GSAC Engineering Acquires Key Intellectual Property and Assets from Duos Technologies Group
MIAMI, Sept. 12, 2023 (GLOBE NEWSWIRE) -- GelStat Corporation ("GelStat" or the "Company") (OTCPink: GSAC), a development stage company currently focused on the research, development, and marketing of engineered solutions for the industrial security and clean energy industries, today announced that its recently formed subsidiary, GSAC Engineering (“GSACe”), has concluded the purchase of certain key intellectual property assets from Duos Technologies Group, Inc. (Nasdaq: DUOT) (“Duos”).
GSACe is focused on providing engineering solutions and support for certain critical infrastructure including information technology, security operations, and environmental systems. This deal involves the transfer of Duos’ Intelligent Correctional Facilities Automation Systems (“iCAS”) business line, giving GSACe the opportunity to expand into new products and contracts.
The acquisition included foundational operating environment software, infrastructure, engineering designs, and processes with technology management supporting three medium to high-security facilities being serviced by GSACe. This launch is the first phase in a series of calculated steps being taken by GSACe to establish itself as a competitive alternative in the industrial security market. GSACe plans to combine the acquired assets with certain technological capabilities it has already developed in-house to deploy i an updated solution later this year with a designated customer.
“Our acquisition of this technology is a key step in the previously announced transition of the Company," said GelStat CEO Javier Acosta. “We anticipate making further announcements in the near future which will further solidify our entrance into this market and pave the way for revenue growth and profitability in the next few years.”
Additionally, the Company has opened an office in Miami, FL and also expects to establish a new research and development headquarters in South Florida in the near future. In conjunction with this move, Gelstat closed its warehouse in Stuart, FL and has currently suspended its natural pharmaceuticals operations in order to focus all resources on its new division.
About GelStat Corporation
Forward Looking Statements
Special Presentation TBA
Meshing Technologies: Managing Wifi and Private 4G/5G with Public Carrier Networks
Special Presentation TBA