IRVINE, CA , Feb. 14, 2018 (GLOBE NEWSWIRE) -- Signature Devices, Inc. (OTC PINK: SDVI) today announced that it has received a letter of intent for the acquisition of its subsidiary, Graffiti Entertainment.
Graffiti develops and manages an entertaining portfolio of apps and games available on the Android and IOS app stores for download.
In the proposed deal, each Graffiti shareholder would receive shares in Azure Holding Group Inc (AZRH), a publicly traded company. The purchase would be consummated through an exchange of one Azure Holding Group Corp share (“AZRH”) for one Graffiti Entertainment share (the “Purchase Price”). Signature Devices (“SDVI”) will receive shares of AZRH through its current holdings of Graffiti Shares.
Once the deal is consummated, Signature Devices will receive approximately 21% of the current outstanding common shares of Azure Holding Group Corp (“AZRH”).
“This deal allows us to focus on our core business in the IOT space and partner with Azure who will focus on Software for Games and help us develop our blockchain based IoT devices and applications”, said Inas Izzam, Innovo Technology and Signature Devices, CEO. He added, “This partnership and acquisition not only gives Graffiti Shareholders free trading stock, it gives Signature Devices more resources to speed up development of our secure IOT devices. Embedding blockchain technology into our devices adds more use cases which include blockchain-based secure transactions and cryptocurrency. These features will differentiate our IoT devices in the market and give us a competitive advantage.”
The deal is scheduled to close at the end of Q2 2018 or sooner.
You can also follow the company on Twitter for small updates and announcements, https://twitter.com/SignatureDevice
Based in Irvine, California, Innovo Technology combines the best of the technologies underpinning the popular Morpheus media server, Tazerwear's AI Software, Truck IT's beacon platform with Knoton's hardware, infrastructure and software. The result is a company that blends custom software and powerful hardware IoT-interconnected devices. Learn more by visiting: http://innovotech.io/about/
About Signature Devices, Inc.
Based in Sheridan, Wyoming, Signature Devices, Inc. (www.signaturedevices.com) (OTC PINK: SDVI) is a holding company with subsidiaries that develop Internet of Things (IOT) products through its subsidiary Innovo Technologies, Inc., and publishes diverse media products including video games and mobile applications through its subsidiary Graffiti Entertainment, Inc.
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
Source:Signature Devices, Inc.