TrackX Holdings, and SpotLite360 IOT Solutions, Announce a Letter of Intent (LOI) for SpotLite360 to Acquire TrackX

TRACKX HOLDINGS, a Software-as-a-Service (SaaS)-based enterprise asset management solution provider, announces that it has entered into a non-binding Letter of Intent (the “LOI”) with SPOTLITE360 IOT SOLUTIONS, whereby SpotLite360, by way of a proposed transaction (the “Proposed Transaction”), will acquire all of the issued and outstanding securities of TrackX.

Latest NaturalAI Insights: InspireXT Announces Acquisition Of NaturalAI – A Conversational Artificial Intelligence Platform To Expand Its Solution Portfolio

TrackX has an established a long-standing relationship with SpotLite360 in which the Company has licensed its supply chain software solutions to SpotLite360 for use within the healthcare, pharmaceutical and agriculture industries. TrackX’s enterprise-scalable platform enables the Industrial Internet of Things (IOT) by providing unique item level tracking, workflow processing, event management, alerting and powerful analytics to deliver solutions across a growing number of industries. On a non-exclusive basis, SpotLite360 has commercialized its TrackX license across multiple customers within its targeted industries by delivering a “powered by TrackX” suite of solutions for end-to-end supply chain tracing, tracking, sustainability and consumer proof of Environmental, Social and Governance (“ESG”) initiatives.

The Proposed Transaction is expected to be structured as a plan of arrangement, merger, amalgamation, share exchange, and/or other similar transaction that will result in TrackX becoming a wholly owned subsidiary of SpotLite360 or otherwise combining its corporate existence with that of SpotLite360. The Company and SpotLite360 have agreed to negotiate in good faith the terms of a definitive agreement with respect to the Proposed Transaction and to consummate the Proposed Transaction during Q1 2023.

In addition to entering into a definitive agreement between the parties, the Proposed Transaction is subject to receipt of all necessary regulatory approvals, including, as applicable, approval of the Canadian Securities Exchange (“CSE”), approval of the TSX Venture Exchange (“TSX-V”), TrackX shareholder approval, and completion of due diligence reasonable or customary in a transaction of a similar nature, among other conditions. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

With TrackX’s impressive presence in the delivery of supply chain tracing, tracking, proof of sustainability and ESG claims, both companies are confident that the Proposed Transaction contemplated in the LOI can be beneficial respect to new revenue opportunities, as well as an enhanced ability to further commercialize its supply chain visibility solutions utilizing IoT and blockchain technologies.

AI News: Darth Vader, Cyber Cartography and the Future of Creativity—Powered by AI

Gene McConnell, CFO of SpotLite360, commented, “Strategic acquisitions are an important part of the modern growth strategy for technology companies such as SpotLite360. Our relationship with TrackX over the last year has validated a large market opportunity for the companies’ combined disruptive innovations. Our vision to deliver product proof of origin, chain of custody, proof of sustainability initiatives and ESG claims with the benefit of diversified revenue streams can change the future of supply chains. The Proposed Transaction with TrackX is set to provide SpotLite360 with a much stronger position for innovation, sales conversions, and long-term overall prosperity. Our clients will benefit from an unparalleled standard of reporting and monitoring of their facilities and supply chains with integrations of technologies such as ours as part of their overall business infrastructure.”

Kirk Ball, Director of TrackX, commented, “Since entering into a licensing agreement with SpotLite360 in 2021, we have continued to see more opportunity for collaboration between our respective teams, technology initiatives and partner networks. We are both focused on the delivery of tracing, tracking and sustainability solutions. The proposed transaction represents an opportunity to create significant economies in administration, technology, sales and capital market expenses which will result in additional value for our shareholders, our customers, and our employees.”

The Natural Language Processing Techniques : The Electronic Medical Records Market Sees A Rising Adoption Of The Natural Language Processing Techniques By The Business Research Company

 [To share your insights with us, please write to sghosh@martechseries.com] 

The post TrackX Holdings, and SpotLite360 IOT Solutions, Announce a Letter of Intent (LOI) for SpotLite360 to Acquire TrackX appeared first on AiThority.

artificial intelligence
ai
blockchain
iot
software
healthcare
medical
pharmaceutical
tsx
cse
tsx venture