TrustBIX Inc. Announces Development of Software Platform and Transition of Support Services
Rhea-AI Summary
TrustBIX (OTC:TBIXF) is shifting its technology strategy to develop a unified Gate to Plate (G2P) platform that will integrate a newly acquired Indoor Farm Management System (IFMS) into a modern livestock auction market software. The company dated an agreement on October 10, 2025 to transfer Auction Master Pro (AMP) support contracts to Cristel Baber DBA I.T. Group, with existing customers kept on service at no additional cost for their current term.
AMP recurring and one-time revenue was approximately $1.1 million in each fiscal year ended September 30, 2024 and 2025. TrustBIX expects to offset reduced AMP revenue via indoor farming orders/contracts totaling over $5 million, with revenue recognized on delivery. The transfer remains subject to TSXV approval and customary closing conditions.
Positive
- Agreement dated October 10, 2025 to assign AMP support contracts
- AMP revenue of $1.1 million in fiscal 2025 and 2024
- Indoor farming purchase orders/contracts totaling over $5 million
- Planned G2P platform integration targeting spring 2026 activity
Negative
- Loss of key AMP resources identified by management
- AMP exhibited long development cycles and slower revenue growth
- Transition will reduce AMP-related recurring revenue
- Assignment and transfer subject to TSXV approval and consents
Edmonton, Alberta--(Newsfile Corp. - October 10, 2025) - TrustBIX Inc. (TSXV: TBIX) ("TrustBIX" or the "Company") announces a strategic shift in its technology development and service delivery model. The Company has initiated the development of a modern livestock auction market software solution. It is expected that this new solution will be integrated with the Indoor Farm Management System ("IFMS"), recently acquired from Mindsgate Ltd. (as announced on October 3, 2025, and subject to TSX Venture Exchange ("TSXV") approval), within a unified technology framework, the TrustBIX Gate to Plate® platform ("G2P"), which is designed to deliver scalable digital solutions across agriculture and food production. The timing of this change allows the Company to focus on developing the new G2P platform in preparation for the active spring season in early 2026.
Following a review of its operations and recent acquisition, TrustBIX has identified challenges within its existing Auction Master Pro ("AMP") business, including the loss of key resources, long development cycles, and slower than expected revenue growth. In response, the Company is undertaking this strategic realignment to transition away from the AMP software and related direct installation and support services. Instead, the Company will focus on developing and licensing technology through strategic partners, enabling more efficient resource allocation, accelerating innovation, and generating SaaS (software as a service) revenue. This evolution modernizes the Company's software offerings and separates solution development from service delivery, allowing each function to scale independently and operate with greater focus.
To support this shift, TrustBIX, through its wholly owned subsidiary ViewTrak Technologies Inc., has entered into an agreement (the "Agreement") dated October 10, 2025, to assign and transfer its AMP support contracts (the "Support Contracts") to Cristel Baber DBA I.T. Group ("IT Group"). Under the Agreement, IT Group will assume all customer support and maintenance responsibilities. Customers with active annual Support Contracts will continue to receive services from IT Group at no additional cost for the remainder of their current term. IT Group will also make support available to customers without active contracts under its own service agreements. This ensures continuity of service for existing AMP customers while enabling TrustBIX to concentrate on building the next generation of agricultural technology.
Recurring and one-time revenue from AMP, including Support Contracts, represented approximately
The assignment and transfer of the Support Contracts remain subject to regulatory approvals, including TSXV approval, and customary closing conditions and third-party consents, where applicable.
About TrustBIX (TSXV: TBIX)
TrustBIX is an agricultural technology company providing Gate to Plate® solutions to create a world where we trust more, waste less, and reward sustainable practices. Our award-winning technologies offer practical tools trusted by local and international agri-food organizations.
Forward-Looking Information
This press release contains certain forward-looking information and reflects the Company's present assumptions regarding future events. These statements involve known and unknown risks, uncertainties, and other factors that may cause the Company's actual results, levels of activity, performance, and/or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking statements.
Certain statements contained in this document constitute forward-looking statements and information within the meaning of the applicable Canadian securities legislation. When used in this document, the words "may", "would", "could", "should", "will", "intend", "plan", "propose", "anticipate", "believe", "forecast", "estimate", "expect" and similar expressions used by any of the Company's management, are intended to identify forward-looking statements. Such statements reflect the Company's internal projections, expectations, future growth, performance and business prospects and opportunities and are based on information currently available to the Company. Since they relate to the Company's current views with respect to future events, they are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. The Company does not intend, and does not assume any obligation, to update any such factors or to publicly announce the result of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments except as required by applicable securities legislation, regulations or policies.
FOR MORE INFORMATION, CONTACT:
Mr. Hubert Lau
President and CEO
Telephone: (780) 456-2207
Email: info@trustbix.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/270070
FAQ
What did TrustBIX announce about the AMP support contracts on October 10, 2025?
How much revenue did AMP generate for TrustBIX in fiscal 2025 and 2024 (TBIXF)?
What is TrustBIX's strategy for replacing AMP revenue (TBIXF)?
When will TrustBIX integrate IFMS into the G2P platform?
Will existing AMP customers lose support after the transfer (TBIXF)?
What approvals are required for the AMP contract assignment?
