Open Letter Gives Insight into the Future of GeoTraq and SPYR
An Emerging Markets Sponsored Commentary
ORLANDO, Fla., June 29, 2022 (GLOBE NEWSWIRE) -- "Cheaper. Simpler. More efficient. Ready to scale."
Those four qualities were a line unto themselves in a recent open letter released by SPYR Technologies (OTCQB:SPYR) and from the Chief Technology Officer, Pierre Parent, of its new acquisition GeoTraq.
Before we dive into the CTO's message, just a brief reminder that GeoTraq develops and manufactures entirely self-contained and ultra-small Mobile IoT (Internet of Things) modules for asset tracking, location-based services, and sensor modules for remote monitoring. The modules are plug-and-play and include turnkey connectivity to cloud services via GeoTraq's proprietary cloud-based "WebTraq" platform. GeoTraq's mission is to provide "Simple IoT" at a low cost, with ease of deployment, ease of use, and plug-and-play functionality with no product development required of the customer.
They call it 'blue-collar IoT' because of its simple, broad scale potential and appeal.
In the letter, which we encourage you to review, Mr. Parent lays out a brief business plan which speaks directly to the products uniqueness and the massive opportunities for its use. The Company's tracking devices can literally be used in an endless array of applications where connectivity and accountability are needed.
It can be as simple and basic as knowing when the Portable Toilets at a music festival need to be changed or where the expensive tools on a job site are and how they are performing. They can also be used for asset tracking both privately or in e-commerce transactions and more. All these categories are potentially massive.
And there already appears to be a market forming, according to Parent:
From the release:
"GeoTraq has seen interest from various industries including logistics, oil and gas, cold chain logistics, construction, maritime industries and many more. The possibilities are endless, from tracking location of rented beer kegs to monitoring temperatures on shipments of vaccines. It's these endless low-bandwidth "blue collar" applications that are going to elevate the IoT industry to its projected potential."
The diversity of that list is compelling as its not often you see beer kegs, vaccines and oil in the same list. Notably, GeoTraq is targeting to ship production units in Q1 2023.
From our view, SPYR's new acquisition GeoTraq is a novel approach to creating connectivity and accountability at scale. We are eager to see the results of the planned roll-out early next year.
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