TrustBIX Inc. ('TrustBIX') (TSXV: TBIX) is pleased to announce a contribution agreement with Western Economic Diversification Canada ('WD') for a repayable financial contribution under the Regional Relief and Recovery Fund ('RRRF').
Under the contribution agreement, WD is supporting TrustBIX with an investment of up to $1,000,000 prior to March 31, 2021 to support general working capital requirements. Repayment of the contribution commences January 31, 2023 and continues in equal monthly installments until the contribution is fully repaid by December 31, 2025. The contribution is unsecured and non-interest bearing unless repayment is not made as scheduled.
TrustBIX received a $500,000 advance on the contribution on July 31, 2020.
'This investment has come at an opportune time for TrustBIX. As was previously announced, we are gaining traction with our ViewTrak Auction Market solutions, have seen our first sale of the Basecase software solution, and have a strong funnel of new solutions we look to launch over the upcoming quarters,' said Hubert Lau, CEO of TrustBIX. 'The agriculture technology space is seeing increasing investment interest as we come through the pandemic. Companies that focus on or assist firms with improving the Environmental, Social, and Governance ('ESG') resilience of their operations are seeing superior returns in these uncertain times, and TrustBIX is pleased to be at the forefront of offering solutions that enhance sustainability of the food value chain.' 'The COVID-19 pandemic has had a significant impact on businesses, workers, and communities across Western Canada. This is why the Government of Canada is taking decisive steps to support Canadians, stabilize the economy, and help businesses prepare for recovery,' said the Honourable Melanie Joly, MP for AhuntsicCartierville, Minister of Economic Development and Official Languages, and Minister responsible for Western Economic Diversification Canada. 'Through the Regional Relief and Recovery Fund, Western Economic Diversification Canada is working with businesses to support good, local jobs, and help Western Canada's economy come back strong.'
About Western Economic Diversification Canada (WD)
For more than 30 years, Western Economic Diversification Canada (WD) has been working to diversify the western economy while improving the quality of life of western Canadians. It has a mandate to build a strong, competitive West by focusing on business development, innovation, and community development, as well as advocating on behalf of Westerners by representing the western perspective in national programs, policies, and projects.
About TrustBIX (TSXV: TBIX)
As an innovative leader, TrustBIX provides agri-food traceability. By addressing consumer and agri-food business demands, the Company has a goal to become the most trusted and largest source of third-party food traceability and sustainability information globally - Gate to Plate. TrustBIX Inc.'s focus is to create a world where we trust more, waste less and reward sustainable behaviour. The Company's proprietary platform, BIX (Business infoXchange System), is designed to create trust without compromising privacy through innovative use of data and technology. Extensive R&D has allowed TrustBIX to create a new blockchain-derived technology to complement its mature and proven traceability systems. By leveraging BIX and its unique use of incentive solutions, the Company can 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 Canada, United States, Mexico and China, such as Auction Master Pro, Market Master, Feedlot Solutions and pork grading probes.
Contact:
Tel: (780) 456-2207
Email: info@trustbix.com
TRUSTBIX INC. 