- 1SHIFT platform tracks shipping routes and offers real-time arrival estimates to save businesses money on detention fees
- 1SHIFT cold-chain sensors allow farmers to deliver their produce in mint condition by monitoring temperature and moisture levels in real-time
- Majority-owned subsidiary uBuck Technologies based in the Cayman Islands, specializes in digital payments and wallets
What TechX Technologies does:
TechX Technologies Inc (CSE:TECX) (OTCMKTS:LLNKD) - formerly known as Litelink Technologies Inc - is a dominant player in developing world-class enterprise platforms and digital wallets. It channels artificial intelligence, blockchain, and predictive analytics to solve outdated technology problems in the logistics and digital payment industries.
The Burnaby, British Columbia company operates its flagship 1SHIFT logistics platform, as a Software-as-a-Service solution, that enables brokers, shippers, and carriers to track shipments and settle payments in real-time.
The platform precisely tracks shipping routes and offers real-time arrival estimates. Integrating global positioning systems allows 1SHIFT to accurately detect longitude, latitude, ground speed and the direction in which trucks are heading. That level of certainty saves companies hundreds if not thousands of dollars in detention fees. With 1SHIFT, companies no longer have to ask: “Where’s my stuff?”
Predictive analytics helps shippers review historical pricing information, partner ratings, and current factors such as fuel prices, weather, and backhaul capacity to make informed pricing decisions. 1SHIFT also streamlines workflow within the partner ecosystem and uses blockchain’s immutable digital ledger in sectors like transportation where paperwork and tracking are especially complex.
Additionally, the 1SHIFT platform not only tracks shipping routes, but 1SHIFT cold-chain sensors allow farmers to deliver their produce in mint condition by monitoring temperature and moisture levels in real-time.
TechX’s majority-owned subsidiary uBuck Technologies based in the Cayman Islands, specializes in digital payments and wallets. According to the company, uBUCK Pay is a multi-currency digital wallet for the unbanked and underbanked, while Streambucks is a multi-currency digital wallet built for gamers and streamers.
Users are able to load a prepaid debit card to make purchases online and offline at participating merchants. The uBuck platform also allows drivers to be reimbursed electronically within a day of submitting proof of delivery.
How is it doing:
TechX, then Litelink, started 2021 with a change of guard and its rebranding plans - which took effect from February 26.
Unveiling the name change on February 10, the company's chairman and CEO Peter Green said: "This rebranding strategy reflects the Company's vision for the future, and it's broader technology commitment and expertise in driving the innovations needed to shape the future of areas in digital technology solutions across cryptocurrency, blockchain, AI, IOT and cloud."
Telus veteran Peter Green was unveiled as the company's new CEO, on January 8. The group noted that Green has extensive leadership experience in both large corporations and small businesses in the cloud technologies, AI, mobile and telecommunications sector. He most recently served as president of business solutions at Canadian telecoms giant Telus.
Along with news of Green's appointment, the company also said it had elevated experienced executives Aleem Nathwani and Mike Devine to its board.
In connection with the management reshuffle, the group said it would proceed with a 2.5-to-1 share consolidation that was previously approved by shareholders in October. Following the consolidation, the company will see its shares reduce from just over 172 million to around 69 million.
It also announced plans to offer up to 10 million post-consolidation shares priced at C$0.10 each. The offering, completed on February 9, saw 10,050,000 common shares issued raising gross proceeds of C$1,005,000. The group said proceeds from the offering will be used by the company for future acquisitions and organic growth investments, including operations by subsidiaries and/or portfolio companies, working capital, and general corporate purposes.
The expansion plans started on January 14 when the company announced the acquisition of 3030 IoT, a company bringing smart sensors for the waste management sector to market, in a cash and stock deal. 3030 IoT will augment the company's 1SHIFT AI platform, providing waste management companies with ruggedized waste bin sensors and unparalleled container visibility. This lets companies know exactly when a bin is nearly full and in need of a pickup.
Then on January 27, the company revealed that it had signed a Letter of Intent (LOI) to complete an equity investment in CatalX Exchange Inc - Canada's premier cryptocurrency exchange with over 40 Altcoins available for purchase on CatalX.io.
CatalX is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain, and cybersecurity technology. It has developed a scalable and modularized platform with a trading engine that can scale to millions of users in real-time and cutting-edge cybersecurity system CyberSmoat, which is patent-pending.
The proposed equity investment will be satisfied through the issuance of 37,500,000 common shares in the company to CatalX and a cash payment to CatalX of C$500,000 -- which would result in the group having ownership and control over 19% of the outstanding share capital of CatalX.
The company pointed out that the proposed investment is not expected to constitute a fundamental change for the company, nor is it expected to result in a change of control.
- Integration of 3030 IoT smart sensors acquisition
- Further acquisitions and expansion
- Any strategy initiatives from new CEO
What the boss says:
In the January statement announcing his appointment, new CEO Peter Green said: “2021 marks an important inflection point in the company's advancement. The quality of our incoming personnel reflects our commitment to making continued investments in strong management teams coupled with strong emerging technologies that are disrupting multiple technology sectors poised for growth."
"The global pandemic has allowed for industries to innovate much quicker and adapt to the times, we will play an important role to facilitate investment growth in this process,” Green added.
“Now is the time for companies such as ours to flourish, with the right strategy and team in place. Moreover, I am eager to work with the talented team, we are committed to create value for our shareholders and will be keeping you current on our exciting road ahead."
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