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SPYR Inc. (SPYR) Begins Actualizing 2022 Expansion Plans with Entry into Material Definitive Agreement to Acquire GeoTraq, Inc.

  • Earlier this year, SPYR announced its acquisition and expansion plans for this year that involved possible acquisitions of two companies 
  • In a recent announcement, the company reported it had entered into a material definitive agreement to acquire one of the two targets: GeoTraq, Inc.
  • GeoTraq develops and manufactures 100% self-contained, fully-integrated, ultra-small, plug-and-play mobile IoT modules that consume low power
  • The acquisition positions SPYR to tap into the growing cellular IoT market and cellular IoT module space
  • Upon completing the acquisition, SPYR will have two subsidiaries

In a late March announcement, technology company SPYR (OTCQB: SPYR), dba SPYR Technologies, which, through wholly owned subsidiary Applied Magix, Inc., operates in the Internet of Things (“IoT”) market, documented its acquisition and expansion plans for 2022 that would build on prospects the company had quietly explored during the 2021 fiscal year. The acquisitions, the March 28 press release noted, would strengthen SPYR’s balance sheet and grow shareholder value (https://ibn.fm/lBSGS).

At the time, the company had been in preliminary discussions with two targets. “Over the past year, we have been actively exploring expansion of the holding company for the benefit of our shareholders, and I believe these two opportunities are very attractive and…

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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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