Orbital Tracking Corp. Announces Successful Recapitalization
Capital Structure Significantly Streamlined Through Elimination of Substantially All Outstanding Convertible Preferred Shares Secured $805,000 in Growth Capital from New Long-Term Investors
AVENTURA, FL / ACCESSWIRE / May 16, 2019 / Orbital Tracking Corp. (OTCQB: TRKK) (“Orbital Tracking” or the “Company”), today announced that it has successfully recapitalized the Company through a series of transformative transactions, including a shares for notes exchange with the majority of its preferred shareholders that resulted in the elimination of outstanding preferred shares; the raising of $805,000 through the placement of new convertible notes; and the repayment of certain convertible debt, dated January 18, 2019.
“The recapitalization of Orbital Tracking marks an exciting new beginning for the Company. Supported by a simplified capital structure without dilutive preferred shares and unfavorable convertible debt, and bolstered by significant capital from new investors, we now intend to accelerate the growth of the business transforming the Company into a leading provider of mobile satellite tracking, voice and data technology to consumers, enterprises and governments around the world,” said David Phipps, Chief Executive Officer of Orbital Tracking.
The actions undertaken as part of this recapitalization include:
Mr. Phipps continued, “With the completion of these transformative financial events and with the support of our new long-term shareholders, we plan to rapidly execute on our strategic plan to enhance our growth, both organically and through strategic, value-added acquisitions. Together with new partners, we look to expand our global footprint in the United States and internationally as we seek to deliver improved value to our customers and shareholders.”
About Orbital Tracking Corp.
Orbital Tracking Corp. provides satellite-based tracking, services as well as mobile voice and data communications services globally via satellite to the commercial and government users. Orbital Tracking specializes in services related to the Globalstar satellite constellation, including ground station construction, simplex tracking services and satellite telecommunications voice airtime. Orbital Tracking operates various e-commerce retail and tracking portals where users around the world can purchase satellite hardware and track assets in real-time on mobile devices or PCs. For more information regarding Orbital Tracking, please visit www.orbitaltracking.com.
Certain statements in this release constitute forward-looking statements. These statements include the capabilities and success of the Company’s business and any of its products, services or solutions. The words “believe,” “forecast,” “project,” “intend,” “expect,” “plan,” “should,” “would,” and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors, any of which could cause the Company to not achieve some or all of its goals or the Company’s previously reported actual results, performance (finance or operating) to change or differ from future results, performance (financing and operating) or achievements, including those expressed or implied by such forward-looking statements. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the SEC, copies of which may be obtained from the SEC’s website at www.sec.gov. The Company assumes no, and hereby disclaims any, obligation to update the forward-looking statements contained in this press release.
SOURCE: Orbital Tracking Corp.https://www.accesswire.com/545560/Orbital-Tracking-Corp-Announces-Successful-Recapitalization