IRVINE, CA--(Marketwired - Feb 13, 2017) - Signature Devices, Inc. (OTC PINK: SDVI) today announced its wholly owned subsidiary Innovo Technology (www.innovotech.io) has closed on the acquisition of Four (4) IOT companies.
Innovo Technology, a leading software and hardware development company, has launched its IOT business. Innovo, which develops and manufactures devices for digital home media management under its Morpheus brand, combined efforts with Truck IT, Tazerwear and Knoton to create a connected platform for the Internet of Things. The closing date for the transaction was February 8th, 2017. Two of the four companies are already profitable.
The agreement terms called for Signature Devices, Inc. to become "Pink Current Information" on OTC Markets, and issuance of preferred shares in Signature Devices, Inc. To become "Pink Current Information" required that Signature Devices update the last two years of financials and file an attorney opinion letter with respect to the financials. Preferred shares were issued so that the transaction would not dilute public common stockholders.
As part of the ongoing terms of the agreement, Signature Devices, Inc. will fund Innovo Technology through non-toxic debt from one already existing investor. The agreement calls for an investment of $500,000.00 over the course of the first year. The money will be used to manufacture product for current purchase orders as well as scale Truck IT's already existing business. While this may have a slight dilutive effect over the course of the year, it should be counter balanced with the increase in profits from scaling the existing businesses.
The company has also announced the use of Twitter for small company updates and announcements, https://twitter.com/SignatureDevice
Based in Irvine, California, Innovo Technology combines the best of the technologies underpinning the popular Morpheus media server, Tazerwear's AI Software, Truck IT's beacon platform with Knoton's hardware, infrastructure and software. The result is a company that blends custom software and powerful hardware IoT-interconnected devices. Learn more by visiting: http://innovotech.io/about/
About Signature Devices, Inc.
Based in Sheridan, Wyoming, Signature Devices, Inc. (www.signaturedevices.com) (OTC PINK: SDVI) is a holding company with subsidiaries that develop Internet of Things (IOT) products through its subsidiary Innovo Technologies, Inc., and publishes diverse media products including video games and mobile applications through its subsidiary Graffiti Entertainment, Inc.
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.