MINNEAPOLIS, Sept. 13, 2017 /PRNewswire/ -- In a move to
diversify the company's offering beyond its current appliance
recycling and retail capabilities, Appliance Recycling Centers of
America (Nasdaq: ARCI), a leading provider of utility appliance
recycling programs, announced today that it has acquired GeoTraq, a
manufacturer of what is widely regarded as the world's smallest
cellular tracking module designed specifically for the Internet of
Things (IoT) market.
GeoTraq manufactures a new generation of cellular tracking
module specifically designed to enable low cost, long-range
communication between IoT devices (endpoints) deployed worldwide.
The GeoTraq Cellular Module is widely believed to be the world's
smallest cellular tracking device and the first in a new generation
of cellular transceiver modules that will allow wireless device
integrators to design and manufacture low cost, long range IoT
products for the commercial, industrial and consumer markets. The
GeoTraq acquisition allows ARCA the ability to deploy IoT devices
throughout the world to locate, monitor and track the movement of
inventory and other assets.
"As we have previously announced, we believe that expanding our
offerings beyond our current business model will be highly valuable
for shareholders, and therefore we will continue to seek such
opportunities to enhance our product and service offerings," said
Tony Isaac, CEO of ARCA. "The
addition of the GeoTraq technology increases our offerings as we
enter the IoT market. We believe this acquisition will
benefit our overall efficiency and provide GeoTraq access to a
large base of new customers."
According to various publicly available sources, the estimated
worldwide market for the Internet of Things (IoT) is expected to
reach $1.29 trillion by 2020, with
the majority spent on hardware, followed by services, software and
connectivity. Further, according to these same sources, hardware
spending may approach $400 billion by
2020, with modules and sensors connecting endpoints to networks
likely representing the bulk of hardware purchases.
"Since the founding of GeoTraq, our mission has been to provide
an alternative to the wireless technologies currently used in IoT
such as Bluetooth, LoRa, ZigBee, LPWAN and NB-IOT," said
Gregg Sullivan, CEO and president of
GeoTraq. "We are excited to join the ARCA team and to further
enhance shareholder value through our unique and exciting product
offering."
About ARCA
ARCA's business components are uniquely positioned to work
together to provide a full array of appliance-related services.
ARCA's regional centers process appliances at end of life to remove
environmentally damaging substances and produce material byproducts
for recycling for utilities in the U.S. and Canada. Eighteen company-owned stores under
the name ApplianceSmart, Inc.® sell new appliances directly to
consumers and provide affordable ENERGY STAR® options for energy
efficiency appliance replacement programs.
Forward Looking Statements
This press release contains statements that are forward-looking
statements as defined within the Private Securities Litigation
Reform Act of 1995, including statements regarding ARCA's future
success. These forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from the statements made, including the risks associated with the
general economic conditions, competition in the retain and
recycling industries and regulatory risks. Other factors that could
cause operating and financial results to differ are described in
ARCA's periodic reports filed with the Securities and Exchange
Commission. Other risks may be detailed from time to time in
reports to be filed with the SEC.
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SOURCE Appliance Recycling Centers of America