LAS VEGAS, July 22, 2014 (GLOBE NEWSWIRE) -- Xumanii (DBA Imerjn) (OTCQB:XUII), announced that it has completed the acquisition of Rocky Mountain Tracking ("RMT"), an established provider of GPS tracking solutions in North America. The Company has signed a definitive agreement to acquire RMT Leasing Inc. This transaction is not subject to any further action and is effective immediately.
For the year ending December 31, 2013, RMT generated revenues of $1.4 million and pro forma EBITDA of approximately $200,000. Xumanii acquired RMT for $3.1 million consisting of a combination of cash, a note and preferred stock (this issue of preferred stock will be non diluting due to the preferred stock being not convertible to common and nonvoting).
RMT has been a leading provider of GPS tracking solutions since 2003. It offers several GPS trackers and GPS tracking systems that are ideal for personal or business use. RMT's software is proprietary and enables users to track the movement of virtually anything using superior tracking devices.
The acquisition of RMT will enable Imerjn to accelerate its business plan and provides Imerjn with additional proprietary products, additional technology expertise and many new customers that have already adopted the use of tracking technology.
Imerjn CEO, Adam Radly, said, "RMT is a perfect fit with mobile asset tracking apps that we have been developing internally for several months. The RMT solution will be integrated into our own tracking solution over the course of 2014 and will enable us to offer a much more powerful solution that will enable us to differentiate ourselves from competitors. We anticipate releasing the new asset tracking apps before the end of 2014."
According to technology marketing intelligence firm ABI Research, personal GPS tracking devices and applications are expected to grow at least 40 percent per year and the combined market for personal GPS tracking devices and their applications is expected to exceed one billion dollars by the year 2017. A National Defense Magazine study predicts that by the year of 2014 one million personal GPS tracking devices will be in use and ABI Research expects that 2.5 million units will be in use by 2017.
Wearable personal GPS tracking devices, like watches, shoes, and bras, are anticipated to grow as mobile technology opens up new channels for people to remotely monitor family members or others who need to be tracked.
Significant growth is expected in usage by the elderly, remote workers, and healthcare. Insurance companies will continue to encourage the use of dedicated and approved personal GPS tracking devices to decrease liability. Other markets that will be using GPS personal trackers in increasing numbers include pet, offender tracking, and luggage tracking. Families are expected to use personal trackers more in areas of tracking toddlers, pets, and parents who have Alzheimer's or dementia.
About Imerjn
Imerjn (XUII), formerly known as Xumanii International Holdings Corp, is a development stage company that develops and sells mobile software and hardware solutions. For more information please visit the company website at: http://www.imerjn.com. Contact: Adam Radly, info@imerjn.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, the forward-looking matters discussed in this news release are subject to certain risks and uncertainties which could cause the Company's actual results and financial condition to differ materially from those anticipated by the forward-looking statements including, but not limited to, the Company's liquidity and the ability to obtain financing, the timing of regulatory approvals, uncertainties related to corporate partners or third-parties, product liability, the dependence on third parties for manufacturing and marketing, patent risk, copyright risk, competition, and the early stage of products being marketed or under development, as well as other risks indicated from time to time in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to update or supplement forward-looking statements that become untrue because of subsequent events.
