TraceSafe Investment Airbeam Pursues New Path to Go Public
March 15, 2021: Vancouver, BC – Tracesafe Inc. (“TraceSafe”) (CSE: TSF), a global leader in wearable safety tech and connected workforce solutions, including large-scale enterprise, venue management and asset tracking, is providing an update on its investment in Airbeam Wireless Technologies Inc. ("Airbeam"). Airbeam announced it has terminated the previously announced Amalgamation Agreement with First Responder Technologies Inc. ("First Responder").
Airbeam has signed a full mutual release with First Responder related to the agreement and intends to immediately pursue an alternative go-public arrangement. With a combined volume of over $130 billion, according to Kathleen Smith from Renaissance Capital, the market for technology IPOs and SPACs is strong in Canada and the United States.
Airbeam's world-class management team and advisors are set to update Airbeam shareholders in the immediate future on next steps. TraceSafe is confident that the new direction will not have a material impact on the timeline for monetization of the Airbeam investment.
Airbeam is an innovator in 5G-enabled Smart City technologies. The company sells a proprietary 60 GHz millimeter wave chipset, hardware, and software that power its Edge Computing Network (ECU). Airbeam acquired its technology from a leading semiconductor company, which spent in excess of $110 million USD on R&D.
TraceSafe is a full suite of real-time location management services and contact tracing solutions enabled through advanced low power bluetooth beacons and enterprise cloud management. TraceSafe's leading cloud management solution ensures both user privacy and comprehensive administrative control. TraceSafe's patented contact tracing bracelet has already been deployed in mission critical quarantine applications around the world in partnership with leading governments. In addition to their government work, TraceSafe is developing leading edge solutions for Enterprise, Healthcare, Education, Government and large-scale venue management.
Statements in this news release may contain forward-looking statements that are based on TraceSafe’s expectations, estimates and projections regarding its business and the economic environment in which it operates, including with respect to expectations regarding the TraceSafe assets and their application, future business plans and relationships, future developments in respect of COVID-19 and solutions adopted in response to the virus, and the deployment and acceptance of the TraceSafe technology. Although TraceSafe believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict, including the suitability of our products to help businesses and governments reopen, competition, the spread or containment of COVID-19 and government responses thereto and general economic and market conditions. Therefore, outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. These forward-looking statements speak only as of the date on which they are made, and TraceSafe undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances unless otherwise required to do so by law.
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