SEATTLE, July 28, 2015 (GLOBE NEWSWIRE) -- GeoTraq, Inc. (OTC:GTRQ), a development stage company focused on developing next-generation wireless location technology, announced it intends to acquire OmniM2M, a technology company focused on IOT and Ci2i, a technology consulting company focused on analytics.
Under the terms of the Letter of Intent, GeoTraq will issue to the shareholders of OmniM2M and Ci2i a total of 120m common shares. Both OmniM2M and Ci2i had combined gross revenues of over $1m in 2014. The acquisition will create immediate additional revenues to GeoTraq from existing OmniM2M and Ci2i contracts, and significantly increase the company’s bottom line and overall shareholder value.
“This is a significant step forward in the realization of our vision, and a strong validation of our company and strategy,” said Gregg Sullivan, CEO of GeoTraq. “The acquisition of these two companies will form part of a larger well-capitalized company with a broad portfolio of enterprise solutions that will significantly amplify our ability to deliver cutting edge technology.”
Ajay Sikka, CEO of both OmniM2M and Ci2i commented, “Joining a publicly traded company will unlock value for our Shareholders and allow both our companies to be part of a larger growth model. This is a winning proposition for our customers, partners, employees and shareholders.”
Mr. Sullivan will continue his role as CEO. As a major shareholder, Mr. Sikka will join the Board of Directors. The acquisition will close pending satisfactory due diligence, final acquisition agreement and board approval. The company will continue to comply with all SEC reporting requirements.
About OmniM2M
OmniM2M offers an end-to-end solution in the IoT/M2M space - Hardware, Software, and Connectivity - all for a simple monthly fee. M2M as a service (MaaS). OmniM2M's unique device independent software stack allows tremendous flexibility with hardware devices and integrating them with the enterprise software environment. For further information please visit the Company's website at www.OmniM2M.com.
About Ci2i
Ci2i provides M2M/IoT, Analytics and Marketing solutions. The company is focused on providing services and support as one integrated managed service offering for 10+ years. Ci2i has made it to the Inc. 500 fastest growing list. Ci2i's customer list includes Microsoft, Staples, Accenture, Pactera and many others. For further information please visit the Company's website at www.Ci2iServices.com.
About GeoTraq
GeoTraq Inc. is a technology provider established to manufacture and sell cellular transceiver modules and associated services specifically enabled by Cell-ID with all its inherent advantages over GPS and RFID to provide solutions for the tracking, asset recovery and location based industries. For further information please visit the Company's website at www.GeoTraq.com.
Forward-Looking Statement
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that such forward-looking statements involve risks and uncertainties, which include among others, the inherent uncertainties associated with development stage companies including without limitation, other risks associated with new technologies.