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.
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.
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