SPYR (OTCQB:SPYR) has told investors it is 100% focused on growing its GeoTraq business, products and services after winding down and dissolving its Applied Magix subsidiary in December.
Providing a 2023 outlook and commenting on 2022 events of note, SPYR CEO Timothy Matula said the company’s first goal is to complete the over 13,000 chipsets that are ready for assembly.
“In addition, as we receive further funding our focus will be on expanding our current engineering staff and migrating to 5G chipsets when we order additional chips,” Matula said.
READ: SPYR strengthens balance sheet in latest quarter in quest for small, low-cost tracking modem production
Matula noted that 2022 was eventful for SPYR as it introduced new management and started the process of evaluating the business and beginning the search for possible merger candidates.
Last June, it purchased the assets of GeoTraq from Nasdaq-listed JanOne in a transaction that did not require any cash up-front from SPYR.
In addition to not requiring any up-front cash, Matula said SPYR received the patent and the inventory of over 13,000 chip sets which are a work in progress. It also signed a manufacturing agreement to build the chipsets into finished goods inventory and created a supply chain for more chipsets.
"In July we began the process of evaluating the performance of our Applied Magix subsidiary,” Matula said. “Based on that review, the board of directors concluded that we should focus on our GeoTraq purchase as the market for their products is growing and our belief that with proper funding we would be able to sell the asset tracking devices to a wide range of enterprise customers.”
In December, SPYR entered into a settlement agreement and release with shareholders resulting in the cancelation and return to treasury of 36,272,684 common shares, representing 10.48% of the issued and outstanding shares of the company, Matula noted.
SPYR is a technology company focused on the Internet of Things (IoT). Through its GeoTraq business, SPYR develops and manufactures fully self-contained, ultra-small mobile IoT modules, including Tracker-M modules for asset tracking and location-based services, and Sensor-M modules used for remote monitoring.
GeoTraq offers asset tracking and remote monitoring through Mobile IoT modules with global connectivity.
Contact the author at stephen.gunnion@proactiveinvestors.com