GeoTraq, Inc. intends to acquire OmniM2M, a technology company focused on IOT and Ci2i, a technology consulting company focused on analytics.Under the terms of the Letter of Intent, GeoTraq will issue to the shareholders of OmniM2M and Ci2i a total of 120 million common shares. Both OmniM2M and Ci2i had combined gross revenues of over $1 million in 2014. The acquisition will create immediate additional revenues to GeoTraq from existing OmniM2M and Ci2i contracts, and significantly increase the companys bottom line and overall shareholder value.
This is a significant step forward in the realization of our vision, and a strong validation of our company and strategy, said Gregg Sullivan, CEO of GeoTraq. The acquisition of these two companies will form part of a larger well-capitalized company with a broad portfolio of enterprise solutions that will significantly amplify our ability to deliver cutting edge technology.
Ajay Sikka, CEO of both OmniM2M and Ci2i commented, Joining a publicly traded company will unlock value for our Shareholders and allow both our companies to be part of a larger growth model. This is a winning proposition for our customers, partners, employees and shareholders.
Mr. Sullivan will continue his role as CEO. As a major shareholder, Mr. Sikka will join the Board of Directors. The acquisition will close pending satisfactory due diligence, final acquisition agreement and board approval. The company will continue to comply with all SEC reporting requirements.