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Trackx Holdings, Inc. And Spotlite360 Iot Solutions, Inc. Announce A Letter Of Intent (Loi) For Spotlite360 To Acquire Trackx

PRIVATEDec 07, 2022

Acquiring Company

TrackX

Information TechnologySoftwareSaaSSupply Chain ManagementLogisticsAgriculture and FarmingSupply Chain ManagementLogistics

Description

TRACKX HOLDINGS, INC (“TrackX”) (TSX.V:TKX I Frankfurt:3TH) (“TrackX” or the “Company”), 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, INC. (“SpotLite360”) (CSE: LITE) (OTC: SPLTF) (Frankfurt: 87A) whereby SpotLite360, by way of a proposed transaction (the “Proposed Transaction”), will acquire all of the issued and outstanding securities of TrackX.

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Company Information

Company

TrackX

About

TrackX is a technology company based out of Denver, Colorado that specializes in providing SaaS-based enterprise tracing, tracking and collaboration solutions to leading brands which trust TrackX to achieve more sustainable and better performing supply chains. TrackX solutions are built on an enterprise scalable and fully customizable platform that leverages a broad array of RFID, IoT (Internet of Things) and Sensor Technologies to provide item level visibility to customers across a broad array of industries, including food, beverage, brewery, automotive, retail, financial services, technology and government.

Company

SpotLite360 IOT Solutions

Location

East Union Avenue

About

SpotLite360 is a logistics technologies solutions provider unlocking value, opportunities, and efficiencies for all participants in a supply chain. Building upon existing applications of IoT technologies, distributed ledgers, and machine learning, SpotLite360 endeavours to set new standards of transparency, integrity, and sustainability in the pharmaceutical, healthcare, and agriculture industries. As regulators across the globe begin to impose new tracing and accountability requirements for the protection of consumers (e.g., DSCSA and FSMA from the U.S. Food and Drug Administration), the need for reliable, cost-effective, and versatile tracking technology is expected to grow considerably. SpotLite360’s flagship SaaS solution has been engineered to seamlessly track the movement of a product by integrating with systems of all major stakeholders in a supply chain ranging from the raw materials to the hands of the end consumer. With a primary objective of onboarding new clients in 2021, SpotLite360 plans to explore innovative use cases for its proprietary stack of technologies which could transform logistics workflows in some of the world’s largest industries.

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