TRACK GROUP, INC. (OTCMKTS:TRCK) Files An 8-K Results of Operations and Financial Condition

TRACK GROUP, INC. (OTCMKTS:TRCK) Files An 8-K Results of Operations and Financial Condition
Item 2.02

Results of Operations and Financial Condition.

Track Group, Inc. (the “Company”) issued a press release today announcing its financial results for the quarter ended December 31, 2017. A copy of the press release is attached as Exhibit 99.1.

In accordance with General Instruction B.2 for Form 8-K, the information in this Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 5.02

Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Effective February 7, 2018, the Company’s Board of Directors (the “Board”) appointed Karim Sehnaoui to serve as a director on the Board until the next annual meeting of stockholders or until his successor is elected and qualified. The Board’s decision to appoint Mr. Sehnaoui as a director of the Company was made in connection with ETS Limited becoming the Company’s largest shareholder of record.

Mr. Sehnaoui, age 39, is an entrepreneur and investment professional, who specializes in private equity, venture capital, and corporate finance. Currently, he serves as General Manager of the Reference Group SARL, a boutique financial advisory firm based in Geneva, Switzerland, which position he has held since October 2017, and as a Director of ETS Limited. In addition, Mr. Sehnaoui is the founder and current Managing Director of Elham Management and Investment Group, an investment firm founded in 2011 that is dedicated to sustainable strategic investing, and the founder and current board member of Comptoirs de Beyrouth. From 2012 to 2016, Mr. Sehnaoui taught graduate level finance courses as a visiting Assistant Professor at MSB Mediterranean School of Business in Tunisia. Prior to that, Mr. Sehnaoui spent several years in investment banking and private equity, serving as Chief Investment Officer and General Manager for Abu Dhabi Investment House, and Business Development Director at Ithmaar Bank. Mr. Sehnaoui currently sits as an interim member on the Supervisory Board of Fyber N.V. (FRA: FBEN), an advertising technology company. He also sits on the advisory board of several technology start-ups in the Middle East and North Africa (MENA) region. Mr. Sehnaoui holds Bachelor’s and Master’s degrees in Civil Engineering from McGill University in Montreal, Canada, and was a Global Leadership Fellow at the World Economic Forum in Geneva, Switzerland in from 2005 to 2007.

Except as disclosed in this Current Report on Form 8-K, there are no related party transactions between the Company and Mr. Sehnaoui that would require disclosure under Item 404(a) of Regulation S-K, nor are there any further arrangements or understandings in connection with the appointment of Mr. Sehnaoui to the Company's Board of Directors.

See Item 2.02.

Item 9.01

Financial Statements and Exhibits.

See Exhibit Index.


Track Group, Inc. Exhibit
EX-99.1 2 ex99-1.htm PRESS RELEASE Blueprint   Exhibit 99.1     FOR IMMEDIATE RELEASE February 8,…
To view the full exhibit click here

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.

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