Track Group, Inc. (OTCMKTS:TRCK) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
Track Group, Inc. (OTCMKTS:TRCK) Files An 8-K Entry into a Material Definitive Agreement
On March 17, 2017, Track Group, Inc. (the “Company”) and Sapinda Asia Limited (“Lender”) entered into Amendment Number One to Loan Agreement, dated September 14, 2015 (the “Loan Agreement”). Amendment Number One extends the maturity date of all loans made to the Loan Agreement, to September 30, 2020. In addition, Amendment Number One eliminates the requirement that the Company pay Lender 3% for any undrawn funds under the Loan Agreement (the “3% Interest”), and that the 3% Intererst due Lender for all undrawn funds under the Loan Agreement through March 13, 2017 (“Execution Date”) are forgiven. In addition, all Lender penalties assessed against Lender for failure to provide funds under the Loan Agreement through the Execution Date (“Lender Penalties”) are forgiven. Lender Penalties shall begin to accrue again provided Lender has not funded the amount of $1.5 million on or before March 31, 2017.
Item 9.01 Financial Statements and Exhibits.
See Exhibit Index.
Disclaimer.
The foregoing description of Amendment Number One does not purport to be complete, and is qualified in its entirety by reference to the full text of Amendment Number One attached hereto as Exhibit 10.1, which is incorporated by reference herein.
About Track Group, Inc. (OTCMKTS:TRCK)
Track Group, Inc. is engaged in manufacturing and leasing of tracking and monitoring solutions to federal, state and local law enforcement agencies, both in the United States and abroad, for the electronic monitoring of offenders and offering data analytics services on a platform-as-a-service (PaaS) business model. The Company deploys offender-based management services that combine global positioning system (GPS) tracking technologies, fulltime around the clock global monitoring capabilities, case management and data analytics. In addition, the Company offers customizable tracking solutions that leverage real-time tracking data, monitoring and analytics capabilities to create end-to-end tracking solutions. The Company’s products and services include devices, operating system software, application software and accessories. Its offerings include ReliAlert XC3, Shadow, TrackerPAL, BACtrack and TrackerPAL Mobile. Track Group, Inc. (OTCMKTS:TRCK) Recent Trading Information
Track Group, Inc. (OTCMKTS:TRCK) closed its last trading session 00.00 at 3.65 with 101 shares trading hands.
Track Group, Inc. is engaged in manufacturing and leasing of tracking and monitoring solutions to federal, state and local law enforcement agencies, both in the United States and abroad, for the electronic monitoring of offenders and offering data analytics services on a platform-as-a-service (PaaS) business model. The Company deploys offender-based management services that combine global positioning system (GPS) tracking technologies, fulltime around the clock global monitoring capabilities, case management and data analytics. In addition, the Company offers customizable tracking solutions that leverage real-time tracking data, monitoring and analytics capabilities to create end-to-end tracking solutions. The Company’s products and services include devices, operating system software, application software and accessories. Its offerings include ReliAlert XC3, Shadow, TrackerPAL, BACtrack and TrackerPAL Mobile. Track Group, Inc. (OTCMKTS:TRCK) Recent Trading Information
Track Group, Inc. (OTCMKTS:TRCK) closed its last trading session 00.00 at 3.65 with 101 shares trading hands.