IotaComm Provides Update on its Financial Reporting Status

Rhea-AI Summary

Iota Communications, Inc. (OTC:IOTC) announced on September 2, 2021, an update regarding its SEC reporting status. Following the engagement of Marcum LLP as their new independent auditor in July 2021, IotaComm plans to file its Form 10K for the fiscal year ended May 31, 2020, by March 2022. The company highlighted its partnership with TEKTELIC to develop a custom IoT gateway, emphasizing its growth transition and commitment to transparency with shareholders.

Positive

• Partnership with TEKTELIC aims to enhance IoT offerings and market differentiation.
• Clear commitment to comply with SEC reporting requirements by March 2022.

Negative

• Delayed financial reporting raises concerns about transparency and compliance.
• Previous filing was for the fiscal year 2020, indicating potential operational inefficiencies.

ALLENTOWN, PA / ACCESSWIRE / September 2, 2021 / Iota Communications, Inc. (OTC:IOTC) ("IotaComm" or the "Company"), a wireless communication and data analytics software company, is pleased to provide the following update in regards to its reporting requirements with the U.S. Securities and Exchange Commission ("SEC").

As was previously announced, IotaComm engaged Marcum LLP in early July 2021 as its new independent auditor. The Company's most recent filing on April 30, 2021 was the fiscal year 2020 third quarter Form 10Q for the period ended February 29, 2020. The next filing will be the Company's Form 10K for its fiscal year ended May 31, 2020.

IotaComm submitted a plan and expected timeline to the Securities and Exchange Commission on September 1, 2021, calling for the Company to be compliant with its reporting requirements by March, 2022.

"We are at a very exciting time for our Company as we transition from the development stage to the growth phase of our business," stated Terrence DeFranco, President and CEO of IotaComm. "Our recently announced agreement with TEKTELIC to develop a custom gateway for the U.S. market based on Semtech's LoRa IC for the Internet of Things is a major value-driver in terms of unique capabilities, market differentiation and potential spectrum asset value. Our solutions based on the Delphi360™ platform enable real-time data aggregation to advance health, safety, and sustainability for commercial and industrial customers."

"While we ramp up our business, it is equally important to our Board of Directors, our management team, and our employees that we assure our shareholders of our commitment to enhanced transparency and communication and become current in our SEC filings as quickly as possible," Mr. DeFranco continued. "We look forward to communicating our progress over the coming weeks and months until we are fully compliant and current with our SEC reporting requirements."

About Iota Communications, Inc. :

Iota Communications, Inc. (OTC: IOTC) or IotaComm™ 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 statement" 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

ClearThink
nyc@clearthink.capital

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/662510/IotaComm-Provides-Update-on-its-Financial-Reporting-Status

FAQ

What is the latest update from Iota Communications regarding their SEC filings?

Iota Communications announced plans to comply with SEC reporting requirements by March 2022, following the engagement of a new auditor.

What partnership has Iota Communications formed recently?

Iota has partnered with TEKTELIC to develop a custom gateway for the U.S. market, focusing on the Internet of Things.

When will Iota Communications file its next financial report?

Iota Communications plans to file its Form 10K for the fiscal year ended May 31, 2020, by March 2022.

What challenges does Iota Communications face regarding financial reporting?

The company is currently behind in its financial reporting, with the last filing made on April 30, 2021, for the fiscal year 2020.