“Baseless” Claims Against LaneAxis CEO Rick Burnett Dismissed as Part of Lawsuit Settlement

“Baseless” Claims Against LaneAxis CEO Rick Burnett Dismissed as Part of Lawsuit Settlement

Former partner companies split after firing of Budbo executives

Huntington Beach, CA, September 18, 2019 – LaneAxis, Inc. and CEO Rick Burnett have reached a settlement agreement with the former corporate officers of Budbo, Inc., bringing to an end a lawsuit filed by the plaintiffs in late 2018. Of greatest importance to LaneAxis and Mr. Burnett, he has been released from any and all claims that he improperly transferred corporate funds to himself. Several weeks prior to the scurrilous allegations set forth in the lawsuit, Mr. Burnett, who at the time also served as Budbo CEO, fired the plaintiffs from their positions as Budbo corporate officers.

Budbo, a mobile app focused on the cannabis sector, and LaneAxis, a data analytics and real-time tracking tool for the freight transportation industry, formed a corporate partnership in April, 2017 at which time Burnett assumed the title of Budbo CEO. In early 2018, Budbo held a successful Initial Token Offering (ITO) as part of its strategy to create a blockchain solution for cannabis companies. That strategy included plans to integrate LaneAxis’ proprietary tracking technology into its platform.

Shortly after returning from an overseas trip to promote the token offering in late spring, 2018, Burnett and the Budbo team had differences of opinion regarding numerous issues, including corporate strategy. In June of 2018, Mr. Burnett’s Budbo email account was shut down without warning, effectively eliminating his ability to properly lead the company. The email account was never restored.

The lawsuit filed in November 2018 by the Budbo officers claimed Mr. Burnett had improperly transferred funds from Budbo accounts to himself – accounts of which Mr. Burnett never had access to.  In May, 2019, LaneAxis proceeded to file a detailed motion to dismiss the lawsuit. Weeks later, the plaintiffs and their legal counsel moved, in earnest, to settle the case – which provided that Mr. Burnett was not obliged to pay a single penny of the money that was allegedly transferred improperly.

“It’s certainly unfortunate that the relationship between LaneAxis and Budbo ended the way it did,” said Burnett. “But as I maintained from the beginning, the suggestion that I did absolutely anything inappropriate with company funds was completely baseless from the start, particularly as I never had access to distribute any of the wallet funds.”

The lawsuit settlement rescinds the initial shareholder agreement, allowing the Plaintiffs to return to their original company. The settlement also establishes a governing body, known as a Decentralized Autonomous Organization (DAO), to oversee management of tokens sold during the Budbo ITO.

LaneAxis is currently developing the first-of-its kind Professional Driver App and Transportation Data Network focused on connecting shippers directly to drivers. Visit www.LaneAxis.com to learn more.

For more information contact: media@laneaxis.com

Trucking apps could be worth $35 Billion by 2025

Trucking apps could be worth $35 Billion by 2025

The trucking industry has long had a reputation for lagging behind the technological times. But the last five years has seen tech companies from Silicon Valley and beyond push the pedal to the metal, and suddenly the trucking industry is the darling of the tech world. Considering trucking is a nearly $800 billion industry, it’s no real surprise.

Market research company Frost & Sullivan now estimates the trucking app industry could be worth $35.4 billion by 2025.

“Fleet optimization apps will drastically bring down cost barriers to adopt services that were previously only accessible through traditional telematics players requiring hardware, helping small fleets and owner operators, which constitute 90 percent of the North American trucking carriers,” stated Chandramowli Kailasam, Team Leader Commercial Vehicle Research with Frost & Sullivan.

Trucking apps serve a wide variety of functions – from load matching to GPS tracking and more –  but the common thread connecting them all is a push for greater efficiency and visibility in a sector that has long lacked both.

Players large and small have entered the trucking app fray, though success is far from guaranteed – regardless of size.

Most recently, ride-sharing giant Uber launched a freight matching app in May called “Uber Freight”.  Despite the Uber name holding plenty of cache in the business world, the platform is off to what some are calling a “bumpy start”.

According to Insurance Journal, “What has emerged so far, industry watchers say, is a modest effort to build a brokerage service connecting truckers looking for loads to shippers with cargo to haul. [The platform] looks a lot like the firms it is trying to displace. Rival startups and old-line transport firms alike have come out with apps to match truckers to cargo. Uber Freight also uses a conventional call center and online “load boards” where truckers have found work since the dot-com era began.”

Bottom line, the field is wide open for mobile platforms that deliver on efficiency, convenience, and cost.

Enter LaneAxis.