Edmonton, Alberta--(Newsfile Corp. - December 29, 2023) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announces a strategic shift in its product portfolio whereby the Company will initiate a planned transition to gradually phase out its ViewTrak Market Master ("MM") and Dealer Master ("DM") software programs and an extension and amendment to its convertible debenture.
Strategic changes to product portfolio
The MM and DM programs represented approximately 19% and 23% of total revenue during the fiscal years ended September 30, 2023 and 2022, respectively.
The Company expects the planned phase out to occur gradually over the next twelve (12) months. Throughout this period, the Company will continue to provide certain ongoing support for MM and DM hardware and software to its customers to allow for a smooth transition.
As part of this strategic shift, TrustBIX encourages its existing MM and DM customers to migrate to its newer ViewTrak Auction Master Pro ("AMP") software program.
"This strategic move allows us to streamline our offerings and focus our efforts towards newer products. We remain dedicated to supporting our customers throughout this transition and look forward to the opportunity to continue to work together with our AMP program," said Hubert Lau, CEO.
Extension and amendment to convertible debenture
The Company and the holder of the previously issued unsecured convertible debenture (the "Debenture") have entered into an agreement to amend the terms of the Debenture to extend the maturity date from January 5, 2024 to January 5, 2025 and to remove the option of the holder of the Debenture to convert the Debenture into common shares of the Company, such that no securities will be issued as payment for the Debenture. All other terms of the Debentures remain the same.
About TrustBIX (TSXV: TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.
www.TrustBIX.com
Forward-Looking Information
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/192788
