Tickers: XTSX:TBIX
Tags: #Agriculture
Edmonton, Alberta, Canada - TheNewswire - November 7, 2019 - TrustBIX Inc. ("TrustBIX") (TSXV:TBIX) is pleased to announce that it has invested USD$250,000 in Calgary, Alberta-based Provision Analytics Inc. ("Provision Analytics") through a convertible debenture offering. The convertible debenture matures in 24 months and accrues simple interest on an annual basis at the rate of 2.5% per annum, or is convertible into preferred shares in the event a qualified financing occurs or at time of maturity.
Hubert Lau, CEO of TrustBIX, stated: "Provisions Analytics brings capability and positioning in the food production supply chain that is complementary to what TrustBIX offers on the market. We are very excited to be a part of the Provision Analytics story going forward, and to work on projects that bring mutual benefit to both companies and our customers."
Erik Westblom, CEO of Provision Analytics, added "We're excited about the growing relationship with TrustBIX and the strategic opportunities in front of both companies. The capital raised through this private offering will allow us to grow our sales in key markets complementary to TrustBIX, while continuing to expand our functionality in machine learning and deep food value chain analysis. The growing relationship with TrustBIX helps bring each company's strengths together; we believe that both teams compliment each other in terms of both technology and market exposure."
Further information is available on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.
About TrustBIX Inc. (TSXV: "TBIX")
As an innovative leader, TrustBIX provides agri-food traceability solutions in Canada, United States, China and Mexico. TrustBIX Inc.'s focus is to create a world where we accelerate trust in a sustainable future. By addressing consumer and agri-food business demands, the Company hopes to become the most trusted and largest source of third-party food traceability and sustainability information globally - Gate to Plate(R). The Company's proprietary, leading-edge and secure distributed ledger platform, Business InfoXchange System (BIX), and its unique use of incentive solutions, is able to deliver independent validation of food provenance and sustainable production practices within the supply chain. ViewTrak Technologies Inc., a wholly owned subsidiary, provides a suite of hardware and software solutions to the livestock industry in North America and China, such as Auction Master Pro, Market Master, Feedlot Solutions and pork grading probes.
About Provision Analytics Inc.
Provision Analytics has a dedicated focus on digital Food Safety, Traceability and Analytics within the food value chain. Our goal is to provide a single, unified location for aggregate food supply chain information. The company's proprietary data structure relies on complex mathematics, allowing for performance 4,660 times faster than the world's fastest blockchain, while operating with 35x less cost. The solution minimizes the overhead of regulatory compliance through digital data capture, workflow management, and production reporting; this immediate focus allows for growing analytical capability through the application of machine learning and artificial intelligence. Provision Analytics aims to work in conjunction with industry partners to provide a cohesive and collaborative approach to creating transparency in the food value chain, while generating incentive and upside for everyone.
FOR MORE INFORMATION CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780)456-2207
Email: info@trustbix.com
Mr. David Schuster
Investor Relations
Email: info@trustbix.com
Neither the TSX Venture Exchange no its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy of accuracy of this release.
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