ALLENTOWN, PA / ACCESSWIRE / July 25, 2024 / IotaComm, Inc. ("IotaComm" or the "Company), formerly Iota Communications, Inc, a leading provider of wireless communications and Internet of Things (IoT) solutions, today announced a series of significant corporate actions, including board of director and stockholder approval and adoption of an Amended and Restated Certificate of Incorporation of IotaComm filed with the Division of Corporations of the State of Delaware on July 8, 2024, and Amended and Restated Bylaws of the company, aimed at positioning the company for future growth and enhancing shareholder value. Additionally, the company is pleased to announce the appointment of Robert DeJean to its Board of Directors.
Appointment of Robert DeJean to the Board of Directors
We are thrilled to welcome Robert DeJean to IotaComm's Board of Directors. Mr. DeJean brings over 35 years of experience in the technology and automation industries, with a proven track record of driving growth and innovation. His extensive expertise will be invaluable as we continue to expand our market presence and enhance our product offerings.
Robert DeJean commented, "I am honored to join the Board of Directors at IotaComm at such an exciting time in the company's evolution. I look forward to working with the team to help guide the company through its next phase of growth and development."
"I am thrilled to welcome Bob to the IotaComm team as a new independent director," said Terrence DeFranco, Chairman and CEO of IotaComm. "As the company moves to a period of scale and growth, it is extremely exciting to have the knowledge, acumen, and passion Bob brings from his decades of business experience. His track record of success in taking a startup to an international industry leader will translate well at this stage of our growth, and I could not be more pleased to have Bob on the team."
Biography:
Robert DeJean was the founder of SYSTECH International. In 1985, he assembled a team with a mission to provide the pharmaceutical industry with premier class machine vision and line management tools for optimizing packaging performance. Through Mr. DeJean's active involvement and dynamic leadership, the company expanded business opportunities for SYSTECH's customers by introducing holistic Packaging Execution Systems that encompass the complete packaging line. As President and CEO, Mr. DeJean drove the daily strategic vision for the company. Mr. DeJean has over 35 years' experience in industrial automation for pharmaceutical, healthcare, and related industries, with a concentration on machine vision, control, and data management technology. He has a solid technical foundation with extensive knowledge in the sales and marketing of automated inspection technology. Prior to founding SYSTECH, Mr. DeJean served in various sales and management roles for General Electric, Texas Instruments, and Ribble Engineering. Mr. DeJean holds a Bachelor of Science degree in Engineering from Fairleigh Dickinson University.
Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws
Among other things, the Amended and Restated Certificate of Incorporation (the "A&R Certificate of Incorporation") and Amended and Restated Bylaws (the "A&R Bylaws") approved and adopted by the board of directors and stockholders of the company implemented the following corporate actions. Official notice of the foregoing will be sent from the company's transfer agent, VStockTransfer, Inc., to the shareholders of record on July 8, 2024 via USPS with additional information.
Corporate Name Change
To better reflect our brand identity and market presence, we have officially changed our corporate name from Iota Communications, Inc. to IotaComm, Inc. This name change underscores our focus on delivering innovative IoT solutions based on our unique communications platform, and streamlining our corporate identity. The name change is effective immediately.
Reverse Stock Split
The A&R Certificate of Incorporation effected a 1-for-200 reverse stock split of the IotaComm common stock. This strategic move is designed to reduce the number of outstanding shares, thereby increasing the share price. The primary goals of this reverse split are to create more shares available for future issuance for financing and acquisitions, and to meet the share price criteria for potential exchange listing. The effective date of the reverse stock split was July 8, 2024.
Other Amendments to Certificate of Incorporation and Bylaws
In line with our commitment to corporate governance excellence, the A&R Certificate of Incorporation and A&R Bylaws effected a number of additional amendments to the IotaComm certificate of incorporation and bylaws. These changes are intended to simplify the due diligence process for potential investors and business partners, ensuring that our corporate structure is clear and efficient. Additionally, these amendments bring our corporate governance documents in line with recent updates to the Delaware General Corporation Law, reflecting best practices and enhancing operational flexibility.
Increase in Shares Available for Issuance Under Employee Incentive Plan
Recognizing the importance of attracting and retaining top talent, IotaComm has increased the number of shares available for issuance under its Employee Incentive Plan of 2017. This increase is a testament to our commitment to rewarding our dedicated employees and aligning their interests with those of our shareholders. By expanding the pool of incentive stock options, we aim to motivate our team to drive innovation and success within the company.
ABOUT IOTACOMM
IotaComm, Inc. is a wireless communications and data analytics company that provides Internet of Things (IoT) solutions that enable health, safety, and sustainability initiatives. IotaComm provides complete turnkey solutions and modular IoT services tailored to individual customer needs, centered around delivering key data related to a wide variety of IoT applications and use cases across Smart Spaces, Smart Territories and Smart Cities. This data is 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 IotaComm, Inc., visit: https://www.iotacommunications.com
Corporate and Investors:
IotaComm, Inc.
600 Hamilton Street,Suite 1010
Allentown, PA 18101
Tel: (855) 743-6478
kvelez@iotacommunications.com
Public Relations / Media:
Derek Wallace
Chief Product and Marketing Officer
Tel: (484) 861-2994
dwallace@iotacommunications.com
SOURCE: IotaComm, Inc.
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