SPYR Inc (SPYR)

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https://ir.spyr.com/press-releases/2022/spyr-inc-comments-on-strengthening-balance-sheet-and-corporate-developments-as-it-moves-toward-launch-of-its-tiny-internet-of-things-connectivity-modems

SPYR, Inc. Comments on Strengthening Balance Sheet, and Corporate Developments as It Moves Toward Launch of Its Tiny Internet of Things Connectivity Modems


SPYR Technologies

THE WOODLANDS, TX, Oct. 11, 2022 (GLOBE NEWSWIRE) -- via NewMediaWire – SPYR, INC. (OTCQB: SPYR), a diversified technology company developing products leveraging the Internet of Things (IoT) for consumer use and large-scale applications and industries, today outlines recently reported disclosures in its June 30 10-Q, and comments on corporate developments. The Company, via its GeoTraq subsidiary, is at the forefront of the technology development of the world’s smallest, low-power, low-cost tracking modems.

As was recently reported to the public on Securities & Exchange Commission Form 10-Q, SPYR has seen significant positive changes to its balance sheet for the most recently reported quarter, June 30, 2022. With the acquisition of GeoTraq, Inc. during the quarter, total assets were significantly boosted to $9.7 million, up from only $342,000 as of the end of the previous quarter. During the first two quarters of this year, the Company was also successful in obtaining growth capital, with $769,000 raised.

“With our SEC filings up to date, the GeoTraq acquisition fully integrated, and our recently completed manufacturing contract with Asiatelco Technologies Co. in place, we are now laser-focused on readying our market launch of the world’s smallest, low-power, low-cost tracking modems for consumer use and large-scale applications and industries,” stated, Timothy Matula, Chief Executive Officer, SPYR, Inc. “We are seeing interest in our unique technologies growing on an almost daily basis as the Internet of Things (IoT), for which our devices are specifically designed, continues to expand.”

GeoTraq’s tiny Internet of Things connectivity modems are squarely focused on providing the industry with the lowest power consumption curve and the best battery conservation. With industry-leading low power consumption, smaller batteries can be utilized in devices, allowing manufacturers unparalleled flexibility in designing ever-smaller internet-connected devices. GeoTraq is employing numerous innovations to achieve its low power consumption profile, many of which are included in their Patent 10,182,402.