SPYR (OTCQB: SPYR) CEO Tim Matula has released comments regarding the company, which is a diversified technology company developing products leveraging the Internet of Things (IoT) for consumer use and large-scale applications and industries. Matula commented on noteworthy events during 2022 as well as the company’s outlook for 2023. After thanking shareholders, Matula noted that 2022 was “eventful” for SPRY, including the introduction of new management at the beginning of the year as the company evaluated its business and began looking for potential merger acquisitions. That process culminated in June when the company purchased the assets of GeoTraq in a transaction that included the patent and the inventory of more than 13,000 chip sets; SPYR also entered a manufacturing agreement to build the chip sets into finished goods inventory. GeoTraq is a mobile IoT module manufacturer and connectivity provider that offers asset tracking and remote monitoring through mobile IoT modules with global connectivity. “In July we decided began the process of evaluating the performance of our Applied Magix subsidiary,” said SPRY CEO Tim Matula in the press release. “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 devises to a wide range of enterprise customers. On Dec. 12, 2022, we 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 as of Dec. 21, 2022. On Dec. 20, 2022, we wound down and dissolved Applied Magix in Nevada, and now we are 100% focused on growing our GeoTraq business, products and services. Our first goal is to complete the over 13,000 chip sets 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 chip sets when we order additional chips. We look forward to the new year with enthusiasm as we concentrate all of our efforts on GeoTraq.”
To view the full press release, visit https://ibn.fm/1jt1o
About SPYR Inc.
SPYR Technologies is a technology company focused on the Internet of Things (“IoT”). Through its subsidiary GeoTraq business, SPYR develops and manufactures fully self-contained, ultra-small mobile IoT modules, including Trackertracker-M modules, for asset tracking and location-based services, and Sensorsensor-M modules, used for remote monitoring. SPYR continues to identify and target acquisitions that will grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence (“AI”) and smart-technology products. For more information about this company, visit https://ir.spyr.com.
NOTE TO INVESTORS: The latest news and updates relating to SPYR are available in the company’s newsroom at https://ibn.fm/SPYR
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