NEW YORK, NY, Feb. 22, 2021 (GLOBE NEWSWIRE) -- SPYR Technologies (OTC Pink: SPYR) spent Q4 2020 laying the groundwork for its launch into the technology industry, and last week, the final, and most important, piece of the equation fell into place—access to capital—namely an approved S-1 registration statement that will generate funds for corporate expansion and further acquisitions. The U. S. Securities and Exchange Commission (SEC) approved the company’s registration statement and made it effective on February 11, 2021, at a premium above the current market price, which should convey a vote of confidence for SPYR’s chosen path forward by both the company and financial backers.
With this registration statement now effective, it signifies the last step in SPYR’s journey to proceed with its plans of developing and growing its footprint in the technology industry and should lead directly to the company once again up-listing to the OTCQB in the very near future. It’s an up-list that would likely trigger the company’s engagement of the impressive $15 million in funding commitments it secured last quarter to keep SPYR fully capitalized while it builds a portfolio of technology assets.
SPYR’s first foray into the technology sector will be entering the “Internet of Things” (IoT) industry, and more specifically, the fast-growing, multi-billion-dollar, global smart home market. The company acquired the IoT-technology company, Applied MagiX Inc., a registered AppleÒ developer, and reseller of Apple ecosystem compatible products that are concentrated on the smart home market. Applied MagiX became SPYR’s wholly owned subsidiary in what was an extremely active Q4 2020—a quarter that also saw SPYR announce the capital it receives through its funding commitments, will pay for future growth of Applied MagiX and bankroll additional acquisitions in the technology sector.
So, the question is why has SPYR chosen the smart home market to establish itself in the technology space? Well, the simple answer is presumably future growth as the global smart home market is currently valued at around $80 billion and is projected to quickly reach well over $130 billion in just a few short years according to many of the experts that follow trends in the industry.
Numerous market reports discussing the short-term future of the thriving global smart home market are all forecasting dramatic growth. The reports range from $135.3 billion by 2025, at a CAGR of 11.6% according to Research and Markets, a worldwide research firm with 450+ Fortune 500 clients, to $207.88 billion by 2027, growing at a CAGR of 13.52% from Verified Market Research’s report, a leading global research and consulting firm, to a more aggressive forecast of $313.95 billion by 2026, growing at a CAGR of 25.3% over the forecast period (2021-2026) announced by Mordor Intelligence, a marketing and research firm.
Numbers like these are hard to ignore and the future of the market is limitless given the myriad products constantly being developed to make our lives easier and our homes smarter. With the acquisition of Applied MagiX, SPYR will compete in the segment of the smart home market related to the development, manufacture, and sale of devices and accessories specifically built on Apple’s HomeKit® framework. These products work within the Apple HomeKit ecosystem and are exclusive to the Apple market and its consumers.
The Internet of Things space is a mix of “smart” products that connect to the internet and can be controlled by a range of different platforms, from Amazon’s Alexa to Google Home to Samsung SmartThings. And HomeKit is Apple’s IoT solution, which is designed to let you control various internet-connected home devices that connect HomeKit-enabled smart accessories together in a way that lets you operate them using your Apple devices. Essentially, it’s a platform designed to make it easy for manufacturers of smart home devices to add iOS compatibility to their products.
Applied MagiX, which has its Apple Developer License as part of Apple’s “Developer Program,” is currently identifying and developing what will be its signature line of products in the Apple HomeKit space. The path forward for SPYR, via Applied MagiX, will be to choose from the almost inexhaustible list of products and accessories that are becoming internet-connected and add new capabilities to those products, like cameras, lights and sensors, locks, thermostats, outlets, refrigerators, window blinds, speakers and much more.
Verified Market Research, when addressing the growth in the smart home market, said, “Growing advancements in Internet of Things (IoT), rising demand for energy-efficient solutions, and increasing adoption by consumers have driven the global smart home market.”
Additionally, the firm says that the rising importance of home monitoring in remote locations, increasing need for energy-saving and low carbon emission-oriented solutions, the rapid proliferation of smartphones and smart gadgets, expansion of the smart home product portfolio by a large number of players, growing concern about safety, security, and convenience among the general population will all drive growth in the market.
Global research firm, Research and Markets, explained in its report titled, “Smart Homes and Home Automation in North America and Europe,” “Smart home and home automation systems include a wide range of solutions for controlling, monitoring, and automating functions in the home. Smart home systems can be grouped into seven primary categories: security and access control systems; energy management and climate control systems; audio-visual and entertainment systems; lighting and window control systems; healthcare and independent living systems; home appliances and service robotics.”
Research and Markets estimates that there will be 179-million homes in North America and Europe alone that will become “smart” homes by 2024. It is this kind of growth and an ever-expanding portfolio of potential products and accessories that leave SPYR and Applied MagiX entering a seemingly burgeoning market with exponential growth ahead of it at just the right time.
Read SPYR Technologies’ press releases which outline its productive Q4 2020 and the plans it has to move the company forward in 2021 and beyond, its acquisition, and the funding commitments the company has secured at https://www.nasdaq.com/market-activity/stocks/spyr/press-releases
About SPYR Technologies
SPYR Technologies is a technology company that through its subsidiary, Applied MagiX Inc., develops and resells Apple® ecosystem compatible products with an emphasis on the growing multi-billion-dollar smart home market. SPYR continues to identify and target acquisitions that will grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence and smart-technology products.
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