Appliance Recycling Centers of America, Inc. (Nasdaq :ARCI ), a leading provider of utility appliance recycling programs, announced today that its subsidiary, GeoTraq Inc. has recently entered into an agreement with a software engineering firm specializing in secure software architecture to design a scalable Internet of Things (IoT) device management platform capable of securely managing millions of IoT devices deployed throughout the world using GeoTraq’s proprietary Cell-ID technology.
Cellular IoT products and services are expected to gain massive traction within many industry segments. The worldwide market for cellular IoT technologies will be worth $7.6 billion by 2026 and is expected to register a CAGR of 26.7% from 2018 to 2026, according to a new forecast from analyst firm Persistence Market Research.
GeoTraq intends to manufacture a cellular IoT module that is designed to support hundreds of vertical markets and thousands of applications. GeoTraq expects that businesses will ultimately be able to deploy GeoTraq powered IoT devices throughout the world for far less cost and complexity than other IoT solutions currently available on the market. GeoTraq expects to offer the simplest global IoT solution on the market.
Appliance Recycling Centers of America, Inc. and subsidiaries (“ARCA”) are in the business of recycling major household appliances in North America by providing turnkey appliance recycling and replacement services for utilities and other sponsors of energy efficiency programs. Through its GeoTraq Inc. subsidiary, ARCA is engaged in the development, design and ultimately ARCA expects the sale of cellular transceiver modules, also known as Cell-ID modules. For further product details, future product release schedules, and more information go to www.geotraq.com.
Forward Looking Statements
This press release contains statements that are forward-looking statements as defined within the Private Securities Litigation Reform Act of 1995, including statements regarding the expected size of the Internet of Things market and the CAGR that it will register, GeoTraq’s ability to manufacture cellular IoT modules and offer a global IoT solution. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from the statements made, including the risks associated with the general economic conditions, GeoTraq’s successful execution of its business plan, including the manufacture and sale of cellular IoT modules, competition in the IoT market, and regulatory risks. Other factors that could cause operating and financial results to differ are described in ARCA’s periodic reports filed with the Securities and Exchange Commission (the “SEC”). Other risks may be detailed from time to time in reports to be filed with the SEC
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SOURCE Appliance Recycling Centers of America, Inc.