Trakopolis SaaS Corporation, Trakopolis IoT Corporation
Trakopolis is a software company with proprietary, cloud-based solutions for real-time tracking, data analysis and management of corporate assets such as equipment, devices, vehicles and workers. The Company’s asset management platform works across a variety of networks and devices. Trakopolis has a diversified revenue stream from many verticals including oil and gas, forestry, transportation, construction, rentals, urban services, mining, government and others.
On November 7, 2019 and November 9, 2019, Trakopolis IoT Corp. (“Trak IoT”) and Trakopolis Saas Corp. (“Trak SaaS”) (collectively, the “Company”), respectively, filed a Notice of Intention to Make a Proposal (the “NOI”) pursuant to section 50.4(1) of the Bankruptcy and Insolvency Act (BIA) and Alvarez and Marsal Canada Inc. was named as the Proposal Trustee.
The filing of the Notice of Intention has the effect of imposing an automatic 30-day stay of proceedings that will protect the Company and its assets from the claims of creditors while the Company continues to pursue its restructuring efforts. This 30-day period may be extended with the authorization of the Alberta Court of Queen's Bench.
This filing follows the Company's receipt of a demand letter and notice of intention to enforce security under the BIA from its secured lender and the subsequent halt of trading in the Company's shares on the TSX Venture Exchange on November 4, 2019.
Pursuant to the Notice of Intention, Alvarez & Marsal Canada Inc. has been appointed as the proposal trustee in the Company's proposal proceedings and will assist the Company in its restructuring efforts.