SPYR Inc (SPYR)

[Televet]

SPYR Technologies Enters into Material Definitive Agreement to Acquire GeoTraq, Inc.
May 31, 2022 9:00 AM

THE WOODLANDS, Texas, May 31, 2022 (GLOBE NEWSWIRE) -- via InvestorWire -- SPYR Technologies [OTCQB: SPYR] (“SPYR” or the “Company”), a technology-focused holding company emphasizing the Internet of Things (“IoT”), announced today its entry into a material definitive agreement to acquire GeoTraq, Inc. from NASDAQ traded JanOne Inc. (JAN).

GeoTraq develops and manufactures 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.

“Mobile IoT” refers to managed IoT “Low Power Wide Area Networks” (LPWAN) in a licensed spectrum. IoT manufacturers are quickly embracing cellular connectivity, given its ability to deliver a secure, real-time device-to-cloud connection needed for remote monitoring, control, or management. This low-power, wide-area network capability is ideal for widely adopted consumer products, such as smartwatches, wearables, and asset trackers, as well as industrial and infrastructure applications, such as gas, water and electric metering, machine monitoring, factory automation, supply chain and logistics oversight.

GeoTraq’s new Mobile IoT modules are small, consume very low power, possess long battery life and global LPWAN connectivity. With their self-contained form factor, GeoTraq’s modules eliminate the hassle and cost of designing and building a printed circuit board for mounting. The GeoTraq modules work right out of the box by simply attaching a battery and antenna and activating the device on GeoTraq's WebTraq cloud platform.

The GeoTraq modules achieve very accurate indoor and outdoor positioning capability using only the LTE radio (no GPS or GNSS required) by cellular tower triangulation. The cellular chipset provides unique global coverage and is certified by operators worldwide. Engineered to enhance the capabilities of power saving mode and extended discontinuous reception, the GeoTraq Mobile IoT modules provide the valuable long battery life needed by many IoT use cases essential for the billions of devices, objects and machines across an increasingly connected world. GeoTraq Mobile IoT proprietary monitoring allows customers to designate adjustable triggers that generate customer-specific information used to track assets beyond just location – to virtually everything from monitoring the temperature of frozen products during shipment, to the amount of propane in a tank vessel, to the detection of humidity in a dry storage facility. The uses are endless.

Chris Chammas, Project Engineer of Geotraq, stated, “We are pleased to be joining the SPYR team and look forward to deploying our products world-wide. We have positioned our products and related services as a low cost way to track assets worldwide along with many associated special features.”

Tim Matula, CEO of SPYR Technologies, stated, “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 with 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.”

GeoTraq’s initial product offerings are in the later stages of development and testing and will be available for deployment in Q1 of 2023.

Learn more about SPYR at https://ir.spyr.com/.

Learn more about GeoTraq by visiting the company’s website at www.geotraq.com.

Learn more about Applied Magix by visiting the company’s website at https://AppliedMagix.com.