Letter of Intent Designed to Strengthen its Technology and Resources through proposed 80.5% Acquisition of Contakt World
VANCOUVER, BC / ACCESSWIRE / October 6, 2020 / Tracker Ventures Corp. ("Tracker" or the "Company") (CNSX:TKR)(OTC PINK:TLOOF)(FRA:B2I), an analytics software company listed on the Canadian Stock Exchange, is pleased to announce that it has entered into an arm's length non-binding letter of intent (the "LOI") to acquire a majority interest in Contakt LLC ("Contakt World"), a technology company modernizing the contact tracing process through next-gen data integrations, strategic health partnerships and respect for user privacy to empower and build mutual trust within communities (the "Acquisition"). The Acquisition is expected to close on or before December 31, 2020, subject to customary closing conditions.
Contakt World's unique platform acts as a "sole source" provider of digital contact tracing and ethical health surveillance for government agencies, institutions, enterprises, and small businesses. It meets and exceeds the core needs for digital contact tracing as defined by the Centers for Disease Control and Prevention (CDC), while simultaneously protecting user privacy. Contakt World recently announced its inclusion as a globally competitive contact tracing system in a working group publication by the Public Health Informatics Institute, a division of The Task Force for Global Health, which operates in 150+ countries.
Contakt World's platform will be leveraged to further expand Tracker's existing suite of blockchain- enabled technologies in the financial and logistics industries. Tracker's blockchain and risk management platform has been implemented in financial institutions globally. Contakt World's platform will be integrated to leverage the existing Tracker technology stack, enabling both companies to offer an enterprise-grade, fully secure public health solution. Tracker's blockchain platform enables secure storage and permission based access of data, and was originally designed for use in the Company's financial risk management solution, as well as it's digital asset exchange platform. Under the proposed acquisiton, Contakt World will leverage Tracker's blockchain platform in the deployment of it's end-to-end contact tracing solution, retaining privacy and data security for all stakeholders. The proposed acquisition will also enable Tracker to expand its customer base and further monteize its properitary blockchain platform.
Pursuant to the LOI, the parties intend to negotiate the terms of a definitive agreement (the "Definitive Agreement"), which will provide for, among other things: (i) the Acquisition by Tracker of 80.5% of the membership interests in Contakt World in exchange for 14,490,001 common shares of Tracker; and (ii) an advance of up to $1,000,000 to Contakt World prior to, upon or subsequent to closing of the Acquisition. There can be no assurance that the Definitive Agreement will be entered into or that the Acquisition will be completed on the terms proposed in the LOI or at all. The parties do not anticipate payment of any finder's fees in connection with the Acquisition. The Company doesn't anticipate any changes to its board of directors or executive officers as a result of this Acquisition.
"We are excited to announce the proposed acquisition of Contakt World today," said Zayn Kalyan, Chief Technology Officer and interim Chief Financial Officer of Tracker. "Tracker's blockchain platform has been leveraged across industries and given the current, unprecedented public health situation with COVID-19, we are proud to be able to offer a solution in partnership with Contakt World through the intended Acquisition. Justin and his team have a robust solution for contact tracing that will seamlessly integrate with Tracker's platform. With Contakt World's technologies and relationships within public health and the synergies that Tracker provides, the Acquisition enables a go-to-market strategy for Tracker with governments and businesses within their jurisdictions upon closing."
"I am excited at the opportunity this transaction will bring," said Justin Beck, Chief Executive Officer of Contakt World. "We are looking forward to working with the Tracker team and we believe our combined efforts will bring about increased visibility, capital formation opportunities, and M&A prospects to the organization."
"We believe Contakt World is poised to revolutionize the emerging contact tracing industry with our proprietary, privacy-respecting technologies – which continue to see robust inbound interest from the market. Health agencies need trustworthy tools to reach people and places immediately when risk is identified, evidenced by President of the United States Donald J. Trump's COVID-19 case, and the related problems of contact tracing transmission of the novel coronavirus from the now infamous event at the Rose Garden. We look forward to working with the team at Tracker Ventures to close this transaction and create value for our respective shareholders over the long-term," concluded Beck.
About Contakt World
Contakt World is a data technology company innovating the contact tracing process, with the goal of becoming the most trustworthy, accessible and scalable contact tracing and health surveillance system globally. Contakt World combines aggressive research and development, next-gen data integrations and strategic health partnerships to empower and build mutual trust within communities, all contributing towards health equity and the reduction of healthcare disparities for users around the world. For more information, please visit the Company's website at www.contakt.world, which will be updated soon to reflect the progress of the company since its founding in March 2020.
About Tracker Ventures Corp.
Tracker Ventures (CNSX:TKR)(OTC PINK:TLOOF)(FRA:B2I) is an analytics software company that leverages blockchain and digital asset technology to transform and modernize multiple industries. Tracker is taking a diversified approach to the analytics and technology space, delivering practical solutions in the health, finance, logistics 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. For more information, please visit www.tkrventures.com.
Tracker Ventures Contact
CEO and Director
Contakt Investor Contact
Lucas A. Zimmerman
Senior Vice President – MZ North America
Contakt Media Contact
Account Director – 5WPR
The CSE has not reviewed, approved or disapproved the content of this news release.
Certain information set forth in this press release contains statements that reflect "forward-looking information", as such term is defined under Canadian securities laws ("forward-looking statements"). These forward-looking statements are often identified by words such as "intends", "anticipates", "expects", "believes", "plans", "likely" or similar words. Specifically, this news release includes forward looking statements regarding entry into of the Definitive Agreement, completion of the Acquisition and the timing thereof, and the Company's future business plans once the Acquisition has been completed. The forward-looking statements reflect the Company's and Contakt's respective management's expectations, estimates, or projections concerning future results or events, based on the opinions, assumptions and estimates considered reasonable by management at the date the statements are made. Although the Company and Contakt believe that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements involve risks and uncertainties, and undue reliance should not be placed on forward-looking statements, as unknown or unpredictable factors could cause actual results to be materially different from those reflected in the forward-looking statements. Among the key factors that could cause actual results to differ materially are: whether the parties are successful in negotiating and entering the Definitive Agreement; and whether they are able to obtain all necessary regulatory approvals for the Acquisition. The forward-looking statements may also be affected by risks and uncertainties in the business of Tracker, including those described in the Company's public filings available on www.SEDAR.com. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change, except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.
SOURCE: Tracker Ventures Corp.
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