Sheridan, WY -
IRVINE, CA, February 9, 2017 - Signature Devices, Inc. (OTCPK: SDVI) â?? today announced the its wholly owned subsidiary Innovo Technology (www.innovotech.io) has closed on the acquisition of Four (4) IOT companies.
Innovo Technology, a leading software and hardware development company has launched its IOT business. Innovo develops and manufactures devices for digital home media management under its Morpheus brand combined efforts with, Truck IT, Tazerwear and Knoton to create a connected platform for the Internet of Things. The closing date for the transaction was February 8th, 2017. Two of the four companies are already profitable.
The agreement terms called for Signature Devices, Inc. to become â??Pink Current Informationâ? on OTC Markets, and issuance of preferred shares in Signature Devices, Inc. To become â??Pink Current Informationâ? required that Signature Devices update the last two years of financials and file an attorney opinion letter with respect to the financials. Preferred shares were issued so that the transaction would not dilute the public common stockholders.
As part of the ongoing terms of the agreement, Signature Devices, Inc. will fund Innovo Technology through non-toxic debt from one already existing investor. The agreement calls for an investment of $500,000.00 over the course of the 1st year. The money will be used to manufacture product for current purchase orders as well as scale Truck ITâ??s already exiting business. While this may have a slight dilutive effect over the course of the year, it should be counter balanced with the increase in profits from scaling the existing businesses.
