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very nice... great progress reported
News out - Iota Communications Reports Fiscal 2020 First Quarter Financial Results and Provides Corporate Update
Tuesday, October 15, 2019 6:00 PM
Iota Provides Overview of Financial Results and Business Update Following First Quarter Report
NEW HOPE, PA / ACCESSWIRE / October 15, 2019 / Iota Communications, Inc. (OTCQB:IOTC), a wireless network carrier and software service company that provides Internet of Things solutions that optimize energy efficiency, sustainability and operations for commercial facilities, today announced its financial results for the fiscal 2020 first quarter ended August 31, 2019.
Financial Highlights:
Year over Year
Revenue for the first quarter of fiscal year 2020 was $871,774, a significant increase compared to revenue of $49,796 in the first quarter of fiscal 2019, while gross profit increased to $47,828 from $16,819 year over year, an increase of 184%. The increase in revenue and gross profit reflect growth in our services business from the Solbright merger in September 2018.
Net cash used in operating activities was $3,246,992 for the three months ended August 31, 2019, versus $12,477,242 for the same period in fiscal 2019, a year over year decrease of 74%.
Quarter over Quarter
The Company posted a loss from operations of $6,769,403 in the period versus a loss from operations $15,796,945 in the fourth quarter of fiscal year 2019, a quarter over quarter decrease in losses of $9,027,542.
First Quarter 2020 Summary:
Launch of Iota Spectrum Partners: On April 24, 2019 we launched Iota Spectrum Partners, LP with the purpose of owning the FCC spectrum licenses that we currently lease as well as to hold the Company's spectrum licenses. As lessors exchange their licenses for LP units, the result is a reduction in the revenue-based notes obligation. This exchange process began in mid-August and we are extremely pleased with our progress, expecting to close out the exchange offering in November 2019.
Operations Restructuring: Following the appointment of several key members to our management team in May 2019, we were able to find areas of efficiency to reduce monthly operating costs by approximately one-third in the first quarter.
Additional Balance Sheet Improvement: Beginning in May 2019, we began an aggressive balance sheet enhancement initiative with an ambitious goal of removing $100 million of debt in this fiscal year. As of today's date, we have received executed exchange agreements to remove the majority of the revenue-based note liability, restructured the notes with our senior lender to remove the conversion feature and extend the maturity date to 2021, and we have also paid or otherwise settled certain accounts payable.
Sales and Marketing: Following a disappointing fiscal year in 2019, we are very encouraged by the growth in our revenues in the first quarter as well as the growth in our pipeline and believe we will continue the upward momentum throughout the remainder of this fiscal year and beyond. While our business is still largely project-based and is susceptible to choppiness quarter over quarter, we are optimistic in our expectations of growing revenue and remain focused on prioritizing sales of our recurring, high margin software application revenues.
Spectrum License Application Status: In July 2019, we submitted 637 applications for 800 MHz FCC licensed spectrum on behalf of the Company and our spectrum partners and to date, 375 licenses have been granted in connection with those applications. We expect the remaining licenses to be granted over the coming months, which will move us substantially closer to achieving full US population spectrum coverage.
"We made significant progress on many of our strategic and operational goals during first quarter of fiscal year 2020," stated Terrence DeFranco, President & CEO of Iota. "Firstly, we are excited with our progress on the exchange and the addition of valuable spectrum assets into Iota Spectrum Partners during the quarter. The new applications and granted licenses during the quarter have greatly expanded our network coverage capabilities creating significant value for our stakeholders. These valuable spectrum assets, our crown jewel, are the key differentiator from our competition enabling reliable, secure, and ubiquitous connectivity for commercial and industrial IoT applications. This is our network platform's unique selling proposition in the exploding Internet of Things market. Secondly, we are very pleased with the balance sheet enhancement initiatives, having made substantial progress toward our goal of reducing debt by $100 million this fiscal year, as well as our operations restructuring, both moving us closer to our objective of an exchange uplisting. Lastly, our growing sales pipeline and focus on software-based revenues through Iota Commercial Solutions is poised to drive higher margin recurring revenues while demonstrating the value of our network for third party applications. Overall, we achieved significant milestones this quarter and we expect to continue to make significant progress towards our goals throughout fiscal 2020."
The company's Quarterly Report on Form 10-Q for the period ended August 31, 2019 is on file with Securities and Exchange Commission and can also be found on the company's website https://www.iotacommunications.com/sec-filings/.
About Iota Communications, Inc.:
Iota is a wireless network carrier system and software applications platform dedicated to the Internet of Things. Iota sells recurring-revenue solutions that optimize energy usage, sustainability and operations for commercial and industrial facilities both directly and via third-party relationships. Iota also offers important ancillary products and services which facilitate the adoption of its subscription-based services, including solar energy, LED lighting, and HVAC implementation services.
Forward-Looking Statements:
This press release may contain "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our growth strategy and product development programs and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include, but are not limited to,: risks related to the acquisition and integration of the assets we acquired from Solbright Group, Inc., risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Investor Contact:
Iota Communications, Inc.
540 Union Square
New Hope, PA 18938
Attn: Investor Relations
investors@iotacommunications.com
Public Relations Contact:
Greg Lutowsky, SVP, Corporate Communications
glutowsky@iotacommunications.com
(855) 743-6478
SOURCE: Iota Communications, Inc.
Based on CEO interview, seems like 20% to raise $15M, assuming it’s not coming from the public market but from the private market.
I hope I'm right too, but like any stock, caveat emptor
I hope you are right about where IOTC will be in a year...
Now at 31¢ it is tough to imagine
There are a couple of reasons why Anterix has a $600m market cap.
1) The Company is the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) with nationwide coverage throughout the contiguous United States, Hawaii, Alaska and Puerto Rico. They are working through the various proceedings with the FCC and incumbents to "defrag" this space. The Company holds approximately 60% of the channels in the 900 MHz band in the top 20 metropolitan market areas in the United States.
2) Their primary focus is the electrical utility space and they can provide utilities cost-savings and they will lease their spectrum to utilities for 20 years.
3) their stock trades on the Nasdaq and is priced such that any institutional investor can purchase.
4) they are tightly held by various institutional investors.
From their latest prospectus:
Based on our review of publicly available filings as of July 5, 2019,
funds affiliated with Cerberus Capital Management beneficially owned approximately 19.5% of our outstanding shares of common stock.
The other holders of our common stock who have made filings with the SEC beneficially owned, in the aggregate, a total of approximately 51.5% of our outstanding shares of common stock, and together with Cerberus Capital Management, approximately 71.0% of our outstanding shares of common stock.
<of that 51.5%>
Specifically, based on publicly available filings as of July 5, 2019:
funds affiliated with Owl Creek beneficially owned roughly 17.9% of our outstanding common stock;
funds affiliated with Pacific Investment Company owned roughly 9.2% of our outstanding common stock;
funds affiliated with TPS Group Holdings (SBS) Advisors, Inc. owned roughly 8.8% of our outstanding common stock;
funds affiliated with American Money Management Group beneficially owned roughly 7.2% of our outstanding common stock;
funds affiliated with The Vanguard Group beneficially owned roughly 4.3% of our outstanding common stock;
and funds affiliated with BlackRock Fund Advisors beneficially
owned roughly 4.1% of our outstanding common stock.
So 71% of the company is held by institutional investors. These are the big pocketed funds that can move stock prices.
5) they are anticipating $100M in revenue within the next few years.
My belief is IOTA will look more similar to Anterix a year from now, once the network is built and they can start commercializing their network.
Why do you think that Anterix is valued so high. Last year they had $6m in revenue. They have a market cap of about $600m, while IOTC is at about $80m. Do they own a bigger spectrum network, or do they have a better business plan?
More good news from the FCC
In June, the Enterprise Wireless Alliance (EWA) filed on WTB 17-200 in response to a filing by Anterix (formerly pdvWireless), and proposed that that 900 mhz incumbents should be moved to the 800 mhz Guard Band spectrum, instead of awarding it to mom-and-pop investors. This would allow Anterix to consolidate their spectrum.
See page 5:
https://ecfsapi.fcc.gov/file/106030110226858/EWA%20900%20MHz%20Comments%2017-200%20NPRM.pdf
While trying to figure out how this should all work, the FCC froze 900 mhz applications.
Subsequent to that, Anterix filed with the SEC to propose different rules. In essence, allowing Anterix to work with incumbents to move within the 900 mhz space, and have the FCC help enforce/facilitate this effort.
There were multiple meetings, filings, and back and forth and there are a bunch of documents on this:
https://www.fcc.gov/ecfs/search/filings?q=Anterix&sort=date_disseminated,DESC
Today the FCC ruled to allow Anterix to proceed with their plan to work with incumbents in the 900 mhz space, and modified the 900 mhz spectrum application freeze.
https://ecfsapi.fcc.gov/file/1009391605766/DA-19-1025A1.pdf
These is great news for IOTA as the 800 mhz GB spectrum will not be allocated to 900 mhz incumbents. It's also good news for Anterix.
Marketing company has a 6 month hold. I don't remember the expiration date.
There are 25 million shares in the float. Volume shows that hardly anyone is selling, despite the drop in price and trickle of volume on a daily basis.
ETRF was offering 100K shares at the ASK of $0.365, or putting up a wall to absorb buyers at that price. CSTI had another 100K shares at $0.37.
It's all psychological.
If they really wanted to unload the shares, they would mask the volume behind, say, 2000 shares and drop the ASK and sell into any volume that might come from up. For example, We had a few days where we had nearly 800K shares trade in 1 block transaction, and the ask was "2500" shares.
With NITE on the bid at 21,000 shares, it was probably some short covering. The stock is lightly shorted with volume that equates to about 1.5 trading days.
The license grants are good news. Why no PR to help the stock?
They paid for PR with stocks - i wonder if its the marketing company offloading
Offloading $10K of a stock with a $80M market cap?
That's a minuscule amount.
Did I miss any news? Why are people offloading?
Yes, they needed each other and the balance was how the % of the company was split with the merger. This was a R/M that made sense because of the synergy.
Solbright needed the money and had no way to take their product to market. Did you read their S/3 which was later withdrawn when M2M came along?
M2M had a massive opportunity and needed a way to take it public, with a R/M being the most viable option to get access to public markets sooner without having to wait 2-3 years for financials to catch up when money was needed up front to build the network.
But M2M swallowed up Solbright, which was predominantly Solar and less so “platform” in terms of revenue.
My take on that is that Solbright needed the the network to improve it's capability and M2M was in need of a solution to prove the network and help build it out.
I heard Defranco state that the reason why Solbright merged with M2M was because Solbright was missing the end to end IOT capabilities.
If all that is of value is the licenses from FCC, why the merger? Why was Solbright even needed by M2M ?
I agree the end game is to sell the company.
Once they mature in their growth, my bet is they
- sell off the solar company as it is not core to our future.
- spin off the remaining commercial services and platform as another company.
- sell the remaining company that holds the spectrum as a pure-play.
I wouldn't put too much thought into hiring.
Network build out, national construction (climbing towers), software development, data science, etc. is all very easily outsourced to providers with much deeper capabilities, expertise and bench strength.
And for good reason because it allows for scalability.
Speculating here, but my bet/guess is once the network is completely built out and operational, and they have 2-3 years of financial results in monetizing the netowrk, they will be able to demonstrate the financial value and will then sell.
Sales jobs (building automation B2B sales), network commercialization related jobs, data science jobs.
Today, their website does not even have a career section. Is that not odd? To me that indicates that they are probably looking for a strategic buyer once the licenses are aggregated?
What hiring are you anticipating? Aside from the CFO and sales, they pretty much have most other pieces in place.
Given this - & lack of hiring, I am betting that the strategy is a sale of these licenses to a strategic buyer?
Great news. Thinking about upping my stake
89 licenses granted between yesterday at 12:00 noon Eastern.
IOTA and it's lease owners have been awarded 100% of the licenses.
This is picking up steam rapidly.
It really depends how accretive the transaction is for shareholders.
We know from a recent radio interview with our CEO the company needs $15M which will be raised from public/private markets.
We are currently a going concern.
We are unable to secure traditional debt as we don't have the financials to support it.
We don't have institutional investors for a secondary offering which would give us a higher valuation, and that wouldn't give money to the company.
We lose if this is via convertible debenture debt, as the stock would be continually suppressed, debt converted the shares, and repeated until R/S into oblivion.
We lose if they do an S-3 and try to raise all of this amount on the ** public ** market, since retail investors won't meet the new supply of shares, and institutional investors won't purchase penny stocks trading on the OTC.
That leaves a PPM as the only friendly way to raise the funds. Hopefully this leads to some institutional investors buying in on the stock.
Obviously that will come at a price. $15M is quite a bit of new shares at these prices.
However, that dillution will allow us to:
build out the network by early 2020, start monetizing the network through beefed up sales, allow futher R&D in developing our SaaS and Analytics platform and new proprietary custom protocols, and provide business development opportunities by opening the door for third-party access.
You mention the prospect of a R/S.
Traditional OTC financing is either convertible debt of S/3 on public market sales. This puts so much pressure on prices that more shares are created to convert the debt or raise the money from public markets that the O/S increases to the A/S, the A/S gets increased to grow the O/S, the PPS shrinks, and then the company does a R/S to rinse and repeat.
If we get a PPM, there is a limit to the downside risk of dillution. But the company now has access to the capital to reach our goals.
So let's say:
- the FCC keeps issuing licenses (~200 since June 1).
- awarded applicants join the lease pool.
- license owners converto to Limited Partnership
- network is built
- new customers lead to growth in revenues.
- recurring revenues grow.
- third-parties start selling on the network.
- vast majority of debt gets all but wiped out per 10-K.
All of a sudden, our financials look really good 1 year from now, and we should be trading much higher than we are today, without a R/S.
However, once the financials are on solid ground and growing, I would not be opposed at all to a R/S.
Why?
Because it gets us uplisted allowing institutional investors to drive the price to what the market should provide for similar networks, and the financials would support the growth of the company while required less shares for future growth.
So what would be accretive to investors?
The stock currently trades at a valuation of $80M.
We know the company has plans to acquire 1 billion mhz pop.
The value of that mhz pop is established by global market rates and the latest transactions.
From that, we can gather the mhz pop should be worth anywhere between $1.50 - $3.50 mhz pop. I'll try to post more on this later.
At the current price of $0.36, that would be 41M shares, or approximately 20% additional stock.
Am I willing to give up 20% to grow from $80M to $1.5-3.5B.
You bet.
Dilution will be a headache for current shareholders. It appears to be the only way to finance but pray that it will not be a reverse stock split to uplist to a major exchange in the future. Maybe that is why we do not see an increase in share value...and people dumping the stock in anticipation.
Yeah, he built a huge company in Europe but it was leveraged with debt and investors took a major haircut when the largest financial crisis in a generation hit and the debts matured.
We know IOTA needs money, has a lot of debt that will soon be retired, and a growing spectrum portfolio.
Hopefully the capital raise, although dilutive, will not be toxic financing (convertible debt). With our growth and prospects I presume it will most likely a private placement. Maybe a larger investor gets added to the picture?
Thanks so much for such a clean and easy to follow history of the progression of this company. In my research,when I saw Barclay Knapp on board I was intrigued.
I read that-
"Knapp built up NTL to a high of 21 billion pounds in 2000 and then presided over a financial restructuring that almost wiped out the company share price."
So seeing him back after all these years attached to IOTA, makes me curious and hopeful. He at least knows what it takes to build a large comm company and also what it takes to ruin it. So he has great experience. I imagine that something like this for him would be an amazing legacy if he helps to pull this off and it becomes a huge success.
Your insight and current up to date comments helps to keep an eye on the future rather than the giant red number in my portfolio!!
Dilution concerns me...
Despite the good things happening behind the scenes, it's hard to ignore the drop in PPS.
In one of the recent radio interviews or print articles with our CEO he said that IOTA would be needing to raise $15M from private and public markets if I'm remembering the interview correctly.
$15M at this level is quite a bit of new shares but would put the company in decent shape with cash for building out the network and monetizing it.
Compound that with retiring of debt and it would be healthy from a financial statement standpoint, but would come at a considerable cost from a dilution perspective.
don't rock the boat until everything settles.
If I was IOTC, I would publicly state these wins. Unless there are NDAs with mom & pops.
In the minimum, progress on % population covered should be reported
Huge news!
I've been wondering why the licenses issued over the past few days were only issued directly to IOTA Networks, and not the small mom-and-pop investors.
The thought crossed my mind that perhaps I was searching incorrectly, so I changed my search criteria.
When I've posted about the FCC issuing licenses over the past few days, these licenses have been granted directly to IOTA Networks.
However, I just changed my search parameters, and can see they are issuing to the mom-and-pop investors as well!
Since June 2019, there have been ** TWO HUNDRED ** licenses granted by the FCC for SMR. In spot checking 20 of the non-IOTA licenses, each have been granted to a mom-and-pop investor AND LIST IOTA as the contact!
Things are moving faster than I thought they were!
Want to see for yourself?
Go to:
https://wireless2.fcc.gov/UlsApp/UlsSearch/searchAdvanced.jsp
Under "Call Sign & Radio Services" section, in the drop down, select:
"YM - 800 mhz Trunked SMR (SMR, Site Specific)"
Leave Name Blank
Under "Date Information"
For Date Type, select "Grant Date"
For the date range, go from 6/1/2019 to 9/30/2019
Under "Customize Your Results"
Set results to display to 100.
Click Search.
Click on each result and see for yourself.
I posted this on another board:
all I can comment on is what is in the public domain which has been communicated in PR, Financials and various PR-related interviews found online. So there is limited information in the "public" domain and you have to put 2+2 together from the other public clues provided (e.g. FCC website).
The CEO stated in an online audio interview the network should be "built out" in early 2020. I'm not sure if that timeline is still on track due to FCC delays in applications. Perhaps conservatively it is early 2020, and worst case it is later in the year. We are seeing multiple applications being granted on almost a daily basis now, so perhaps we are on track.
If I understand things from the FCC's website, once a FCC license is approved, there is a "construction" timeline provided to build the network, and a "proving time" to validate that you can run the network for commercial purposes at a small scale (e.g. a small business). Once you have these milestones met, you submit to the FCC the proof of these evidences, and the FCC then issues you a 10-year license for commercial use. Again, if I understand this correctly, these licenses listed in the FCC advanced search are for 10 years, so it is presumed they can now "build out" the network in that area beyond the first tower, and start commercializing the service.
That being said, we probably don't see financial results on this until Q4 2019 which gets filed sometime in the spring of 2020. My guess is that revenues would start small and ramp up from there.
I don't recall seeing anything in the public domain on revenue pipeline and close rates, so I'm not going to comment on that.
We do know that in the near future (next few quarters), we should see leases transfer from the LLC to the LP, which will reduce the debt being carried by the company's balance sheet, as confirmed in the latest 10-K. Hopefully we see this in the financials to be filed later this year, but this too may bleed over into next year.
The good news is, with each passing day, we control more and more of our destiny and have less and less dependence on the FCC.
2 licenses issued today as part of the latest applications from June/July.
The great thing about this company, related to other micro-cap companies, is the transparency you get from the FCC.
From validating FCC licenses to reading meeting summaries held with officials, there is so much more transparency to validate research and hunches.
I'm at 100K and looking to add in Q1.
I am holding on to the 36K shares I have. Wont pretend its easy to do so.
When I started following the concept of 800 mhz being made available to mom-and-pop investors, my experience went like this:
- 9/11 emergency services issues and review
- Sprint found to be squatting on spectrum
- FCC defrag of 800 mhz proposed
- spectrum to be made available to small investors
- pure speculation on how to acquire based on theory
- FCC wins against Sprint
- TA assigned and given arduous task to "clear" spectrum over 12 year period
- unknown company (SmartComm) becomes FCC authorized spectrum coordinator
- SmartComm sells story and garners interest from small investors
- SmartComm applies for as many licenses as possible following the rules.
- FCC grants licenses
- SmartComm founder passes away.
- SmartComm closes shop because their job is done (FCC applications)
- M2M affiliate formed to apply for more licenses on behalf of small investors.
- M2M Networks formed to build out and supply construction and testing services to "prove" spectrum on behalf of spectrum owners so the FCC grants final approval to commercialize each frequency.
- M2M creates LLC to pool license owners into single lease so they can monetize the spectrum as a whole.
- mom-and-pop license holders join lease program.
- high powered CEO joins company with mega experience in cellular and services provider. First cellular company to go public with $8B IPO, and later built a $35B ISP conglomerate in Europe.
- M2M merger with Solbright, a company with verticles in solar, commercial solutions, and platform, but missing the connectivity piece.
- merger completes
- warrant holders incentives to convert so raise funds for company.
- warrant holders convert and funds are raised.
- FCC announces new interleave spectrum
- FCC announces applications will be accepted for new geographies after a 5 year wait.
- company submits applications for remaining spectrum on behalf of investors.
- company re-org and consolidation to focus business divisions.
- CEO resigns to become chairman. CFO resigns to become CEO and vice chairman.
- many leadership positions announced as executive team is formed.
- LP formed with speculation as to "why"
- IOTA works with FCC to explain their story and why the FCC should continue to issues licenses to IOTA and small mom-and-pop investors.
- IOTA developing own purpose-built network using the 800 mhz spectrum designed for specific IoT scenarios, building out platform, building out analytics, integrating with building systems, developing own protocols, etc.
- FCC resumes issuing licenses
- company states in filing how majority of debt will be eliminated from financials in coming quarters.
- Major markets in NYC, Chicago and Boston are awarded.
I think I can wait to see where this goes.
my basis is $0.53, we have 1 of 3 licenses granted to the family, and long term things are picking up speed, but short term its like watching paint dry :)
No "news" on licensing... no PR (not needed) and a infinitesimal number of people are aware of these licenses being granted, let alone know what it means, or how it will be commercialized.
For us, it is probably the last hurdle to start commercializing our ICS building automation systems at scale within the year, in three of the densest cities (NYC, Chicago, Boston).
The licenses that have been grated since 9/10 are in geographies that were previously approved, with licenses nearby issued 5 years ago.
The fact they "cleared" these 3 big cities shows
1) the FCC 800 mhz Transfer Administrator is still making progress (like a thundering herd of snails
2) the FCC is back to granting licenses in this spectrum
3) IOTA applications continue to be accepted. Each of these licenses have been granted directly to IOTA, so we now watch to see what lessee applications are granted.
4) still waiting on new licenses for new geographies which were applied for back in either June or July.
I cannot reiterate what a big hurdle it was to overcome this for these three cities.
My basis is 0.47 & my patience is 0.00.
Good news on licenses and stock down to .36¢ Seems to be counterintuitive...
You can see every license grant. Very active! Incredibly good news.
Go to https://wireless2.fcc.gov/UlsApp/UlsSearch/searchAdvanced.jsp
For name, type "IOTA' without the quotes, and click search.
for date type, select "grant date"
For date, do a custom search from 9/10/2019 to 9/24/2019.
At the page numbers of the bottom of the search results, navigate to the very last page.
click on each result, and click the "location" tab.
Where r u seeing this?
With NYC, Chicago and Boston being recently issued by the FCC, we can now start "proving' the network.
Looks like we are on track for going live in these markets early next year as alluded in one of the recent interviews.
Our target market for commercial IoT just got massively larger.
1195 licenses...
Manhattan was just issued which is huge (!!).
As well as two smaller markets in MI and WI.
No, that's not what this says.
In the latest 10-K the company said they had sent paperwork for 1/3 the licenses to the FCC to change the lease name, and sent letters to 1/3 the spectrum owners to get them to change. All of those changes are pending with the FCC.
The additional 9 licenses appear to be in existing geographies previously released by the FCC, but still being worked through in individual markets. These are the first licenses that have been issued in 5 months.
Green Bay, WI
Appleton, WI (South of GB)
Milwaukee, WI
Yakima, WA
Grand Rapids, MI
Portland, OR
Springfield, MA (Hartford, CT)
Boston, MA
Chicago, IL
Getting Chicago and Boston are big because those required a lot of spectrum clearing from Sprint.
They are all leased to IOTA Networks LLC (again, pending the FCC changes to convert to the LP).
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- Iota [is] the only “pure-play” publicly-traded, fully-featured IoT network operating company in the US. (2019 Corporate Update)
- Iota Spectrum Services has now acquired licensed 800 MHz spectrum within 135 U.S. metro areas... 2.62 MHz of licensed frequencies in the 800 MHz band in market areas with a total population of approximately 175 million. (2019 Corporate Update)
- Iota Partners' goal is to acquire over 1 billion MHz-Pops through an aggressive acquisition strategy (Press Release July 15, 2019)
- Iota balance sheet update (Press Release November 13, 2019)
- Iota Communications Announces Acquisition of Link Labs' Patented Technology and CTO Appointment (Press Release November 20, 2019)
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