NetworkNewsBreaks — MetAlert Inc. (MLRT), TrakTec Sign Heads of Terms Agreement for Upcoming Acquisition
MetAlert (OTC: MLRT), a pioneer in location-sensitive, health-monitoring devices and wearable technology products for remote patient monitoring, signed a Heads of Terms agreement with TrakTec outlining details about the previously announced acquisition. The agreement noted that MLRT would acquire the location-awareness technology company in a cash and stock deal worth $4.5 million. The agreement also notes that the acquisition should be closed on or before March 17, 2023, and will include TrakTec’s active paying subscriber base, police department contracts, commercial ready tracking products, and backend platform and mobile app. In addition, the agreement noted that key hires would include board director, chief technology officer, head of marketing, and retired police chief and support staff. TrakTec, which offers affordable, scalable location-awareness technology solutions for consumer, enterprise, and government applications, operates iGPS Watches and SafetyNet(R) Tracking Systems that offer a range of enhanced monitoring services. “We are extremely excited about the opportunity to acquire TrakTec,” said MetAlert CEO Patrick Bertagna in the press release. “We see a lot of synergy and complimentary technology that will not only fit right in with our existing subscription business model but also help expand it. We expect to gain several benefits including additional revenues, subscribers, GPS devices for kids, and an RFID-based tracking product that is approved for federal grant funding, existing police contracts, and certain key hires. Short-term, this will grow our existing subscriber base, increase revenues and expand our product offering. Longer term, we will have more capability to develop new products, grow the government and police department sales channels, have a sales and support presence on the East Coast, and accelerate the company’s growth as we work towards a possible 2023 uplist to a national exchange. There are several requirements to an uplist, such as having more independent directors, a stronger balance sheet, shareholder equity, etc., all of which this acquisition will help support.”
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MetAlert (OTC: MLRT), a pioneer in location-sensitive, health-monitoring devices and wearable technology products for remote patient monitoring, signed a Heads of Terms agreement with TrakTec outlining details about the previously announced acquisition. The agreement noted that MLRT would acquire the location-awareness technology company in a cash and stock deal worth $4.5 million. The agreement also notes that the acquisition should be closed on or before March 17, 2023, and will include TrakTec’s active paying subscriber base, police department contracts, commercial ready tracking products, and backend platform and mobile app. In addition, the agreement noted that key hires would include board director, chief technology officer, head of marketing, and retired police chief and support staff. TrakTec, which offers affordable, scalable location-awareness technology solutions for consumer, enterprise, and government applications, operates iGPS Watches and SafetyNet(R) Tracking Systems that offer a range of enhanced monitoring services. “We are extremely excited about the opportunity to acquire TrakTec,” said MetAlert CEO Patrick Bertagna in the press release. “We see a lot of synergy and complimentary technology that will not only fit right in with our existing subscription business model but also help expand it. We expect to gain several benefits including additional revenues, subscribers, GPS devices for kids, and an RFID-based tracking product that is approved for federal grant funding, existing police contracts, and certain key hires. Short-term, this will grow our existing subscriber base, increase revenues and expand our product offering. Longer term, we will have more capability to develop new products, grow the government and police department sales channels, have a sales and support presence on the East Coast, and accelerate the company’s growth as we work towards a possible 2023 uplist to a national exchange. There are several requirements to an uplist, such as having more independent directors, a stronger balance sheet, shareholder equity, etc., all of which this acquisition will help support.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
