According to Brett Wilson (from the Edmonton Journal story)
“The company was cash-flow neutral but couldn’t service the debenture debt,” said Wilson. “It had been bumping along for the last year and a half on an amazing technology platform. All it needed was incremental capital to lift it off. I think Jake had grown weary of trying to raise it.
“Jake took it from nowhere to somewhere meaningful. He just didn’t have the balance sheet to take it to the next level.”
This investment once again demonstrates the interest in investing in agriculture from groups that want a piece of the agriculture story. Investors like Brett Wilson , have made millions of dollars investing in the Canadian oil patch and it really speaks to the future of agriculture investment going forward.
According to the press release:
The corporate reorganization will include an immediate and significant injection of capital to allow for considerable expansion of the business model, focused on enhancements in research and development, technology, and customer service. “Viewtrak has loyal but demanding customers and robust technology that has allowed it to become the leading industry player,” said Power. “We are looking forward to further developing our product offering and finding new ways to serve our customers,” he added.
It sounds like the users of Viewtrak in Canada and abroad have some things to look forward to from the company based on this new investment.