Siyata Mobile $SIM Expands Its Portfolio With Israeli Software

Siyata Mobile(TSX-V:SIM) (OTCQB:SYATF)

Siyata Mobile Inc. is pleased to announce it has entered into an agreement with an Israel based technology company for the acquisition of distribution rights of an enterprise workforce hardware and software that will be embedded on the Company’s connected in-vehicle and rugged portfolio of devices.

The software will be pre-installed on Siyaya’s portfolio of 4G connected in-vehicle and rugged devices and the Company expects to be earning recurring revenue from the enterprise workforce software as early as Q1 of 2018.

“This is a very important transaction for Siyata as it will allow us to achieve software based recurring revenue on our devices. This is the second transaction that involves a recurring revenue stream, and this gives us an important software advantage to our hardware initiatives, which will contribute to our top line sales and profitability. Our continued objective is to use our innovative devices in order to leverage partnerships and compete on similar potential acquisitions to build a substantial software recurring revenue stream.”

-Marc Seelenfreund, CEO and Chairman of Siyata

Pursuant to the terms of the Agreement, and subject to the approval of the TSX Venture Exchange, the Company shall issue the Vendor that number of common shares equal to US$700,000. The number of Shares to be issued shall be based on the average closing price of the Company’s common shares in the 30-day period prior to the completion of the Transaction.

In addition, on a quarterly basis commencing Q4 2017, the Company has agreed to pay quarterly earn-out payments for the achievement of certain agreed upon profitability milestones. Such earn-out payments, if applicable, will continue quarterly until March 31, 2020.