ALLENTOWN, PA / ACCESSWIRE / May 18, 2020 / Iota Communications, Inc. (OTCQB:IOTC), a wireless communications and software technology company that provides Internet of Things solutions which optimize energy efficiency, sustainability and operations for commercial customers, today announces an update to operations pertaining to the COVID-19 pandemic.
In recognition of Governor Tom Wolf and Secretary of Health Dr. Rachel Levine statewide stay-at-home orders issued on April 1 to protect Pennsylvanians and mitigate the spread of COVID-19, IotaComm initiated a range of policies consistent with government guidelines as the company's primary priority is to protect our employees and maintain continuity with our clients.
"First and foremost, our thoughts and prayers go out to all of the families impacted by this insidious COVID-19 crisis and we are eternally grateful for all frontline workers putting their lives on the line to protect us all. The US will emerge from this pandemic a stronger country as we have in prior crises and it is our goal for IotaComm' business to follow the same path," stated Terrence DeFranco, President & CEO of Iota Communications. "The business landscape is changing due to these unforeseen circumstances and it is our goal to quickly adapt to what we believe will be a new normal. While we remain focused on our core mission of building a best-of-breed low power wide area network (LPWAN) to enable a vast assortment of IoT applications, we believe there are many new use cases emerging as businesses permanently alter their operations, particularly around employee health, asset management and sustainability. For example, we are seeing increased interest in our remote asset management product using indoor air quality sensors. This application uses sensors to gather temperature, humidity, CO2, volatile organic compounds (VOCs) and particulate matter to maintain healthy air quality levels and reduce energy consumption. The IoT will play a larger role in a new world and we believe IotaComm can benefit."
"We set out at the beginning of this fiscal year to achieve the goals of reducing debt, streamlining and improving operations and positioning for network technology commercialization in early-FY2021 and those goals are still on track as we approach fiscal year end," DeFranco continued. "We are also focused on building upon these accomplishments to eventually uplist our common stock to the NASDAQ market.
For the period from December 1, 2019 through April 30, 2020, the Company raised approximately $7.0 million from the private placement of common stock and borrowings from accredited investors. The proceeds from these offerings were used for working capital, paydown of debt, and general corporate purposes.
"The COVID-19 crisis has impacted our fundraising efforts, but through a combination of accessing capital from other sources, accelerating previously planned cost-reduction initiatives and working with our partners and vendors we believe we will be able to continue operations until such time as we can revisit the capital markets."
"While challenges still remain in the current environment, I am proud of our team's resilience and the outstanding job they are doing under these circumstances. We remain in continual communication with our customers and are fully supporting all services and have extended offers of assistance to all sales pipeline companies," adds DeFranco. "We are also in communication with local organizations within the community to make ourselves available to help in any way that we can. Taking care of the people around us, including our employees and their families, our customers, our shareholders, our vendors and our community is a core value and of even greater importance during challenging times"
About Iota Communications, Inc.
Iota Communications, Inc. ("IotaComm") is a wireless network carrier system and software applications platform dedicated to the Internet of Things. IotaComm sells recurring-revenue solutions that optimize energy usage, sustainability and operations for commercial and industrial facilities both directly and via third-party relationships. IotaComm also offers important ancillary products and services which facilitate the adoption of its subscription-based services, including solar energy, LED lighting, and HVAC implementation services.
Forward-Looking Statements:
This press release may contain "forward-looking statement" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include, but are not limited to, any statements relating to our beliefs regarding the role that IoT will play in the future, our ability to implement our strategic goals, our ability to raise capital and reduce costs, and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated include, but are not limited to: risks related to the acquisition and integration of the assets we acquired from Solbright Group, Inc., risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law.
Investor/Public Relations Contact:
Iota Communications, Inc.
600 Hamilton Street, 10th Floor
Allentown, PA 18101
Attn: Investor Relations
Toll Free: (855) 743-6478
Attn: Public Relations
Nancy Thompson, Vorticom, Inc.
212.532.2208
SOURCE: Iota Communications, Inc.