LOS ANGELES, Jan. 11, 2023 (GLOBE NEWSWIRE) -- MetAlert, Inc. (OTC: MLRT), a pioneer in location sensitive health monitoring devices and wearable technology products for remote patient monitoring, has signed a Heads of Terms with Florida-based TrakTec LLC to acquire the location awareness technology company for $4.5 million in a cash and stock deal.
TrakTec makes and sells affordable, scalable location awareness technology solutions for consumer, enterprise, and government applications. TrakTec operates iGPS Watches and SafetyNet® Tracking Systems that offer a range of enhanced monitoring services. The iGPS products include the Wizard GPS Tracking Watch Phone, designed for children, and the Phoenix watch, a GPS-based smart wearable for seniors. The SafetyNet Bracelet is a radio-frequency identification (RFID) and Bluetooth-based tracking technology, supported through federal grants and utilized by police departments across the country, enabling police search and rescue for wandering seniors. TrakTec has commercially launched its products and has successfully built a consumer and enterprise subscriber base.
“We are extremely excited about the opportunity to acquire TrakTec,” stated MetAlert CEO Patrick Bertagna. “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 up-list to a national exchange. There are several requirements to an up-list, such as having more independent directors, a stronger balance sheet, shareholder equity, etc., all of which this acquisition will help support.”
Dallas Vasquez, TrakTec CEO, commented, “Our team is thrilled to join MetAlert. We see a tremendous amount of synergy between the two companies, and we expect to make a significant contribution and a positive impact starting on day one. We share a unified vision and passion and believe in a collective, far-reaching strategy and business model. Our products, technology, proven track record, and strong executive team will be complimentary in accelerating the MetAlert growth strategy.
As per the Heads of Terms Agreement, the transaction is slated to close on or before March 17, 2023, pending completion of satisfactory due diligence and audits. The acquisition will include, but not be limited to:
Active paying subscriber base
Police department contracts
Commercial ready tracking products
Backend Platform and Mobile App
Key hires including:
Chief Technology Officer
Head of Marketing
Retired police chief and support staff
MetAlert plans to seek advice from Joseph Gunnar & Co. LLC, a boutique investment banking, securities, and wealth management firm with headquarters in New York City, with regard to the acquisition. Mark Peikin, CEO of Joseph Gunnar’s Bespoke Advisors practice, said, “We look forward to building our relationship with Patrick and the MetAlert team and we congratulate them on this important accomplishment.”
Mr Bertagna concluded, "We have a solid growth strategy and we look forward to completing the TrakTec acquisition and to welcoming their team to the MetAlert family.”
For all press or sales inquiries, please contact MetAlert at firstname.lastname@example.org
About TrakTec LLC
TrakTec is a leader in Location Awareness Technology for consumer and business applications. TrakTec has focused its efforts on transforming care and enhancing the Location Awareness Technology.
About MetAlert, Inc.
MetAlert (OTC: MLRT) and its subsidiaries are engaged in designing, developing, manufacturing, distributing, selling and licensing products, services and intellectual property in the GPS/BLE wearable technology, personal location, wandering assistive technology, and health data collection and monitoring. With over 20 years of experience and an extensive patent portfolio, MetAlert is a leading solution provider for consumers/patients afflicted with movement, cognitive an spatial awareness disorders. This market represents approximately 2.9% of the world’s population. The Company offers global end-to-end hardware, software, and connectivity solutions, in addition to developing two-way tracking technologies, which seamlessly integrate with consumer products, enterprise and government agency applications. Utilizing the latest in miniaturized, low power consumption GPS, Cellular, RF, NFC, and BLE technologies, enabling caregivers to track and monitor patients in real time. Known for its game-changing and award-winning patented GPS SmartSole® -- think Dr. Scholl’s meets LoJack, the world’s first invisible wearable technology tracking device created for those at risk of wandering due to Alzheimer’s, dementia, autism, and traumatic brain injury. MetAlert’s subscription-based business model is built around technology innovation with intellectual property protection. The company has international distributors servicing customers across the globe with subscribers in over 40 countries and is a U.S. Military Government contractor. Other customers include public health authorities, municipalities, emergency and law enforcement, private schools, assisted living facilities, NGOs, small business enterprises, senior care homes and consumers. www.MetAlert.com
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This news release contains forward-looking statements. The terms and phrases “expects,” “would,” “will,” “believes,” and similar terms and phrases are intended to identify these forward-looking statements. Forward-looking statements are based on estimates and assumptions made by MetAlert considering its experience and perception of current conditions and expected future developments, as well as other factors that MetAlert believes are appropriate in the circumstances. Many factors could cause MetAlert’s actual results, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. Certain risk factors that may cause actual results to differ are outlined in MetAlert’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (which may be obtained on the SEC Website). These factors should be considered carefully, and readers should not rely on MetAlert’s forward-looking statements. MetAlert has no intention and undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required.
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