SPYR (OTCQB:SPYR) Inc, doing business as SPYR Technologies, announced that it has been in preliminary discussions with two companies that could be possible acquisition targets this year.
The Woodlands, Texas-based technology company said the acquisitions could strengthen its balance sheet and return value to its shareholders.
“Over the past year, we have been actively exploring expansion of the holding company for the benefit of our shareholders, and I believe these two opportunities are very attractive and will, assuming we complete the acquisitions, contribute to the overall business development and profitability of the company for the benefit of our shareholders,” SPYR Technologies CEO Tim Matula said in a statement.
READ: SPYR Technologies says subsidiary introduces limited-time special pricing for MagixDrive, expands airing schedule of national commercial
SPYR noted that one of the companies is a well-positioned industrial lighting developer, with a good track record of revenues, whose business is focused on the marketing and sale of its proprietary lighting technologies that are widely adopted as the industry standards in the transportation and industrial lighting spaces.
The other acquisition target, meanwhile, controls a proprietary web-based software platform and complementary hardware used for high-value asset tracking in the construction, agriculture, asset management, police, defense, energy and cold-chain industries.
SPYR said it believes the acquisition fits well into its Internet of Things (IoT) division and expects its business to expand the company’s holdings positively.
SPYR Technologies develops and resells Apple ecosystem-compatible products with an emphasis on the growing multibillion-dollar IoT smart home and connected car markets.
Contact Sean at sean@proactiveinvestors.com