TrackX Announces Closing of Private Placement

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VANCOUVER, British Columbia, April 12, 2021 (GLOBE NEWSWIRE) -- Track Holdings, Inc. (TSX-V: TKX) (OTC: TRXHF) (FSE: 3TH) (the “Company” or “TrackX”), a SaaS-based supply chain enterprise solution provider, announces that it has completed its non-brokered private placement of 40,000,000 units of the Company (the "Units") at a price of $0.05 per Unit for gross proceeds of $2,000,000 (the "Offering").

Each Unit consists of one common share of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder thereof to purchase one additional Share of the Company at an exercise price of $0.075 until April 8, 2023.

The net proceeds from the Offering will be used to hire resources needed to meet implementation demands from existing and new customers. The Company will also invest in additional engineering and sales & marketing resources to support an expanded set of SaaS-based supply chain tracing, tracking and sustainability solutions to meet customer demand for proof of ESG (Environmental, Social and Governance) claims, though real time, actionable data.

The Company paid commissions to eligible finders under the Offering totaling 1,146,000 Finders shares. All securities issued or issuable under the Offering are subject to a four-month hold period expiring on August 9, 2021 in addition to such other restrictions as may apply under applicable securities laws in jurisdictions outside of Canada.

Closing of the Offering is subject to certain closing conditions including, but not limited to, final approval from the TSX Venture Exchange and receipt of any other required regulatory approvals.

About TrackX Holdings, Inc.

TrackX, Inc., based in Denver, Colorado, is a SaaS-based, enterprise asset management and supply chain solutions company. TrackX empowers companies with the tracing, tracking, transparency and trust they need to operate more sustainable and better performing supply chains. The Company’s Keychain platform leverages multiple auto-ID and sensor technologies, blockchain, comprehensive analytics and integrations with other business systems to capture and prove the origin, movement, authenticity, chain of custody, composition, location and other attributes related to products and assets throughout the supply chain. Clients use the TrackX platform, Keychain, to leverage this data in order to gain operating efficiency, securely collaborate with ecosystem partners, and manage and report on sustainability initiatives.  Please visit www.trackx.com for more information.