Business
Signature Devices Closes Acquisition of Four (4) Internet of Things Companies Under Subsidiary Innovo Technology.
Signature Devices Closes Acquisition of Four (4) Internet of Things Companies Under Subsidiary Innovo Technology..
About this update from Signature Devices Inc
[{"type":"text","content":"\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nIRVINE,\nCA, February 9, 2017 - Signature Devices, Inc. (OTCPK: SDVI) – today announced\nthe its wholly owned subsidiary Innovo Technology (www.innovotech.io)\nhas closed on the acquisition of Four (4) IOT companies.\n\nInnovo Technology, a leading software and hardware development company has\nlaunched its IOT business. Innovo develops and manufactures devices for digital\nhome media management under its Morpheus brand combined efforts with, Truck IT,\nTazerwear and Knoton to create a connected platform for the Internet of\nThings. The closing date for the\ntransaction was February 8th, 2017. Two of the four companies are already\nprofitable.\n\nThe agreement terms called for Signature Devices, Inc. to become “Pink Current\nInformation” on OTC Markets, and issuance of preferred shares in Signature\nDevices, Inc. To become “Pink Current\nInformation” required that Signature Devices update the last two years of financials\nand file an attorney opinion letter with respect to the financials. Preferred shares were issued so that the\ntransaction would not dilute the public common stockholders.\n\nAs part of the ongoing terms of the agreement, Signature Devices, Inc. will\nfund Innovo Technology through non-toxic debt from one already existing\ninvestor. The agreement calls for an investment of $500,000.00 over the course\nof the 1st year. The money\nwill be used to manufacture product for current purchase orders as well as\nscale Truck IT’s already exiting business. \nWhile this may have a slight dilutive effect over the course of the\nyear, it should be counter balanced with the increase in profits from scaling\nthe existing businesses.\n\nAbout Innovo\n\nBased in Irvine California, Innovo Technology combines the best of the\ntechnologies underpinning the popular Morpheus media server, Tazerwear's AI\nSoftware, Truck IT's beacon platform with Knoton’s hardware, infrastructure and\nsoftware. The result is a company that blends custom software and powerful\nhardware IoT-interconnected devices. Learn more by visiting:\nhttp://innovotech.io/about/\n\nAbout Signature Devices, Inc. \n\nBased in Sheridan Wyoming, Signature Devices, Inc.\n(www.signaturedevices.com) (OTCPK:SDVI) is a holding company with subsidiaries\nthat develop Internet of Things (IOT) products through ...