DENVER, Oct. 18, 2021 (GLOBE NEWSWIRE) -- TrackX Holdings Inc. (TSX.V:TKX | OTC:TKXHF | FRANKFURT:3TH) (“TrackX” or the “Company”), a leading provider of SaaS-based enterprise tracing, tracking and collaboration solutions, announced today that Do Good Foods, a national infrastructure solution for upcycling fresh food waste has successfully deployed the TrackX Keychain solution platform. TrackX is Do Good Foods’s end-to-end supply chain-related activity system of record and will serve as its customer reporting platform as it delivers environment, social and governance (“ESG”) benefits to its customers.
Do Good Foods is a pioneer in the deployment of a large-scale solution to reduce food waste from grocery and other foodservice customers by upcycling this food into livestock feed (after any human donations can occur). Their customers, which include some of the largest US grocery retailers, rely on Do Good Foods to help them meet their own sustainability and other ESG targets. To accomplish this mission, Do Good Foods needs full accounting and transparency, chain of custody, and environmental monitoring of all product moving through their production system.
“Over 40% of all food produced in the US goes to waste. Do Good Foods is addressing this huge issue with a circular supply chain solution that has the potential to both reduce its customers’ environmental footprint and provide incremental profits,” said Tim Harvie, CEO of TrackX. We’re excited to provide them with supply chain transparency and quality they require to fulfill their vision for customers and their consumers and to operate as effectively and efficiently as possible.”
Under the agreement, TrackX will provide Do Good Foods with their company-wide asset tracing and tracking infrastructure. The TrackX platform is currently operational at one Do Good Foods plant and is expected to be rolled out across an additional 9 manufacturing sites, servicing 2,000 US retail sites over the next few years. TrackX will install RFID readers and sensors in each site and its cloud-based Keychain platform will serve as Do Good Foods’s central reporting and analytics platform. Do Good Foods and its retail customers will use Keychain to monitor, report on and improve production in real time.
“Food waste is one of the biggest – yet solvable – catastrophes as we waste approximately 40% of the food grown in this country,” said Justin Kamine, Co-CEO of Do Good Foods. “To put it into perspective, that is like buying five bags of groceries and throwing two of them in the garbage as you walk out the door. We know consumers are becoming more eco-conscious and want to waste less. Our TrackX partnership will enable us to achieve our mission of providing consumers with an easy way to do good for their plate and the planet.”
About TrackX
TrackX, Inc. (TSX.V: TKX), based in Denver, Colorado, is the SaaS-based enterprise tracing, tracking & collaboration solution that leading brands trust to achieve more sustainable and better performing supply chains. TrackX solutions are built on an enterprise scalable and fully customizable platform that leverages a broad array of RFID, IoT (Internet of Things) and Sensor Technologies to provide item level visibility to customers across a broad array of industries, including food, beverage, brewery, automotive, retail, financial services, technology, and government. For more information, visit www.trackx.com.
About Do Good Foods
Do Good Foods was created by the Kamine Family, founders of the Kamine Development Corporation which has built, owned, and operated more than $3.5 Billion in infrastructure for 40 years. The mission of Do Good Foods is to take a scaled infrastructure approach to eliminating grocery store food waste in the United States. This first-of-its kind closed loop system is made possible through investors, retailers, growers, and a best-in-class team.
For more information, please contact:
Marc Spezialy, TrackX Holdings Inc.
investor@trackx.com
303-325-7300
Justin Kamine, Do Good Foods
justin.kamine@kdcag.com
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. All statements that address future plans, activities, events or developments that the Company believes, expects or anticipates will or may occur including the Company’s anticipated pipeline and value of current and customer deployments and future opportunities are the managements best estimates and cannot be guaranteed or relied upon and is forward-looking information. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements in this news release, whether as a result of new information, future events or otherwise, except as required by law.
