SPYR (OTCQB:SPYR) Technologies Inc. has entered a material definitive agreement to acquire GeoTraq Inc, a company developing and manufacturing self-contained and ultra-small Mobile IoT (Internet of Things) modules for asset tracking, location-based services and remote monitoring, the company announced.
The company is buying GeoTraq from Nasdaq-traded JanOne Inc. (NASDAQ:JAN)
Mobile IoT refers to managed IoT Low Power Wide Area Networks (LPWAN) in a licensed spectrum. LPWAN capability is ideal for widely adopted consumer products, such as smartwatches and other wearables, as well as industrial applications like gas, water and electric metering, machine monitoring, factory automation, supply chain and logistics oversight.
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GeoTrraq’s modules are plug-and-play and include turnkey connectivity to cloud services using GeoTraq's proprietary cloud-based WebTraq platform. The modules are small, consume very low power, and possess long battery life and global LPWAN connectivity, the company said.
With their self-contained form factor, GeoTraq’s modules eliminate the hassle and cost of designing and building a printed circuit board for mounting. They work right out of the box by simply attaching a battery and antenna and activating the device on the WebTraq cloud platform.
GeoTraq’s initial product offerings are in the later stages of development and testing and will be available for deployment in the first quarter of 2023, the company said.
“GeoTraq has built a product that can be used in multiple ways, not just tracking. Sensors can be added to provide the customer with additional data points such as temperature and motion along with other sensor-driven data,” SPYR CEO Tim Matula said in a statement. “We are very excited with this acquisition and look forward to continuing to build our company. Upon completion of this acquisition, SPYR will have two subsidiaries, Applied Magix and GeoTraq.”
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