IOT takes stake in AirSelfie including share of IP
Published on: | by Trevor Hoey
IOT Group (ASX:IOT) announced on Monday it had signed an Equity Swap agreement with AirSelfie Holdings Ltd, allowing the group to become a shareholder.
In terms of this agreement, IOT will also own part of the global company and the AirSelfie intellectual property, allowing the company to work closely with senior executives at AirSelfie Holdings.
IOT believes this development will strengthen the relationship between it and ASH, as it also increases collaboration with both groups working towards the common goal of sustained global success of the AirSelfie and a pipeline of other products.
Management believes this is the best way of ensuring that investors share in the success of ASH which is now distributing the AirSelfie in Canada, the US, Latin America (Mexico and South America) and Australia/New Zealand.
Overall this is an early stage play and as such any investment decision should be made with caution and professional financial advice should be sought.
Commenting on the strategic significance of this development, IOT Executive Director Sean Neylon said, “To be able to distribute the AirSelfie in North America, South America and Latin America, as well as owning part of the global company and intellectual property is a great achievement for IOT and its shareholders, as it fulfils the goal of building a global sales network which owns the intellectual property of the products it distributes”.