NORCROSS, Ga., Nov. 12 /PRNewswire-FirstCall/ -- Simtrol, Inc. (OTC Bulletin Board: SMRL), an innovative developer of enterprise-class software solutions that manage the extended network of connected devices, today announced the sale of its Visitor(TM) and Scheduler(TM) products to its partner Strike Industries, Inc.
In the transaction, the Company assigned ownership of its Simtrol Visitor(TM) and Simtrol Scheduler(TM) software, granting Strike Industries the right to modify, advertise, promote, market, and license the software in exchange for a cash payment, a secured note, plus a royalty stream from future sales of the software. The products support and enable software-based management and delivery of prisoner visitation in a truly scalable and cost-effective way.
"We are excited to leverage Strike's deep industry expertise and sterling reputation with their clients to bring our technology solutions to the large and growing corrections market," stated Oliver Cooper, Simtrol President and CEO. "Strike has made a substantial investment into this product and we have entered into an ongoing financial relationship which is consistent with our strategy of working with our partners to maximize the value of our assets."
"Simtrol's Device Manager(TM) represents state of the art technology which has been applied to solve major problems in the corrections market. We have demonstrated its value through the mutual successes we have had with customers utilizing the Visitor(TM) and Scheduler(TM) products," said Pat Sellati, CEO of Strike. "This is a large marketplace with the opportunity for substantial growth as new technologies are deployed to facilitate jail operations. In addition, our ongoing economic arrangement with Simtrol aligns our interests and furthers our partnership - a true win-win. Ownership of the products gives us true control of our destiny."
About Simtrol
Simtrol solutions enable enterprises to thrive in an increasingly complex world. Simtrol's Device Manager(TM) software powers enterprise-wide solutions that manage, control, maintain, and diagnose non-traditional connected assets. For more information about Simtrol, please visit http://www.simtrol.com/.
This announcement may contain forward-looking statements pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward looking statements involve risks and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, development difficulties, foreign currency risks, costs of capital, continued certification by credit card associations, the ability to consummate and integrate acquisitions, and other risks detailed in the Company's SEC filings, including the most recently filed Form 10-Q or Form 10-K, as applicable. The Company undertakes no obligation to revise any of these statements to reflect future circumstances or the occurrence of unanticipated events.
Device Manager is a trademark of Simtrol, Inc. All other brands, logos, products or company names are the copyrights and/or trademarks of their respective holders.
Contact-Investor Relations Phone: 678-533-1292 Email: simtrolir@simtrol.com
Simtrol, Inc.
CONTACT: Investor Relations: +1-678-533-1292, simtrolir@simtrol.com
Web Site: http://www.simtrol.com/
