Wednesday, June 08, 2022 10:07:57 AM
https://www.otcmarkets.com/stock/JAN/news/story?e&id=2228510
NEWS
JanOne Sells GeoTraq to SPYR Technologies in a $13.5 Million Transaction
Sale of GeoTraq allows JanOne to focus on core business strategy
LAS VEGAS, May 31, 2022 /PRNewswire/ -- JanOne Inc. (Nasdaq: JAN), announced today that it has sold substantially all of the assets, and none of the liabilities, of GeoTraq Inc. ("GeoTraq"), its wholly-owned subsidiary, to SPYR Technologies Inc. ("SPYR").
"We believe this transaction further allows us to focus on our main business," said Tony Isaac CEO of JanOne. "Right now, our priority is the development of drugs with non-addictive, pain-relieving properties, specifically JAN101 (formerly known as TV1001SR), which is a potential treatment for peripheral artery disease (PAD). This sale of our subsidiary will help us continue to fund the necessary clinical trials for JAN101."
Pursuant to the Asset Purchase Agreement, the aggregate purchase price for GeoTraq was $13.5 million, payable in cash and shares of SPYR's common stock. At closing, SPYR issued to JanOne 30,000,000 shares of its common stock and delivered to JanOne a five-year Promissory Note in the initial principal amount of $12.6 million. The Promissory Note bears simple interest at the rate of 8% per annum and provides quarterly interest payments in arrears, which may be prepaid at any time without penalty.
Watch for opportunities with those you trust.
Recent SPYR News
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 10/25/2023 05:32:15 PM
FEATURED Cannabix Technologies to Deliver Breath Logix Alcohol Screening Device to Australia • Apr 30, 2024 8:53 AM
Hydromer, Inc. Reports Preliminary Unaudited Financial Results for First Quarter 2024 • HYDI • Apr 29, 2024 9:10 AM
Avant Technologies to Implement AI-Empowered, Zero Trust Architecture in Its Data Centers • AVAI • Apr 29, 2024 8:00 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • BLO • Apr 25, 2024 8:52 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM