Iota Communications, Inc.
Under the Symbol:
Iota's CEO Appointed to CABA Board of Directors
Thursday, May 23, 2019 9:00 AM
NEW HOPE, PA / ACCESSWIRE / May 23, 2019 / Iota Communications, Inc. (OTCQB: IOTC), a wireless network carrier and software-as-a-service company that provides Internet of Things solutions that optimize energy efficiency, sustainability and operations for commercial facilities announced the appointment of its President and CEO, Terrence DeFranco, to the Continental Automated Buildings Association (CABA) Board of Directors. CABA is an international nonprofit industry association that provides information, education and networking to help promote advanced technologies for the automation of homes and buildings.
"I warmly welcome Terrence DeFranco to the CABA Board of Directors," said Ronald J. Zimmer, CABA President & CEO. "His appointment will strengthen the Board's expertise and leadership accelerating Internet of Things solutions into commercial facilities.
As President and CEO for Iota and an accomplished entrepreneurial executive, Mr. DeFranco brings deep understanding and experience of accelerating the adoption of disruptive technologies and building companies that can capitalize on these opportunities. Previously Mr. DeFranco, a former Wall Street finance executive, was the CEO of Solbright Group, Inc., whose core business was the development of a technology platform for the Internet of Things and leveraging these technologies to improve performance of renewable energy systems and energy conservation services for commercial and industrial facilities. Mr. DeFranco identified early the need to solve for the delivery of Internet of Things solutions using affordable and reliable connectivity. Last year, Mr. DeFranco led Solbright in the merger with Iota to create a vertically integrated company that is building a nationwide, carrier grade 800 MHz network, a first-of-its-kind gateway, cloud and communication platform as well as a robust Software-as-a-Service platform for commercial facilities.
The integrated solutions include the unique capabilities of our network, such as long distance communication, barrier penetration and low energy consumption, as well as the value proposition of our software service, including reduced costs, improved efficiency, increased productivity and support for sustainability.
"I am honored to represent Iota on the CABA Board of Directors," said Mr. DeFranco. "CABA's mission to promote advanced technologies into commercial real estate is well-aligned with Iota's Smart Facility solutions. I am looking forward to collaborating with such highly esteemed colleagues that represent CABA's board."
Demand is expected to rise for software based, IoT integrated building automation solutions like Iota's Smart Facility suite. In fact, the building management systems market is projected to grow to over $19 billion by 2023 at a 16.71% CAGR between 2017 and 2023, according to a Research and Markets report "Building Management System Market by Software (Facility, Security, Energy, Emergency, Infrastructure Management), Service (Professional, Managed), Application (Residential, Commercial, Industrial), and Geography - Global Forecast to 2023." Major market drivers spurring demand included the growing need for energy efficient, IoT integrated solutions for building operations and maintenance and the improving ROI to commercial and industrial facilities. Iota's high value licensed spectrum, purpose built IoT network paired with its software-as-a-service platform will fuel demand into these market drivers.
About Iota Communications, Inc.
Iota is a wireless network carrier system and software-as-a-service platform dedicated to the Internet of Things. Iota sells recurring-revenue solutions that optimize energy usage, sustainability and operations for commercial and industrial facilities both directly and via third-party relationships. Iota also offers important ancillary products and services which facilitate the adoption of its subscription-based services, including solar energy, LED lighting, and HVAC implementation services. For more information, please visit our web site at www.iotacommunications.com.
About The Continental Automated Buildings Association (CABA)
CABA is an international not-for-profit industry association dedicated to the advancement of connected home and intelligent building technologies. The organization is supported by an international membership of over 380 organizations involved in the design, manufacture, installation and retailing of products relating to integrated home and building technology. Public organizations, including utilities and government organizations are also members. CABA's mandate includes providing its members with networking and market research opportunities. CABA also encourages the development of industry standards and protocols, and leads cross-industry initiatives. More information is available at www.CABA.org.
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 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. 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; uncertainties relating to preclinical and clinical testing; 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.
Iota Communications, Inc.
540 Union Square
New Hope, PA 18938
Attn: Investor Relations
Public Relations Contact:
Greg Lutowsky, SVP, Corporate Communications
SOURCE: Iota Communications, Inc.