Premier Products Group, Inc in Talks to Purchase Majority Interest in SmartRoad Turtle, LLC Joint Venture

Rhea-AI Summary

Premier Products Group, Inc. (PMPG) is negotiating to acquire a majority interest in SmartRoad Turtle, LLC (SRT), which holds worldwide licensing rights for 21 patents related to intelligent pavement road markers. This acquisition aims to enhance PMPG's ability to report gross revenues globally rather than just net profits from a joint venture. SRT is developing a Proof of Concept to improve road safety for autonomous vehicles. The deal positions PMPG strategically in the growing smart road and AI technology sectors.

Positive

• Acquiring majority interest in SRT boosts PMPG's revenue reporting capabilities from net profits to gross revenues.
• SRT's technology aims to enhance safety in self-driving vehicles, addressing a critical need in the auto industry.

Negative

• None.

WOODLAND HILLS, CA / ACCESSWIRE / June 30, 2021 / Premier Products Group, Inc. (PMPG), (OTC PINK:PMPG) announced today that PMPG is in talks with NPI Mobile to purchase majority interest in SmartRoad™ Turtle, LLC (SRT). SRT currently have exclusive world-wide licensing rights for NPI Mobil's 21 patents in 32 countries for two-way communications intelligent pavement road markers. SRT will become a subsidiary of PMPG when the deal is consummated.

"It is every CEO's responsibility to organically increase shareholder value and purchasing majority interest in SRT makes sense for the company. PMPG will now be able to report all gross revenues earned around the world. The prior structure only allowed PMPG to report only net profits of the joint venture" stated, PMPG Chairman and CEO Tony Hicks.

SRT is currently working on their Proof of Concept and anticipates announcement of Proof of Concept locations soon. The Proof of Concept will change the way Ai Tech firms, Smart Cities, and the auto industry approach safety in self-driving in cities, suburbs and on the highways.

"SRT's Super Sensors will be able to provide top-tier road safety information to the AI computer in the vehicle that the auto industry has never seen before. When you add our patented Super Sensors to the Ai in vehicles, you created a vehicle that will be able to access unlimited information miles down road, around the bend and over a bridge with optimal environmental conditions. A self-driving vehicle in our POC model will have access to information everywhere for safer autonomous driving. It is an auto manufacturer's public responsibility to have access to the best technology available for safer roads" stated, Mr. Hicks.

About SmartRoad Turtle, LLC.

SmartRoad Turtle, LLC brings unprecedented levels of intelligence, safety, experiences and services to the transportation and affiliated industries by delivering smart road and smart cities, to counties and municipalities and the businesses they serve. This is achieved through SRT's smart multi senor devices, software and purpose- built AI cloud-based platform solutions.

Safe Harbor Statement:
Except for historical information, certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and those statements are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential plans and objectives of the Company, are forward-looking statements that involve risks and uncertainties. There can be no assurance such statements will prove accurate and actual results and future events could differ materially from those anticipated in such statements. The Company cautions these forward-looking statements are qualified by other factors. The Company undertakes no obligation to publicly update any statements in this release.

CONTACT:
Tony Hicks
Chairman of the Board
info@pmpginc.com
(818) 798-1878

SOURCE: Premier Products Group, Inc.

View source version on accesswire.com:
https://www.accesswire.com/653736/Premier-Products-Group-Inc-in-Talks-to-Purchase-Majority-Interest-in-SmartRoad-Turtle-LLC-Joint-Venture

FAQ

What is the latest news about Premier Products Group (PMPG)?

PMPG is in talks to acquire a majority interest in SmartRoad Turtle, LLC, enhancing its revenue reporting capabilities.

How will the acquisition of SmartRoad Turtle (SRT) affect PMPG's financial reporting?

The acquisition will enable PMPG to report gross revenues instead of just net profits from SRT's operations.

What technology is SmartRoad Turtle developing?

SRT is developing technology for intelligent pavement road markers aimed at improving safety for self-driving vehicles.

What is the significance of PMPG's acquisition of SRT?

The acquisition positions PMPG to capitalize on the growing demand for smart road technologies in the autonomous vehicle sector.