The Company intends to acquire 100% of the issued and outstanding
shares of WTX Inc. for $2.53 million on the following terms: (i)
$230,000 in cash payable at closing; (ii) $300,000 in cash payable
on the 6-month anniversary post closing; and (iii) $2,000,000 in
IoT Inc. treasury shares priced on a 5-day VWAP over the next five
days, with 50% of the shares to be released over three years on the
12
th month, 24
th month and 36
th
month anniversaries post closing and the 50% balance to be released
on achieving $8.2 million minimum net sales target over 36 months
with pro rata releases every six months.
Weather Telematics uses an AI system, a proprietary mobile
sensor network and a data fusion platform to generate its
information. WTX Inc. has developed a unique set of meteorological
data (based on hundreds of millions of miles of road weather data)
that allows it to make real-time hyper-local road condition
predictions. Weather Telematics has patents pending in multiple
jurisdictions for its sensor and a growing sales pipeline
consisting of globally recognized automotive OEMs, electric vehicle
manufacturers, telematics and logistics providers, media companies,
and insurance firms. Additionally, IoT Inc. will look to expand WTX
Inc. into China through its New Hope IoT Intl Inc. joint venture
partnership.
WTX Inc. has assembled a strong and highly qualified management
team, led by Robert Moran, CEO. Mr. Moran is an accomplished serial
technology entrepreneur with several successful exits and he will
continue to lead WTX Inc. Darryl Smith, Chief Technology Officer,
has co-founded four technology start-ups. Michael Keefe, Chief
Strategy Officer, has 20+ years of senior management experience
driving innovation and global market growth. Dr. Shiven Sharma,
Chief Data Scientist, has conducted extensive research in the field
of AI, particularly machine learning, and has published over a
dozen research papers on the subject matter.
“We are excited to launch a new era of growth for WTX with IoT
Inc.,” said Robert Moran, CEO of Weather Telematics. “Internet of
Things Inc.’s vision closely aligns with our strategy to apply
AI-based predictive data and IoT sensor networks to solve some of
the global challenges facing the transportation, insurance, and
weather sectors.”
“Weather Telematics is poised for significant growth with a
clear path to increased revenue and profitability. Since the
signing of our global distribution agreement with WTX this past
fall, we have worked alongside their team and have been extremely
impressed with their continual progress,” said Michael Frank, CEO
of IoT Inc. “We are looking forward to working with Weather
Telematics management even more closely to accelerate and expand
their market penetration and to maximize the return on investment
for our shareholders.”
It is anticipated that IoT Inc. will close the acquisition of
WTX Inc. by May 31, 2018. The transaction is subject to the
approval of both companies’ board of directors and the TSX Venture
Exchange.
About Weather
Telematics Inc.
Founded in 2010, Weather Telematics Inc. is a Canadian-based, IoT
data science company offering road safety data products for
industrial, government and consumer markets. Weather Telematics
uses a proprietary vehicle-mounted mobile IoT sensor network and AI
machine learning system to generate real-time and predictive road
weather conditions, road hazard risk alert notifications and
dynamic routing applications. The Weather Telematics platform
mitigates weather risk, reduces traffic congestion and makes
connected and autonomous navigation safer in all types of road
conditions.
To learn more, visit: www.weathertelematics.com
Follow Weather Telematics on: Twitter: https://twitter.com/weathertx
About
Internet of Things Inc.
Internet of Things Inc. is a strategic investor in high growth
companies with innovative technology solutions. The Company creates
value through our portfolio companies’ expertise in the IoT, AI and
Blockchain solutions, by turning data into actionable intelligence
to drive more efficiency into organizations.
The Company has a joint venture partnership, New Hope IoT Intl
Inc., with New Hope Data Technology Co. Ltd. Internet of Things
Inc. also has strategic investments in Braingrid Corp. and
Blockstrain Technology Corp. and has its headquarters in Toronto,
Canada.
Follow
Internet of Things Inc. on:
Facebook: https://www.facebook.com/InternetofThingsInc/
Twitter: https://twitter.com/iotintl
LinkedIn: https://www.linkedin.com/company/internet-of-things-inc-
For further
information, contact:
Internet of
Things Inc.
Kim Nguyen, Director of Corporate Communications
Tel: (416) 792-9088
Email: knguyen@iotintl.com
To learn more, visit: www.iotintl.com
Cautionary
and Forward-Looking Statements
Statements contained in this news release, which are not historical
facts, are forward-looking statements that involve risk,
uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such
forward-looking statements. There can be no assurance that such
statements will prove to be accurate and actual results and future
events could differ materially from those anticipated in such
statements. All forward-looking statements included in this news
release are based on information available to the Company on the
date hereof. Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that could cause
actual results of the Company to differ materially from the
conclusion, forecast or projection stated in such forward-looking
statements. These risks, uncertainties and other factors include,
but are not limited to factors referenced in the Company’s other
continuous disclosure filings, which are available
at sedar.com. Readers
should not place undue reliance on these forward-looking
statements. The Company assumes no obligation to update any
forward-looking statements, except as required by applicable
securities laws.
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