Distribution Agreement Opens Major Sales Channels With Established Logistics Suppliers in California to Accelerate Growth
Key Highlights:
- Multi-year deal with key distribution channel
- Company is the only METRC approved cold chain vendor in California
- Major sales channel in California
- Accelerate the adoption of cold chain tracking software
VANCOUVER, British Columbia based TrackLoop Analytics Corp. (Canadian Securities Exchange: TOOL) (FRANKFURT: B2IP) (OTCQB: TLOOF) announced earlier today that it is signing a multi-year distribution agreement with Volta Air Technology and Thermobile, a Southern California based delivery vehicle retrofitter, focusing on refrigerated delivery vans for multiple use cases and industries, including Cannabis and Food. The agreement will open a strategic sales channel for the Company in California, enabling it to scale the delivery of logistics and cold chain tracking technology in a key target market. The California logistics market, alongside Europe and Canada, represents a US$6.2 billion opportunity for the Company.
TrackLoop's real-time supply chain platform monitors temperature-controlled and highly regulated food products (fresh & frozen) in real time, securely and cost effectively, providing an enterprise grade solution to both large and small organizations.
Thermobile specializes in insulated and refrigerated delivery vehicle systems for General Motors Company, Ford Motor Company and Nissan Motor Co Ltd. Volta Air Technology builds full electric & zero emission refrigeration units made for sustainable urban delivery vehicles. Through the partnership with Thermobile, Trackloop tracking technology is installed on delivery vehicles used by major processors and distirbuters within Cannabis value chain. Blackbird, an end user of the Trackloop platform, was recently acquired by TILT Holdings Inc. Blackbird supports more than 250 wholesale and retail cannabis operators in Nevada and California to transport an average of $30 million in wholesale cannabis products every 30 days.
"We look forward to working with new partners in California and building a solid footprint in a rapidly growing market. Our partnership with Volta Air and Thermobile will allow us to rapidly scale our recurring revenue while building our sales capacity across the industry," said TrackLoop CTO Zayn Kalyan.
The Company will provide further updates once the Distribution Agreement is formally signed.
The agreement gives the Company access to fleets of refrigerated delivery vehicles operating in the State and will accelerate the adoption rate of cold chain tracking software. The Company is a verified, California METRC software vendor, with its fully functional API integrated with the State mandated compliance platform. Trackloop is the first company with a cold chain tracking solution to be approved by METRC.
About TrackLoop Analytics Inc.
TrackLoop Analytics (TOOL) is an analytics software company that is leveraging digital asset technology to transform and modernize multiple industries. TrackLoop is taking a diversified approach to the analytics and technology space, delivering practical solutions in the finance, logistics, cannabis, and pharmaceutical industries. The Company's turnkey real-time tracking solutions offer the very latest in IoT and AI, providing valuable data and business intelligence to some of the world's leading brands.
TrackLoop is a publicly-traded company listed on the Canadian Securities Exchange (CSE); trading symbol TOOL (C.TOOL or TOOL.cn).
Zayn Kalyan
Chief Technology Officer
Forward-Looking Information
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Factors that could cause the actual results to differ materially from those in forward-looking statements include, failure to obtain regulatory approval, the continued availability of capital and financing, the impact of technology changes on the industry, competition, security threats, consumer sentiment towards TrackLoop's products, services and blockchain technology generally, failure to develop new and innovative products, litigation, increase in operating costs, lack of demand for TrackLoop's products and services, increase in labor costs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
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