing an automatic 30-day stay of proceedings that will protect the Company and its assets from the claims of creditors while the Company continues to pursue its restructuring efforts. This 30-day period may be extended with the authorization of the Alberta Court of Queen's Bench.
The Company and management team continues to work closely with its financial and other advisors to successfully conclude the strategic review process.
The Company will provide further updates as to the next steps of the process when these have been determined.
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
Brent Moore, President and Chief Executive Officer
Trakopolis IoT Corp.
Telephone: (403) 450-7854
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 Company's conclusion of a successful strategic review process. The statements are dependent on a number of assumptions and risk factors, including the ability of the Company to successfully complete a 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.
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