Business
SPYR Announces Expansion Plans in 2022
SPYR Announces Expansion Plans in 2022.
About this update from Spyr, Inc.
[{"type":"text","content":"\n THE WOODLANDS, Texas, March 28, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – SPYR, Inc. dba SPYR Technologies (OTCQB: SPYR) (https://spyr.com ), (“SPYR” or the “Company”) a technology company whose subsidiary, Applied Magix, Inc., develops and resells Apple® ecosystem compatible products in the growing multibillion-dollar IoT smart home and connected car markets, today is pleased to announce its acquisition and expansion plans for 2022. During fiscal year ended 2021 and to date, the Company has been quietly exploring possible acquisitions that may strengthen the Company’s balance sheet and return value to its shareholders. The Company has been in preliminary discussions with two companies targeted for possible acquisition this year. One company is a well-positioned industrial lighting developer, whose business is focused on the marketing and sale of its proprietary lighting technologies which are widely adopted as the industry standards in the transportation and industrial lighting spaces. The target company has a good track record of revenues and would be a strong fit for the Company. The Company expects to execute a non-binding letter of intent soon that will include a stand still clause, providing the Company with the security and time it needs to complete its due diligence on the acquisition. The second target controls a proprietary web-based software platform and complementary hardware used for high-value asset tracking in the construction, agriculture, asset management, police, defense, energy and cold-chain industries. The Company believes this acquisition fits well into its IoT division and expects its business to expand the Company’s holdings positively. Commenting on the Company’s plans, CEO Tim Matula pointed out that his goal is to position the Company with valuable holdings that contribute to shareholder value: “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 will, assuming we complete the acquisitions, contribute to the overall business development and profitability of the Company for the benefit of our shareholders” About SPYR Technologies SPYR Technologies (SPYR) is a technology company which, through its subsidia...