Business
Signature Devices, Inc. Finalizes Acquisitions and Obtains Pink Sheet Current Status
Signature Devices, Inc. Finalizes Acquisitions and Obtains Pink Sheet Current Status.
About this update from Signature Devices Inc
[{"type":"text","content":"\n \n \n Signature Devices, Inc. Finalizes Acquisitions and Obtains Pink Sheet Current Status\n \n \nSignature Devices, Inc. Finalizes Acquisitions and Obtains Pink Sheet Current Status\n \n IRVINE, CA--(Marketwired - Feb 13, 2017) - Signature Devices, Inc. (OTC PINK: SDVI) today announced its wholly owned subsidiary Innovo Technology (www.innovotech.io) has closed on the acquisition of Four (4) IOT companies.\n Innovo Technology, a leading software and hardware development company, has launched its IOT business. Innovo, which develops and manufactures devices for digital home media management under its Morpheus brand, combined efforts with Truck IT, Tazerwear and Knoton to create a connected platform for the Internet of Things. The closing date for the transaction was February 8th, 2017. Two of the four companies are already profitable.\n The agreement terms called for Signature Devices, Inc. to become \"Pink Current Information\" on OTC Markets, and issuance of preferred shares in Signature Devices, Inc. To become \"Pink Current Information\" required that Signature Devices update the last two years of financials and file an attorney opinion letter with respect to the financials. Preferred shares were issued so that the transaction would not dilute public common stockholders.\n As part of the ongoing terms of the agreement, Signature Devices, Inc. will fund Innovo Technology through non-toxic debt from one already existing investor. The agreement calls for an investment of $500,000.00 over the course of the first year. The money will be used to manufacture product for current purchase orders as well as scale Truck IT's already existing business. While this may have a slight dilutive effect over the course of the year, it should be counter balanced with the increase in profits from scaling the existing businesses. \n The company has also announced the use of Twitter for small company updates and announcements, https://twitter.com/SignatureDevice\n About Innovo \n Based in Irvine, California, Innovo Technology combines the best of the technologies underpinning the popular Morpheus media server, Tazerwear's AI Software, Truck IT's beacon platform with Knoton's hardware, infrastructure and software. The result is a company that blends custom software and powerful hardware IoT-interconnected devices. Learn more by visiting: http://...