MetAlert (OTC: MLRT), a pioneer in GPS wearable technology and global provider in the field of human and asset tracking and recovery systems, has announced financial results for the third quarter ended Sept. 30, 2023, and provided a corporate summary. Among the highlights, the company reported a 27% revenue increase and 343% cash-on-hand increase over the 2022 comparable period. “During the third quarter 2023, we took transformative steps to broaden our product line and add new markets in order to increase our revenues and subscriptions. We successfully acquired Level 2 Security LLC, which we merged into our new 100% wholly owned subsidiary Level 2 Security Products Inc. Management believes this was a formidable step in solidifying the financial and operational position of the company and encapsulates our vision to amplify recurring revenue streams while scaling the company’s life-saving technology and IP portfolio,” said MetAlert CEO Patrick Bertagna. “We also saw some positive trends such as a 27% increase in revenues compared to Q3 of 2022 and a 76% increase in revenues over the previous quarter in 2023. We also had our best ending cash position ($106,000) and asset value ($744,000) since 2021. Included in the acquisition came bank balances, intellectual property, approximately 3,700 units of ready to ship product inventory, digital collateral, an online and Amazon store, two smartphone apps, and an ongoing research and development roadmap for possible future new product releases. The strategic synergy from the acquisition enables us to expand our target market beyond those of humans with cognitive disorders and opens the doors to entirely new and much larger markets. The Level 2 proprietary technology can safeguard an extensive range of mobile assets, and by integrating this with MetAlert’s backend tracking portal and infrastructure, the company envisions fiscal improvements in the near term.”
To view the full press release, visit https://ibn.fm/Dm5f7
About MetAlert Inc.
MetAlert and its subsidiaries occupy a commanding position in the design, development, manufacturing, distribution, sales, and licensing of GPS wearable technology, asset recovery services, wandering assistive technology, and health data collection and monitoring. With over two decades of industry expertise and a robust portfolio of patents, MetAlert is the go-to solution provider for consumers and patients grappling with mobility, cognitive and spatial awareness challenges. This demographic represents approximately 2.9% of the global population. The company delivers comprehensive global solutions encompassing logistics, hardware, software, and connectivity. Notable achievements include the groundbreaking GPS SmartSole(R), a fusion of Dr. Scholl’s comfort with LoJack’s tracking prowess. It stands as the world’s inaugural invisible wearable tracking device, designed for individuals susceptible to wandering due to Alzheimer’s, dementia, autism, and traumatic brain injury. MetAlert’s subscription-based model thrives on technology innovation fortified by intellectual property safeguards. The company boasts international distribution channels serving customers across 40 countries, alongside its role as a U.S. Military Government contractor. In addition to public health entities, MetAlert caters to municipalities, emergency and law enforcement agencies, private educational institutions, assisted living facilities, NGOs, senior care residences, consumers, and small enterprises. Recognizing its excess capacity within its distribution center and backend processes also presents an opportunity to expand revenue streams and diversify its operations.
NOTE TO INVESTORS: The latest news and updates relating to MLRT are available in the company’s newsroom at https://ibn.fm/MLRT
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