LOS ANGELES, January 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:
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 info@metalert.com
