Global Remote Technologies Expands into Mexican Energy Market with New Purchase Agreement

Spotlight Companies |

Purchasing an existing company as a subsidiary is a business move that can either eliminate a competitor, or further expand into a market with an already established and reputable name. Global Remote Technologies Ltd ($RGT:CNX), a provider of emerging technologies for the energy sector, is aiming to expand into a new market while adding a range of services that complements their existing portfolio – and their recent partnership does precisely that.

The Vancouver-based company has announced that they have entered into a Membership Interest Purchase Agreement, with the company’s president and director Kane Smith, for the purchase of 100% of the ownership interests in Global Remote Technologies, LLC (Global Remote US). Once the transaction is completed, Global Remote US, a Nevada Limited Liability company, will become a wholly-owned subsidiary of Global Remote Technologies.

Global Remote US provides services and technologies to the energy sector that range from project planning to development, safety and quality inspection. The company’s products and services are offered to Mexican oil companies.

“We are very pleased to announce the signing of this agreement,” said Chris Dorris, CEO of Global Remote Technologies. “The range of services and technologies offered by this new company complement our existing service and product offerings well. We expect that the acquisition will significantly increase our revenue base, as well as allow us to move full steam ahead into the Mexican market.”

Continued Growth from Global Remote Technologies

Global Remote Technologies offers remote sensor packages, acting as early warning systems that transmit the status of equipment, tanks and pipelines, from drilling and production sites in real time to a central server in order to avoid equipment failures and compliance fines.  

This announcement follows a series of positive news announcements from the company. Earlier this month, the company’s common shares were listed on the Frankfurt Stock Exchange. Furthermore, this past July, Global Remote was awarded a $1,800,000 one-year service contract from Trinity Energia De Mexico S.R.L. DE C.V.

Upon acquisition of Global Remote US, Global Remote Technologies will make a significant stride toward achieving their strategic goals. The company will be poised to accommodate the needs of an international oil market, allowing them to thrive while further establishing a reputation as a go-to solutions provider for other potential international energy markets.

For more information about Global Remote Technologies, visit www.grtcse.com.

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