SPYR (OTCQB:SPYR) Technologies said its subsidiary Geotraq has been granted a patent covering various aspects of the operation of its mobile IoT (internet of things) wireless modules.
The patent claims cover, among other things, an apparatus comprising of an interval timer, a power control, a short message service (SMS) packetizer, a geo-locator; a radio frequency (RF) communicator, a controller, and a memory. The memory comprises instructions for the controller to operate the interval timer cooperatively with the power control to cause a transition of the geo-locator from a sleep state to a wake state after a preset defined time interval and to operate the geo-locator to receive signal strength levels and corresponding cell IDs from a plurality of cellular base stations, the company said.
“GeoTraq is a mobile Internet of Things technology company that designs innovative wireless modules that provide Location Based Services (LBS) and connect external sensors to the IoT,” Project engineer, Chris Chammas, said in a statement. “GeoTraq is planning to manufacture and sell wireless transceiver modules and subscription services that will allow connectivity using publicly available global mobile IoT networks.”
READ: SPYR says GeoTraq's Tracker Module (GT-TM100) is FCC approved and ready for market
There is a significant market opportunity within reach, Chammas argued.
“We believe there is a large, underserved portion of the LBS market that is not addressed by existing solutions. RFID and Wi-Fi require proximity for asset tracking, while GPS is too bulky and uses too much power for many needs,” he said. “GeoTraq addresses the white space in-between by designing wireless transceiver modules with technology that provides LBS directly from global mobile IoT networks. GeoTraq’s technology allows for a substantially lower cost solution, extended service life, a small form factor, and even disposable devices, which we believe can significantly reduce return logistics costs.”
GeoTraq is a recent acquisition for SPYR (OTCQB:SPYR), which entered a material definitive agreement to acquire the firm on May 31.
"We acquired significant intellectual property rights when we acquired GeoTraq, including the patented GeoTraq technology, that will position us into a sizable market ready to embrace IoT devices able to locate, monitor and track the movement of inventory, and a wide variety of other assets including the ability to monitor connected sensors,” CEO Tim Matula said. “We expect to invest, manufacture, market and successfully leverage this technology for the benefit of our shareholders.”
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