IotaComm Announces Progress on its SEC Filings, Management Team Additions, and Strategy and Branding Initiatives

Rhea-AI Summary

Iota Communications (OTC PINK:IOTC) has announced significant progress in its SEC filings, with its Form 10-Q filed on April 30, 2021. The company aims to return to current filer status within six months. New management appointments include Kim Velez as VP of Marketing and Jessica Grega as VP and Corporate Controller. IotaComm also unveiled a new branding strategy, enhancing its visual identity to align with its objectives. CEO Terrence DeFranco expressed optimism regarding future growth and the commercialization of their wireless data analytics solutions, which are experiencing increasing demand.

Positive

• Filed Form 10-Q, aiming to achieve current filer status within six months.
• Appointment of Kim Velez and Jessica Grega strengthens management team.
• New branding initiative aligns visual identity with strategic objectives.
• CEO expects increased demand for data analytics solutions and commercialization of technology.

Negative

• Past challenges included COVID-19 impact and restatement of financial statements.
• Remaining past due SEC filings still pending.

Positioning Reflects New Company Vision and Purpose for High-Value Customer Solutions

ALLENTOWN, PA / ACCESSWIRE / May 3, 2021 / Iota Communications, Inc. (OTC PINK:IOTC) ("IotaComm" or the "Company"), a wireless communications and data analytics company that provides Internet of Things solutions that enable health, safety, and sustainability initiatives for commercial, municipal, and industrial customers, is pleased to provide an update on its SEC filing status, new management appointments, and strategy and branding initiatives.

SEC Filings

The Company today announced that on Friday, April 30, 2021, it filed its Form 10-Q quarterly report for the fiscal quarter ended February 29, 2020. IotaComm continues to work diligently to prepare and file the remaining past due SEC filings, including the annual report for the fiscal year ended May 31, 2020 and subsequent filings, as soon as possible, with targeted return to current filer status within the next six months.

Management Appointments

The Company is pleased to announce the promotion of Marc Sanchez to Vice President, Product Management.

In addition, we are excited to announce the following new additions to our Management Team:

• Kim Velez, Vice President, Head of Marketing, joins IotaComm with 15 years of experience partnering with major regional and multinational corporations bridging sales and marketing solutions. Formerly, she led prominent advertising initiatives for two of NBC Universal's cable properties earning her distinguished recognition for her achievements. More recently, Kim led the development of the Lehigh Valley's first and only Children's Hospital's marketing and public relations strategy along with aligning new value-based initiatives related to healthcare and technology. Kim holds a BA in Broadcast Journalism from Hofstra University.

• Jessica Grega, Vice President, Corporate Controller, joins IotaComm with 13 years of accounting and finance experience in both public accounting and private industry. Prior to joining IotaComm, Jessica served as Assistant Controller for MISTRAS Group, Inc., a leader in providing technology-enabled asset protection services and solutions worldwide. Previously, she was an Audit Manager with EisnerAmper, LLP, providing audit and assurance services to both publicly traded and private companies operating across several industries. Jessica is an actively licensed Certified Public Accountant (NJ) and holds an MBA and BS in Accounting from Rowan University.

Corporate Branding/Logo

IotaComm is releasing an updated visual brand identity, which includes a new logo, colors, and fonts. The new look will be evident on all branded items and platforms including advertising, communications, and customer products. The new visual brand better aligns IotaComm with its strategic objectives and its sense of purpose.

CEO Outlook Commentary

"The past year presented significant challenges to IotaComm as it dealt with the impact of the COVID-19 pandemic, the restatement of previously issued financial statements and subsequent SEC filings, and the adjustment of strategy to better align with a changing commercial and industrial market," stated Terrence DeFranco, President and Chief Executive Officer. "We believe that today marks a milestone in our journey that puts many hurdles in the past and allows us to look to the future with great optimism. Our crown jewel spectrum portfolio provides us with unique capabilities for a significant market opportunity for the next generation of wireless connectivity and data analytics. We expect commercialization of the network in the coming months, and continue to see growing demand for our data analytics solutions in the meantime. The addition of Kim and Jessica to the Team and the promotion of Marc are all part of a shift in our business to support commercialization of our technology solutions, new product and service offerings, and growth and expansion of our business operations. I am excited for the future of our business and believe we will be delivering extraordinary value to our customers and the communities we serve, and this is all beneficial to our shareholders."

About Iota Communications, Inc.

Iota Communications, Inc. (OTCQB: IOTC) is a wireless communications and data analytics company that provides Internet of Things ("IoT") solutions that enable health, safety, and sustainability initiatives. IotaComm provides gateways and sensors to gather data related to indoor air quality, resource consumption, water quality, asset monitoring, and other critical data across multiple verticals, including commercial real estate, municipal, education, health care, and manufacturing. The data analytics services are used to provide insights that enable a safe and healthy environment, higher productivity and efficiency, and cost-savings. IotaComm also offers related services which facilitate the adoption of its subscription-based services, such as customization and advanced data analytics.

For more information about Iota Communications, Inc., please visit: https://www.iotacommunications.com

Forward-Looking Statements

This press release may contain "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. Such statements include, but are not limited to, any statements relating to our beliefs regarding the role that IoT will play in the future, our ability to implement our strategic goals, our ability to raise capital and reduce costs, and any other statements that are not historical facts. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition, and stock price. Factors that could cause actual results to differ materially from those currently anticipated include, but are not limited to: risks related to the acquisition and integration of the assets we acquired from Solbright Group, Inc., risks related to our growth strategy; risks relating to the results of research and development activities; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; our dependence on third-party suppliers; our ability to attract, integrate, and retain key personnel; the early stage of products under development; our need for substantial additional funds; government regulation; patent and intellectual property matters; competition; as well as other risks described in our SEC filings. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions, or circumstances on which any such statement is based, except as required by law.

Corporate and Investors:
Iota Communications, Inc.
600 Hamilton Street, Suite 1010
Allentown, PA 18101
Tel: (855) 743-6478
investors@iotacommunications.com

Public Relations / Media:
Kim Velez VP, Head of Marketing
Iota Communications, Inc.
Tel: (484) 861-2994
kvelez@iotacommunications.com

SOURCE: Iota Communications Inc.

View source version on accesswire.com:
https://www.accesswire.com/643824/IotaComm-Announces-Progress-on-its-SEC-Filings-Management-Team-Additions-and-Strategy-and-Branding-Initiatives

FAQ

What recent SEC filings has Iota Communications (IOTC) completed?

Iota Communications filed its Form 10-Q on April 30, 2021, for the fiscal quarter ending February 29, 2020.

What is the timeline for Iota Communications to become a current filer again?

Iota aims to return to current filer status within six months.

Who are the new members of the management team at Iota Communications (IOTC)?

Kim Velez was appointed VP of Marketing, and Jessica Grega was appointed VP and Corporate Controller.

What is the significance of the new branding for Iota Communications (IOTC)?

The new branding reflects IotaComm's strategic objectives and aligns its visual identity with its purpose.

What challenges has Iota Communications faced recently?

Iota has faced challenges such as the COVID-19 pandemic and the restatement of previously issued financial statements.