SPYR Technologies’ Applied Magix Exploring Adding Health and Wellness Product Category to Portfolio

Rhea-AI Summary

SPYR Technologies is exploring the addition of Health and Wellness products to its portfolio through its subsidiary Applied Magix. The global Health and Wellness market is currently valued at $1.5 trillion and is expected to grow to $4.2 trillion in the next decade, driven by consumer demand for personalization in health-related products. CEO Tim Matula emphasizes the strategic expansion into this market, highlighting its potential benefits for both the company and its customers.

Positive

• Exploring entry into the $1.5 trillion Health and Wellness market, with projected growth to $4.2 trillion in ten years.
• The addition of Health and Wellness products could diversify SPYR's product offerings.

Negative

• None.

THE WOODLANDS, Texas, May 31, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – SPYR Technologies (“SPYR” or the “Company”), a technology company whose subsidiary, Applied Magix, Inc., develops and resells Apple® ecosystem compatible products in the growing multibillion-dollar smart home and connected car markets, announces the Company is exploring adding Health and Wellness products to its growing line of product categories.

“While ‘home’ and ‘car’ are important to most people, really the most important thing to most people should be, and is, their health. We are excited about exploring which products to add to our ‘Health and Wellness’ line,” said Applied Magix CEO Dr. Harald Zink. “Technology over the past few years has made health and health monitoring easier and more accessible than ever, and we are really excited about adding this most important category to Applied Magix, which will be accessible under a new ‘Health’ section on our website.”

While the Health and Wellness market is currently a $1.5 trillion market globally, according to McKinsey Research, it is predicted that consumers’ desire for more personalization in the areas of health, fitness, nutrition, appearance, sleep and mindfulness will push this market towards strong growth of nearly $4.2 trillion within the next decade, according to the iMarc Group."

“With the predicted growth of the Health and Wellness Market over the next decade, this seems like the right space for Applied Magix to expand into," states Tim Matula, chief executive officer of SPYR Technologies. “With none of us getting any younger, we can benefit from such products, just as much as our customers can.”

Applied Magix and SPYR are excited about the Health & Wellness category and after consideration and selection, upcoming products will be made available under the new “Health” tab on the Applied Magix website.

References:
McKinsey Research:
https://www.mckinsey.com/industries/consumer-packaged-goods/our-insights/wellness-in-2030

iMarc Group:
https://www.imarcgroup.com/health-wellness-market

Learn more about Applied Magix by visiting their website at https://AppliedMagix.com

Investors can learn more about SPYR at: https://ir.spyr.com/.

About SPYR Technologies
SPYR Technologies (SPYR) is a technology company which, through its subsidiary Applied Magix Inc., develops and resells Apple® ecosystem compatible products with an emphasis on the growing multibillion-dollar IoT smart home and connected car markets. SPYR continues to identify and target acquisitions that will grow its footprint in the industry and expand the products it offers consumers, including companies developing artificial intelligence (AI) and smart technology products.

About Applied Magix
Applied Magix, Inc., develops and resells Apple ecosystem compatible products in the growing multibillion-dollar IoT smart home and connected car markets.

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 growth strategy and product development programs 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. 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.

Investor Contact: (303) 991-8000 ir@spyr.com

Company Name: SPYR Inc, dba SPYR Technologies
Address: 6700 Woodlands Parkway, Ste 230 #331
The Woodlands, TX 77382
Email Address: ir@spyr.com
Public Relations Contact: ir@spyr.com
Email address: ir@spyr.com

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FAQ

What is SPYR exploring in the Health and Wellness market?

SPYR is exploring the addition of Health and Wellness products to its product line through its subsidiary, Applied Magix.

What is the current size of the Health and Wellness market according to SPYR?

The Health and Wellness market is currently valued at $1.5 trillion.

How much is the Health and Wellness market expected to grow in the next decade?

The market is predicted to grow to $4.2 trillion within the next decade.

Who is the CEO of SPYR Technologies?

The CEO of SPYR Technologies is Tim Matula.