The Patent that was Granted to GeoTraq is worthless. As a 35+ Telecom R&D Veteran, I came across Gregg Sullivan the so called "inventor" of this module back in 2016. What a fraud. Gregg ripped of another company that was in the process of creating a Baggage Tag with the same 2G MediaTek Chip. That product also never got off the ground. And it appeared Gregg had initially had this other company called "GoTraq" and he up and Deregistered all the Common Shares. Then somehow re-emerged as "Geotraq" and sells out to ARCI. Essentially screwing all the early stage investors in this product.
This Patent is written so vague and it is also attempting to do an "end-run" on how Legacy 2G/3G Technology works. Which by the way is all but discontinued in the Telecom Celluar Industry. Gregg was fired by ARCI (essentially JanOne) for Cause back in late Dec 2019 early Jan 2020. Gregg is a total pathological liar and bullshit artist. I still don't fully understand how him and Jon Issac (LIVE) and his dad Tony Issac (ARCI) got hooked up. The whole deal was booked improperly on ARCI's Balance Sheet too IMHO. The Majority of the deal was valued at $26 Million and mostly was Preferred Shares of ARCI. This was all "Booked" as an Intellectual Property Asset. It essentially massively inflated ARCIs Balance Sheet. ARCI was writing off $1 Million a Quarter of this on their Balance Sheet. Funny thing though is all these Preferred Shares were divided up between Tony, Gregg, and one other guy, Juan Yunis (an Issac Crony). Juan had the largest share, which instantly if he converted these Preferred Shares to Common ARCI Stock made him the sole Controlling Owner of ARCI. ARCI clawed back 50% of Gregg's Preferred Shares and there was a Lawsuit between them. Not sure of the outcome, but I know it was a total mess. A number of Geotraq Employees also got shafted by Gregg. I assume he is under a rock somewhere.
With my Due Diligence on Geotraq back then all kinds of "Red Flags" were apparent. I had thought Pierre Parent the CTO also pretty much jumped ship after doing an "Overhaul" on attempting to redesign this module to use Sequans "Monarch" iOT Chip and then had partnered with Polte to use their Centralized Backend Location Service. Either way, none if it got off the ground.
Everyone around this whole thing is embroiled in Lawsuits and Civil Actions. Especially, Jon Issac via the SEC.
I will have to review these latest shenanigans.
