Emerging Markets Report: Introducing the Blue Collar Internet of Things (IOT)
One on One with SPYR Technologies’ New Acquisition, GeoTraq
ORLANDO, Fla., June 15, 2022 (GLOBE NEWSWIRE) -- Significant news from SPYR Technologies (OTCQB:SPYR) which announced that it had entered into a material definitive agreement to acquire GeoTraq from a NASDAQ listing commands our attention. As you should recall, SPYR and its subsidiary, Applied Magix, Inc., develops and resells Apple® ecosystem compatible products in the growing multibillion-dollar smart home and connected car markets. They are firmly entrenched in the Internet of Things (IOT).
GeoTraq develops and manufactures entirely self-contained and ultra-small Mobile IoT (Internet of Things) modules for asset tracking, location-based services, and sensor modules for remote monitoring. The modules are plug-and-play and include turnkey connectivity to cloud services via GeoTraq's proprietary cloud-based “WebTraq” platform. GeoTraq's mission is to provide “Simple IoT” at a low cost, with ease of deployment, ease of use, and plug-and-play functionality with no product development required of the customer.
That’s the cold description, which for us, isn’t enough to really understand what our guys at SPYR just announced they’re buying. So we chatted with GeoTraq’s Chief Technology Officer Pierre Parent to understand better what GeoTraq is doing and how it fits into SPYR’s model.
EMR: You refer to your technology as “Blue Collar IOT.” Can you explain that more fully?
Parent: A hallmark of the GeoTraq brand and products is simplicity. In the technology sector, technologists and technology companies are enamored with technology. The IoT industry is loaded with companies selling complex technical solutions. While there is a time and place for these, simple solutions are being ignored by the tech wizards. Therein lies the opportunity for GeoTraq to pursue these overlooked areas in massive industries like Agriculture, Asset Tracking, Cold Chain, Energy, Healthcare, Industrial, Military and Police, Rental, Supply Chain, Transportation & Logistics and more.
EMR: So not the fanciest solution, but blue collar tech that can be used in a ton of verticals?
EMR: Can you tell us what is novel or proprietary about GeoTraq’s technology?
Parent: Sure. What is most novel is that GeoTraq modules are “self-contained.” That means companies can start testing possible tracking and monitoring solutions WITHIN DAYS, not months as is required with any of our competitor’s modules. To track the location of your things anywhere around town, the country or the world, simply attach an antenna and battery power to the tracker module and you can watch it as it moves. We think it’s a game changer and could be market disruptive immediately.
EMR: How does GeoTraq benefit from this acquisition?
Parent: It’s simple. SPYR is a company that invests in technology companies that target high value niche markets. GeoTraq has FCC Approved IoT connectivity modules that are fully developed and ready to launch into an exciting new marketplace with enormous growth potential. We will benefit from SPYR’s ability to provide the necessary funding to build inventory, hire a sales force and go to market the right way.
EMR: We realize that you have not launched yet and are ‘pre-revenue,” but what are some of your expectations after you launch?
Parent: Currently it’s hard to quantify because the use cases almost write themselves. Based on the IoT industry projections of 25 billion connected “things” within five years, we would conservatively estimate that at least 1/4 of that volume would HAVE to be simple “blue collar” type IoT applications so that would suggest an available market of seven billion deployments over five years. We are targeting for sales / deployment starting Q1 2023.
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