Investment Commitment to Fund Wytec’s AI/Blockchain Patented Technology
SAN ANTONIO, TX, Oct. 04, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - Wytec International (“Wytec”), a fully reporting non-listed company and leading developer and integrator of patented IOT solutions, announced today that it has secured a $100 million investment commitment from Luxembourg based Global Emerging Markets (“GEM”). With certainty of the investment upon listing, Wytec is well positioned to advance and deliver on the company’s mission of deploying network based public safety solutions.
“Wytec’s new gunshot detection solution, utilizing AI and Blockchain technology, will provide greater accuracy and control to public safety officials in times of emergency,” said Robert Sanchez, Wytec’s Interim Chief Technology Officer. “The new software and the Company’s patented LPN-16 small cell are poised to provide municipalities, school districts, and businesses with secure private LTE wireless networks utilizing multiple frequencies.”
Wytec will list its shares on the NASDAQ Capital Markets via a Direct Public Listing (DPO) providing Wytec with greater control over its share price and share distribution. The GEM funding facility will strengthen the current development of the Company’s AI/Blockchain upgrades to its patented small cell technology. These new advanced features are positioned to facilitate various IOT technologies such as citywide 5G cellular, public safety, remote learning, gunshot detection and electric grid management solutions. GEM’s commitment, through its Share Subscription Facility (SSF), will provide Wytec up to $100 Million over a 3-year period post listing. The funding commitment will allow Wytec to draw down funds by issuing shares of its common stock to GEM, with Wytec maintaining complete control over the timing and magnitude of such drawdowns and has no minimum drawdown obligation.
If you believe your city and/or independent school district would be interested in participating in a pilot project involving Wytec’s AI gunshot detection technology, contact us at info@wytecintl.com.
About GEM
Global Emerging Markets ("GEM") is a $3.4 billion, alternative investment group with offices in Paris, New York, and Nassau (Bahamas). GEM manages a diverse set of investment vehicles focused on emerging markets and has completed over 570 transactions in 70 countries. Each investment vehicle has a different degree of operational control, risk-adjusted return, and liquidity profile. The family of funds and investment vehicles provide GEM and its partners with exposure to: Small-Mid Cap Management Buyouts, Private Investments in Public Equities and select venture investments. For more information: http://www.gemny.com
About Wytec
Wytec International, Inc. is a San Antonio, Texas based telecommunications company that owns two patents related to the deployment of 5G “secured” private networks and is currently developing a new patented software for gunshot detection to be deployed by 2024. Wytec designs and deploys wireless networks and public safety solutions with an emphasis on municipalities and school districts and was named a Best Tech Startup in San Antonio four times due to factors including: Revenue potential, Leadership team, Brand/product traction, and Competitive landscape. To learn more about Wytec, visit www.wytecintl.com or follow us on LinkedIn at www.linkedin.com/company/wytec-international.
Contact:
Erica Perez
210-233-8980
pr@wytecintl.com
