SPYR (OTCQB:SPYR), doing business as SPYR Technologies, told investors that its subsidiary Applied Magix Inc is investigating possible acquisition targets to add essential intellectual property (IP) to its line of products, as well as new product lines.
The Texas-based technology group explained that Applied Magix develops and resells Apple ecosystem compatible products in the growing multibillion-dollar smart home and connected car markets.
"I'm always looking for new and innovative technologies, and as a result, have come across several potentially awesome IP targets that might be worth acquiring," Applied Magix CEO Harald Zink said in a statement. "Some of these are AI-based and would complement and expand some of our existing product lines really well. Others represent some significantly innovative technologies that could be at the core of new product lines."
READ: SPYR Technologies says Applied Magix subsidiary considers entering MVNO business
In the tech business, Spyr said it is always important to stay at the forefront of the industry, and preferably several steps ahead.
“This is what Harry (Zink) and Applied Magix are doing, and I am fascinated at some of the technologies that he finds," SPYR Technologies CEO Tim Matula added. "These are exactly the sort of technologies that could be complementary to Applied Magix' products, while at the same time, potentially bringing in new revenue streams based on these new technologies."
The company cautioned that Applied Magix does not discuss future products, or details of future acquisitions, and current considerations are currently of a speculative nature. Should any of these possibilities take on a more solid form, it said detailed press releases would be issued.
SPYR identifies and targets acquisitions to grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence (AI) and smart technology products.
Contact the author at stephen.gunnion@proactiveinvestors.com