Tuesday, June 7, 2022

SPYR Inc. (SPYR) Begins Actualizing 2022 Expansion Plans with Entry into Material Definitive Agreement to Acquire GeoTraq, Inc.

 

  • Earlier this year, SPYR announced its acquisition and expansion plans for this year that involved possible acquisitions of two companies 
  • In a recent announcement, the company reported it had entered into a material definitive agreement to acquire one of the two targets: GeoTraq, Inc.
  • GeoTraq develops and manufactures 100% self-contained, fully-integrated, ultra-small, plug-and-play mobile IoT modules that consume low power
  • The acquisition positions SPYR to tap into the growing cellular IoT market and cellular IoT module space
  • Upon completing the acquisition, SPYR will have two subsidiaries

In a late March announcement, technology company SPYR (OTCQB: SPYR), dba SPYR Technologies, which, through wholly owned subsidiary Applied Magix, Inc., operates in the Internet of Things (“IoT”) market, documented its acquisition and expansion plans for 2022 that would build on prospects the company had quietly explored during the 2021 fiscal year. The acquisitions, the March 28 press release noted, would strengthen SPYR’s balance sheet and grow shareholder value (https://nnw.fm/6l2GZ).

At the time, the company had been in preliminary discussions with two targets. “Over the past year, we have been actively exploring expansion of the holding company for the benefit of our shareholders, and I believe these two opportunities are very attractive and will, assuming we complete the acquisitions, contribute to the overall business development and profitability of the company for the benefit of our shareholders,” SPYR CEO Tim Matula said of the planned acquisitions.

One of these targets recently formed the subject of a news release in which SPYR announced it had entered into a material definitive agreement to complete its acquisition. Under the terms of the agreement, SPYR will acquire GeoTraq, Inc. from JanOne Inc. (NASDAQ: JAN) (https://nnw.fm/CYfIr). 

On a mission to provide simple IoT at a low cost, with ease of deployment and use as well as plug-and-play functionality with no product development required of the customer, GeoTraq develops and makes 100% self-contained, fully integrated, ultra-small mobile IoT modules for asset tracking, location-based services, and remote monitoring. The modules feature a unique design that allows them to seamlessly connect to not only sensors, antennas, and batteries but also to cloud services via GeoTraq’s proprietary cloud-based “WebTraq” platform.

Described as penny-sized, GeoTraq’s IoT modules consume very low power and possess long battery life thanks to their use of the Low Power Wide Area Networks (“LPWAN”) connectivity. And to further minimize power consumption while maximizing efficiency, they implement the Power Saving Mode (“PSM”) as well as Extended Discontinuous Reception (“eDRX”). They are plug-and-play, with the user only needing to attach an antenna and battery and activate the device on the WebTraq platform. The IoT modules utilize cellular tower triangulation and only the Long-Term Evolution (“LTE”) radio to achieve highly accurate indoor and outdoor positioning capabilities.

“The modules are designed with an event-driven architecture that uses data from sensors to wake up the module to transmit an alert if detection, consumption, or reaction occurs. Trigger points are based on conditions, patterns, or readings from sensors; they are intelligently designed to send you only the data you want, at the precise moment you need to act on it,” GeoTraq’s website reads (https://nnw.fm/wRGBE). This functionality makes the IoT modules ideal for monitoring everything from the temperature of frozen products during shipment and the amount of propane in tank vessels to the humidity levels in dry storage facilities.

“GeoTraq has built a product that can be used in multiple ways, not just tracking. Sensors can be added to provide the customer with additional data points such as temperature and motion along with other sensor-driven data. We are very excited about this acquisition and look forward to continuing to build our company. Upon completion of this acquisition, SPYR will have two subsidiaries, Applied Magix and GeoTraq,” commented Matula.

The acquisition of GeoTraq is also expected to position the company favorably to tap into growing markets. The global cellular IoT market is expected to grow from $5.3 billion in 2021 to a projected $18.3 billion by 2027, representing a CAGR of 22.6% (https://nnw.fm/I61eW). Separately, the global cellular IoT module space witnessed a 58% year-over-year increase in revenue in the fourth quarter of calendar 2021 (https://nnw.fm/btvdS). 

For product information, please see the Applied Magix website at https://AppliedMagix.com, or specific product sites:

For more information, visit the company’s website at www.Spyr.com.

NOTE TO INVESTORS: The latest news and updates relating to SPYR are available in the company’s newsroom at https://nnw.fm/SPYR 

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