SPYR (OTCQB:SPYR) Inc, doing business as SPYR Technologies, has told shareholders that its subsidiary Applied Magix Inc is contemplating expanding its distribution network to new continents.
The Texas-based technology group said that Applied Magix is looking at distribution opportunities in South America, Asia and Europe.
Applied Magix develops and resells Apple ecosystem-compatible products in the growing multibillion-dollar smart home and connected car markets.
READ: SPYR Technologies says Applied Magix subsidiary considers entering MVNO business
"We’re excited over the prospect of expanding our products to new lands; we believe it would mark the beginning for Applied Magix to become a worldwide known company inside the tech world," said Applied Magix CEO Harald Zink in a statement.
Zink told investors that, following on the heels of its Hong Kong representative office, the company is investigating similar footprints in central Europe, Mexico and Thailand.
"These are markets that need to be considered for future expansion and we may as well start investigating a foundation now, with an eye towards the future," Tim Matula, CEO of SPYR Technologies added. "Applied Magix's research and investigative efforts in this direction will help SPYR gain a worldwide footprint and potentially reach many more customers."
SPYR identifies and targets acquisitions to grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence (AI) and smart technology products.
Contact Angela at angela@proactiveinvestors.com
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