SPYR, Inc. acquired Substantially all the Assets of GeoTraq Inc. for $13.7 million.
May 26, 2022
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SPYR, Inc. (OTCPK:SPYR) acquired Substantially all the Assets of GeoTraq Inc. for $13.7 million on May 24, 2022. Pursuant to the Asset Purchase Agreement, the aggregate purchase price for GeoTraq was $13.5 million, payable in cash and shares of SPYR's common stock. At closing, SPYR issued to JanOne 30,000,000 shares of its common stock and delivered to JanOne a five-year Promissory Note in the initial principal amount of $12.6 million. The Promissory Note bears simple interest at the rate of 8% per annum and provides quarterly interest payments in arrears, which may be prepaid at any time without penalty. This sale of our subsidiary will help us continue to fund the necessary clinical trials for JAN101. Tad Mailander of Mailander Law Office Inc acted as legal advisor to SPYR. Randy Katz of Clark Hill PLC acted as legal advisor to GeoTraq.
SPYR, Inc. (OTCPK:SPYR) completed the acquisition of Substantially all the Assets of GeoTraq Inc. on May 24, 2022.
SPYR, Inc. (SPYR) is a diversified technology company focused on the Internet of Things (IoT). The Company, through its subsidiary, GeoTraq Inc., develops and manufactures fully self-contained, ultra-small Mobile mobile IoT modules, namely Tracker-M modules for asset tracking and location-based services, and Sensor-M modules used for remote monitoring. Its subsidiary under the GeoTraq label, offers the ultra-small tracker that allows customers to deploy tracking and monitoring devices within the IoT. The Company continues to identify and target acquisitions that shall grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence (AI) and smart technology products.
SPYR, INC. 
