ORLANDO, Fla., June 08, 2022 (GLOBE NEWSWIRE) — Some of the recent press releases we’ve covered on behalf of SPYR Technologies (OTCQB:SPYR) have been along the lines of what we’ve affectionately called ‘thinking-out-loud’ notes regarding the Company’s hopes and expectations. And while they have presented an interesting view on the desires of the Company, the sort of thing more common at a board or shareholder meeting, they were, are, indeed less tangible than news they just dropped about a material definitive agreement to acquire an interesting technology company with a significantly different product offering in the Internet of Things (IOT.)
Per the release, SPYR has entered into a material definitive agreement to acquire GeoTraq, Inc. from NASDAQ traded JanOne Inc. (NASDAQ: JAN).
Here’s the quick rundown on GeoTraq:
GeoTraq develops and entirely self-contained and ultra-small Mobile IoT (Internet of Things) modules for asset tracking, location-based services, and sensor modules for remote monitoring. The modules are plug-and-play and include turnkey connectivity to cloud services via GeoTraq’s proprietary cloud-based “WebTraq” platform. GeoTraq’s mission is to provide “Simple IoT” at a low cost, with ease of deployment, ease of use, and plug-and-play functionality with no product development required of the customer.
The last line… “with no product development required of the customer” is important as the customer, for instance, a large construction company, can quickly roll-out, from a relative standpoint, the GeoTraq tech for inventory control, gas, water and electric metering, equipment monitoring, supply chain and logistics oversight.
This appears to be potentially a significant advantage and allows GeoTraq to quickly enhance operations for large scale industries once deployed. We believe the ability to apply the technology so quickly and impactfully is potentially a major selling point. Yes, at this point GeoTraq is pre-revenue.
It’s not lost on us that this acquisition would give SPYR significant holdings in two lucrative arenas. It is now adding GeoTraq, which focuses on helping businesses get better, to a roster that includes Applied Magix, which is looking to help everyone with an iPhone get more connected and efficient in their cars and homes.
We expect to publish a full interview with GeoTraq’s leadership in the days ahead, looking to provide some insight as to what to expect from the merger and the planned use of the technology.
Stay tuned for that.
For more on SPYR and Applied Magix:
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