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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About MetAlert Inc.
MetAlert 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 more than 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. The company is known for its game-changing and award-winning patented GPS SmartSole(R) — 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 more than 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. For more information about this company, please visit www.MetAlert.com
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