SPYR (OTCQB: SPYR), a technology company, today announced that its subsidiary, GeoTraq, has been granted a patent covering various aspects of operation of its mobile IoT wireless modules. “GeoTraq is a mobile internet of things (‘IoT’) technology company that designs innovative wireless modules that provide location based services (‘LBS’) and connect external sensors to the IoT,” said Chris Chammas, project engineer. “GeoTraq is planning to manufacture and sell wireless transceiver modules and subscription services that will allow connectivity using publicly available global mobile IoT networks. GeoTraq addresses the large LBS market segment that is currently underserved with existing solutions due to high deployment costs (hardware, service, logistics), limited battery life and large form factors. 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. 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.”
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About SPYR Technologies
SPYR is a technology company which, through its subsidiary Applied Magix Inc., develops and resells Apple(R) ecosystem compatible products with an emphasis on the growing multibillion-dollar IoT smart home and connected car markets. Also, through its subsidiary GeoTraq, SPYR develops and manufactures entirely self-contained, ultra-small mobile IoT (“internet of things”) modules: Tracker-M modules for asset tracking and location-based services, as well as Sensor-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 SPYR, visit https://ir.SPYR.com.
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