New Entity to Help Facilitate Rapidly Growing Spectrum Holdings Toward 1 Billion MHz-Pops
NEW HOPE, PA / ACCESSWIRE / July 15, 2019 / Iota Communications, Inc. (OTCQB: IOTC) ("Iota"), a wireless network carrier and software service company that provides Internet of Things solutions that optimize energy efficiency, sustainability, and operations for commercial facilities announced the closing of the Spectrum Partners Program and simultaneous launch of Iota Spectrum Partners, LP, an Arizona Limited Partnership ('Iota Partners'), to consolidate exclusive FCC Radio Spectrum Authorizations currently owned and leased by Iota Networks, LLC ('Iota Networks'), a wholly-owned subsidiary of Iota.
Iota Spectrum Holdings, LLC ('Iota Holdings'), a wholly owned subsidiary of Iota, will act as General Partner of Iota Partners and will acquire General Partnership Units in exchange for exclusive FCC Radio Spectrum Authorizations contributed by Iota Networks. Iota Networks' initial spectrum contribution is anticipated to be approximately 65 million MHz-Pops.
To support the Iota Partners launch and success, Rob Somers has been appointed General Manager of Iota Holdings. Mr. Somers serves as the Chief Legal Officer of Iota and has extensive legal and managerial expertise as it relates to spectrum assets and general corporate legal matters. In his previous professional experience, Mr. Somers was Corporate Counsel for Tosco Corporation (later Phillips Petroleum Co.), a Fortune 500 company. He supported several disciplines including marketing, real estate, procurement and franchising, providing both transactional services and litigation management. Mr. Somers next practiced as a litigation associate with Wilenchik and Bartness, P.C. In 2013, Mr. Somers became General Counsel for M2M Spectrum Networks, LLC, which merged with Solbright Group, Inc. in September of 2018 to form Iota.
"The purpose of Iota Partners is to bring together the growing portfolio of company-owned and leased 800 MHz FCC License Authorizations into a single consolidated entity, with the goal of improving their visibility, marketability, and liquidity of these spectrum assets," said Mr. Somers. Going forward, Iota Partners will be our strategic vehicle for all future FCC licensed spectrum acquisitions and initiatives."
Underscoring the importance of today's announcement, Iota Partners' goal is to acquire over 1 billion MHz-Pops through an aggressive acquisition strategy. "Iota is creating the first purpose built, nationwide wireless network carrier system dedicated to the rapidly emerging Internet of Things industry" explained Iota CEO & President, Terrence DeFranco. "By employing FCC-licensed 800 MHz radio spectrum, we believe we will have a significant competitive advantage over cellular and unlicensed spectrum IoT solutions, long range and low infrastructure cost, improved building penetration, low power consumption, and intrinsic security and reliability. Iota's Commercial Solutions will seek to take full advantage of this spectrum and network carrier system by providing next generation building automation to optimize commercial real estate energy efficiency and building operations. This is a significant milestone for Iota and I have great confidence in Rob's ability to manage this aspect of our business."
About Iota Communications, Inc.
Iota is a leading technology company that provides data-driven insights for sustainability enabled by our network connectivity, advanced analytics platform, and software-as-a-service solutions for commercial and industrial markets throughout the US. Iota 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. For more information, please visit our website at www.iotacommunications.com.
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 growth strategy and product development programs 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.
Iota Communications, Inc.
2111 E. Highland Ave., Suite 305
Phoenix, Arizona 85016
Attn: Investor Relations
Public Relations Contact:
Greg Lutowsky, SVP, Corporate Communications
SOURCE: Iota Communications, Inc.
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