Geospace Technologies Corporation Acquires Advanced Water IoT Technology Company Aquana, LLC

Geospace Technologies (NASDAQ: GEOS) today reported that it has gained 100% of the remarkable portions of Aquana, LLC, an extensive remote water observing and control framework supplier. Under terms of the arrangement, Aquana will work as a completely possessed auxiliary of Geospace Technologies. The Company means to hold Aquana’s representatives, further reinforcing Geospace’s exceptionally gifted specialized labor force. Terms of the exchange incorporate an underlying money installment of $1.4 million at shutting, subject to change, and extra unexpected money installments over a six-year procure out period. The unexpected money installments will be gotten from incomes created during the procure out period from items and administrations sold by Aquana, LLC.Founded in 2017, Aquana gives a main Internet of Things (IoT) water the executives stage that conveys far off shut-off valve control, far off AMI meter perusing, just as hole and blasted security for civil water utilities, multi-abiding properties, and business structures. Aquana consolidates associated shrewd valve equipment with cloud-based programming in a Software as a Service (SaaS) repeating income model.

Rick Wheeler, CEO and President of Geospace Technologies, said, “Expanding upon Geospace’s profound innovation justify and designated business enhancement methodology, I’m satisfied to declare the securing of Aquana. Aquana’s chief IoT stage offers multifunctional, particular, and endeavor prepared arrangements serving the quickly developing property the board and water utility business sectors. Completely integral to our current items and market mastery, Aquana’s best in class frameworks consolidate sensors, are Internet associated, and utilize configurable calculations to assist customers with boosting income, limit costs, and moderate water harm.”

Steve Askew, CEO of Aquana, LLC, said, “We are eager to join the Geospace group. Upheld by Geospace’s times of innovation advancement, fabricating, and broad client support, Aquana can all the more likely serve our clients, scale all the more quickly, and foster new items. In addition, property chiefs and water utility administrators the same will actually want to convey astute hole discovery and far off disengage abilities to give more advantages to buyers and occupants.”

Aquana’s break discovery frameworks serve an important part in the property the board area, recognizing and cautioning land owners of water harming occasions in their underlying stages. Experts gauge that around two percent of U.S. properties experience release related harm every year, bringing about a comparing expansion in protection claims. 2017 water harm protection claims installments were $13 billion. The ascent in such cases has worked with the development of break location frameworks by the in excess of 400 Water Utilities that serve around 140 million homegrown clients. Aquana’s business procedure tries to catch 5% of the far off shut-off valve market which addresses a $1.4B opportunity. Moreover, Aquana’s submetering, consistence, and computerization highlights assume an important part in assisting clients with moderating water, guarantee consistence with metropolitan guidelines, and legitimize premium rents.”

Furthermore, Aquana’s Internet associated far off esteem stage works on a utility’s capacity to save time, cash, and cost. Industry examiners gauge that around five to a modest amount of water utility clients don’t take care of their bills, and that each time a utility is compelled to disengage and afterward reconnect administration, critical work and functional expenses are caused. Aquana’s sensors and actuators empower utilities to disengage and reconnect benefits distantly from a safe focal area.

The Aquana business division will dwell in Geospace’s Adjacent Markets fragment. This fragment produced a 10% expansion in year-over-year income for the half year time frame finishing March 31, 2021, notwithstanding the crippling impacts of the overall COVID-19 pandemic. The executives accepts that its innovation justifyed expansion system will keep on delivering solid profits.

Wheeler closed, “I’d prefer to invite the exceptionally inventive and capable Aquana faculty to our Geospace group. Through the blend of our advancements, designing, and justify assembling skills, we anticipate fashioning a productive and effective undertaking as we keep on driving outcomes for our esteemed customers and confided in investors.”

About Geospace Technologies

Geospace essentially plans and fabricates seismic instruments and hardware. We market our seismic items to the oil and gas industry to find, portray and screen hydrocarbon-delivering supplies. We additionally market our seismic items to different businesses for vibration observing, boundary and edge security and different geotechnical applications. We plan and assembling different results of a non-seismic nature, including water meter items, imaging hardware and seaward links.

About Aquana

Aquana’s head Internet of Things (IoT) stage offers multifunctional, secluded, and venture prepared arrangements serving the quickly developing water utility and property the board markets. The Company’s water the board arrangements convey far off shut-off valve control, distant AMI meter perusing, just as hole and blasted security for multi-family properties, business structures, and utilities. Aquana joins associated keen valve equipment with cloud-based programming in a Software as a Service (SaaS) repeating income model.

Forward Looking Statements

This public statement contains “forward-looking articulations” inside the significance of Section 27A of the Securities Act of 1933, as altered, and Section 21E of the Securities Exchange Act of 1934, as changed. These forward-looking assertions can be distinguished by phrasing, for example, “may”, “will”, “ought to”, “mean”, “anticipate”, “plan”, “financial plan”, “figure”, “expect”, “accept”, “gauge”, “foresee”, “potential”, “keep”, “assessing” or comparable words. Proclamations that contain these words ought to be perused cautiously on the grounds that they talk about our future assumptions, contain projections of our future consequences of activities or of our monetary position or state other forward-looking data. Instances of forward-looking explanations incorporate, among others, articulations that we make in regards to the accomplishment of our exchange with Aquana and our broadening technique. These forward-looking assertions mirror our present judgment about future occasions and patterns dependent on the data right now accessible to us.

In any case, there will probably be occasions later on that we can’t foresee or control. The components recorded under the inscription “Hazard Factors” in our latest Annual Report on Form 10-K which is on document with the Securities and Exchange Commission, just as other preventative language in such Annual Report, any ensuing Quarterly Report on Form 10-Q, or in our other intermittent reports, give instances of dangers, vulnerabilities and occasions that may make our real outcomes contrast physically from the assumptions we portray in our forward-looking assertions.

Such models incorporate, yet are not restricted to, the disappointment of the Aquana exchange and our expansion procedure to yield positive working outcomes. The event of the occasions depicted in these danger factors and somewhere else in our latest Annual Report on Form 10-K or in our other intermittent reports could have a material unfriendly impact on our business, aftereffects of activities and monetary position, and real occasions and consequences of tasks may shift substantially from our present assumptions. We accept no commitment to reconsider or refresh any forward-looking assertion, regardless of whether composed or oral, that we may make now and again, whether because of new data, future turns of events or something else.

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