GSAC Engineering Acquires Key Intellectual Property and Assets from Duos Technologies Group
12 Setembro 2023 - 9:30AM
GelStat Corporation ("GelStat" or the
"Company") (OTCPink: GSAC), a development stage company
currently focused on the research, development, and marketing of
engineered solutions for the industrial security and clean energy
industries, today announced that its recently formed subsidiary,
GSAC Engineering (“GSACe”), has concluded the purchase of certain
key intellectual property assets from Duos Technologies Group, Inc.
(Nasdaq: DUOT) (“Duos”).
GSACe is focused on providing engineering
solutions and support for certain critical infrastructure including
information technology, security operations, and environmental
systems. This deal involves the transfer of Duos’ Intelligent
Correctional Facilities Automation Systems (“iCAS”) business line,
giving GSACe the opportunity to expand into new products and
contracts.
The acquisition included foundational operating
environment software, infrastructure, engineering designs, and
processes with technology management supporting three medium to
high-security facilities being serviced by GSACe. This launch is
the first phase in a series of calculated steps being taken by
GSACe to establish itself as a competitive alternative in the
industrial security market. GSACe plans to combine the acquired
assets with certain technological capabilities it has already
developed in-house to deploy in an updated solution later this year
with a designated customer.
“Our acquisition of this technology is a key
step in the previously announced transition of the Company," said
GelStat CEO Javier Acosta. “We anticipate making further
announcements in the near future which will further solidify our
entrance into this market and pave the way for revenue growth and
profitability in the next few years.”
Additionally, the Company has opened an office
in Miami, FL and also expects to establish a new research and
development headquarters in South Florida in the near future. In
conjunction with this move, Gelstat closed its warehouse in Stuart,
FL and has currently suspended its natural pharmaceuticals
operations in order to focus all resources on its new division.
About GelStat
CorporationGelStat Corporation (OTCPink: GSAC), now based
in Miami, Florida, is a development stage company that is currently
focused on the research, development and marketing of industrial
engineered solutions with a focus on industrial security and clean
energy. GelStat recently opened a specialized division, GSAC
Engineering, to focus on these specific markets. For more
information, visit www.gelstat.com.
Forward Looking StatementsThis
news release includes forward-looking statements within the meaning
of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Exchange Act of 1934, as amended, regarding, among other
things our plans, strategies and prospects -- both business and
financial. Although we believe that our plans, intentions and
expectations reflected in or suggested by these forward-looking
statements are reasonable, we cannot assure you that we will
achieve or realize these plans, intentions or expectations.
Forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Many of the forward-looking
statements contained in this news release may be identified using
forward-looking words such as "believe," "expect," "anticipate,"
"should," "planned," "will," "may," "intend," "estimated," and
"potential," among others. Important factors that could cause
actual results to differ materially from the forward-looking
statements we make in this news release include market conditions
and those set forth in reports or documents that we plan to file
from time to time with the United States Securities and
Exchange Commission. All forward-looking statements attributable
to GelStat Corporation, GSAC Engineering, or any person
acting on their behalf are expressly qualified in their entirety by
this cautionary language.
Contacts |
CorporateJavier AcostaGelStat Corporation(772)
212-1368info@gelstat.comInvestor Relations
ContactTom Colton and John YiGateway Investor
Relations949-574-3860GSAC@gateway-grp.com |
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