INTERNET OF THINGS INC. CLOSES ACQUISITION OF WEATHER TELEMATICS INC.
Source: InvestorsHub NewsWire
Toronto & Ottawa, Canada -- June 04, 2018 -- InvestorsHub Newswire -- Internet of Things Inc. (TSX VENTURE: ITT OTC: INOTF; FRANKFURT: 71T) (“IoT Inc.” or the “Company”) a strategic investor and operator of emerging technology companies with innovative IoT, AI and Blockchain solutions, has completed the previously announced acquisition of Weather Telematics Inc. (“WTX Inc.” or “Weather Telematics”). WTX Inc. is a data science company offering real-time advanced artificial intelligence (AI) based predictive road condition weather analytics for safer, connected and autonomous transportation. The acquisition combines a world-leader in Weather Telematics providing real-time road condition predictive weather analytics with a strong business partner in IoT Inc. to accelerate sales and to expand the potential vertical applications for WTX Inc.’s AI platform.
Iot Inc. has acquired 100% of the issued and outstanding shares of WTX Inc. for $2.53 million on the following terms: (i) $230,000 in cash payable at closing; (ii) $300,000 in cash payable on the 6-month anniversary post closing; and (iii) 20,833,332 IoT Inc. treasury shares priced at $0.0963, with 50% or 10,416,666 shares to be released over three years in three equal tranches of 3,472,222 shares on the 12th month, 24th month and 36th month anniversaries post closing. The 50% balance or 10,416,666 shares to be released on WTX Inc. achieving $8.2 million minimum net sales target over 36 months with pro rata releases every six months (the “Transaction”).
“We are thrilled to be a part of Internet of Things and to leverage the expertise and relationships that IoT Inc. and its portfolio companies have established.” said Robert Moran, CEO of Weather Telematics. “With the power of AI-based technologies, we can convert extremely complex datasets into useful actionable intelligence”
“Weather Telematics is at the forefront of AI-based and machine learning technologies for predictive road and weather analysis feeding into the growing autonomous vehicle sector”, said Michael Frank, CEO of IoT Inc. “We have already seen the benefits of their technology in applications related to transportation, insurance and logistics. WTX’s recent deal with Teletrac Navman provides integration benefits for market acceptance and ease of adoption. Together we’ve identified the next level of verticals to target, which includes, insurance companies, ride sharing programs for companies like Uber and Lyft and direct solutions for drivers. This acquisition will add long-term diversification and value to our investment portfolio and we welcome Weather Telematics’ team to become part of the IoT’s family.”
“With this transformative acquisition, we are positioned to build Internet of Things Inc. into a real-time road and environment data collection company. This technology is vital for autonomous driving platforms like Tesla and others. Additionally, our strategy with Weather Telematics will be to build out a new mobile app and then to rollout the full-suite of WTX technologies to the marketplace”, said James Sutcliffe, President & COO of IoT Inc.
About Weather Telematics Inc.
Founded in 2010, Weather Telematics Inc. is a Canadian-based, IoT data science company offering road safety data products for industrial, government and consumer markets. Weather Telematics uses a proprietary vehicle-mounted mobile IoT sensor network and AI machine learning system to generate real-time and predictive road weather conditions, road hazard risk alert notifications and dynamic routing applications. The Weather Telematics platform mitigates weather risk, reduces traffic congestion and makes connected and autonomous navigation safer in all types of road conditions.
To learn more, visit: www.weathertelematics.com
Follow Weather Telematics on: Twitter: https://twitter.com/weathertx
About Internet of Things Inc.
Internet of Things Inc. is a strategic investor and operator of high growth companies with innovative technology solutions. The Company creates value through our portfolio companies’ expertise in the IoT, AI and Blockchain solutions, by turning data into actionable intelligence to drive more efficiency into organizations.
The Company owns Weather Telematics Inc., and has a joint venture partnership, New Hope IoT Intl Inc., with New Hope Data Technology Co. Ltd. Internet of Things Inc. also has strategic investments in Braingrid Corp. and Blockstrain Technology Corp. and has its headquarters in Toronto, Canada.
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For further information, contact:
Internet of Things Inc.
Kim Nguyen, Director of Corporate Communications
Tel: (416) 792-9088
To learn more, visit: www.iotintl.com
Cautionary and Forward-Looking Statements
Statements contained in this news release, which are not historical facts, are forward-looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements included in this news release are based on information available to the Company on the date hereof. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results of the Company to differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include, but are not limited to factors referenced in the Company’s other continuous disclosure filings, which are available at sedar.com. Readers should not place undue reliance on these forward-looking statements. The Company assumes no obligation to update any forward-looking statements, except as required by applicable securities laws. _____________________________________________________________________________________________
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