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SDVI
Signature Devices, Inc.
IRVINE,
CA, February 9, 2017 - Signature Devices, Inc. (OTCPK: SDVI) – today announced
the 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 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 the 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 1st year. The money
will be used to manufacture product for current purchase orders as well as
scale Truck IT’s already exiting 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.
About Innovo
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) (OTCPK: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.
Forward-Looking Statements:
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.
Contacts:
Investors Relations
ir@signaturedevices.com
650-654-4800 ext 111
http://www.signaturedevices.com
