Infrared Cameras Announces Closing of Business Combination with SportsMap Tech Acquisition Corp.
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The completion of a business combination between Infrared Cameras Holdings, Inc. and SportsMap Tech Acquisition Corp. marks a significant transition for the former as it enters the public market. This event is crucial for current and potential investors as it reflects a strategic move to capitalize on the benefits of being a publicly-traded entity, including increased visibility and access to capital markets.
From a financial perspective, the move to go public via a SPAC (Special Purpose Acquisition Company) is a notable trend in recent years, offering a quicker route to the stock market compared to traditional IPOs. Investors should pay attention to how Infrared Cameras Holdings, Inc. manages the transition and whether it can leverage the public platform to achieve its strategic priorities of customer expansion and operational excellence.
The company's patented technology, which streamlines the process of monitoring and analyzing live imaging and sensing data, could disrupt the standard practice of manual asset inspections, potentially leading to cost savings and efficiency gains for its clients. The focus on SaaS (Software as a Service) unit economics suggests a scalable business model with the potential for high margins, a factor that often attracts investor interest.
However, investors should also consider the risks associated with newly public companies, such as potential volatility and the challenge of meeting public market expectations. It will be important to monitor Infrared Cameras Holdings' performance in subsequent quarters to assess the company's ability to execute its strategy and realize the anticipated benefits of its SaaS model.
Infrared Cameras Holdings' entry into the public market is a strategic development within the thermal imaging and sensing industry. The company's unique single pane-of-glass view technology offers a competitive edge, as it addresses inefficiencies in traditional asset inspection methods.
The industry-wide relevance of this technology, applicable across various verticals, positions the company for potential widespread adoption. However, the competitive landscape must be considered, as other players may also innovate or improve their offerings in response.
The emphasis on SaaS unit economics is indicative of the company's focus on recurring revenue streams and margin improvement. This business model is increasingly prevalent in the tech industry and is generally favored by investors for its predictability and scalability.
As the company advances its strategic priorities post-merger, industry analysts will be watching closely to see how effectively it can drive customer expansion and operational improvements. The ability to continually enhance their devices and software will be critical to maintaining a competitive edge in a rapidly evolving tech landscape.
Infrared Cameras Holdings, Inc.'s patented technology represents a significant innovation in the field of thermal imaging and sensing. By enabling customers to monitor and analyze data from all critical operating assets in one place, the company is poised to offer a solution that could enhance operational efficiency and asset protection for a diverse client base.
The integration of edge and cloud software with their thermal imaging technology is a testament to the current trend in tech where cloud-enabled solutions are becoming the norm due to their accessibility and scalability. This approach aligns with the broader digital transformation initiatives observed across industries, where real-time data analysis and IoT (Internet of Things) integration are increasingly critical.
As the company moves forward, it will be crucial to monitor how their solutions are adopted across different industries and whether they can maintain a technological lead in the face of potential competition. Continuous innovation and responsiveness to market needs will be key factors in sustaining growth and investor confidence.
The newly public, Infrared Cameras Holdings, Inc., will offer innovative solutions through its integrated thermal imaging and sensing platforms
BEAUMONT, TX / ACCESSWIRE / December 19, 2023 / Infrared Cameras Holdings, Inc., a privately-held transformational solutions provider of a suite of thermal imaging and sensing platforms, paired with edge and cloud software, today closed its previously announced business combination with SportsMap Tech Acquisition Corp. (NASDAQ:SMAP), a publicly-traded special purpose acquisition company. The business combination was approved by SMAP's stockholders at a special meeting of stockholders held on December 8, 2023. In connection with the consummation of the business combination, the combined company was renamed "Infrared Cameras Holdings, Inc."
Infrared Cameras has developed a patented single pane-of-glass view that allows customers to monitor and analyze live imaging and sensing data for all of their critical operating assets in one place. The technology is widely applicable across industry verticals, where the current standard practice is to identify maintenance needs via time-intensive, error prone manual asset inspections. Following the close, Infrared Cameras' CEO, Gary Strahan, and the current management team will continue to lead the combined company. The combined company's main strategic priorities will be driving new customer expansion, , solidifying operational excellence, and continual improvements to the devices and software.
Mr. Strahan stated, "The close of the business combination represents a monumental milestone for our company, as we view the business to be well-suited for the public market."
Mr. Strahan added, "We have built a diversified integrated thermal imaging and sensing platform that is enhanced by our cloud-enabled technology, allowing for improved operations and critical asset protection. We believe the support of investors as a public entity will aid our ultimate strategic objective of driving growth through increased enterprise customers, while, over time, improving our margins as a result of our SaaS unit economics. I am excited about what the future holds as we look to deliver sustained value to all our stakeholders."
David Gow, Chairman and CEO of SportsMap Tech Acquisition Corp, remarked "I'm happy to complete the business transaction, and equally excited to see Gary and his team deliver a unique product and solution to a diversified sub-set of market verticals. We view this event as the initial catalyst for the Company to deliver long-term shareholder returns."
The combined company has applied to list its common stock and public warrants on the Nasdaq Global Market ("Nasdaq") under the ticker symbols "MSAI" and "MSAIW", though such applications had not been approved for listing prior to the closing of the business combination. Nasdaq has halted trading of the combined company's securities on Nasdaq, pending the combined company demonstrating that it satisfies the initial listing criteria for Nasdaq. Additionally, Nasdaq's policy is to initiate delisting procedures with companies that have not been approved for listing prior to the closing of their business combinations, subject to a company's ability to appeal the delisting. The combined company intends to appeal any delisting procedures by demonstrating that it satisfies the initial listing criteria for Nasdaq, which it expects to be able to do in the coming days.
About Infrared Cameras
Infrared Cameras' (or ICI) SmartIR platform is AWS-powered software that leverages ICI-built thermal imaging, acoustic imaging, and vibration sensing platforms for condition-based monitoring of critical mechanical and electrical assets and manufactured outputs. ICI's solutions are utilized by organizations to protect critical assets across a wide range of industries including distribution & logistics, manufacturing, utilities, and oil & gas. ICI's sensing solutions are built around high-resolution thermal imaging along with visible, acoustic, vibration and laser spectroscopy imagers and sensors. This full-stack solution measures heat, sound, and gas in the surrounding environment, helping companies gain insight to efficiently manage their most important assets and infrastructure. ICI designs and manufactures digital thermal sensing solution platforms with edge and cloud-based software.
For more information, please visit https://infraredcameras.com/.
About SportsMap Tech Acquisition Corporation
SportsMap Tech Acquisition Corp. is a blank check company incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. For more information, visit https://www.sportsmaptech.com.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by words such as "will," "believe," "anticipate," "expect," "estimate," "intend," "plan," or their negatives or variations of these words, or similar expressions. All statements contained in this press release that do not strictly relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the combined company management's expectations regarding its financial outlook, strategic priorities and objectives, future plans, business prospects and financial performance, ability to satisfy the initial listing criteria of Nasdaq, ability to deliver value to its stakeholders and grow as a public company. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, our ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of the combined company to grow and manage growth profitably following the business combination; costs related to the business combination; changes in applicable laws or regulations; our ability to implement business plans, forecasts, and other expectations after the completion of the business combination, and identify and realize additional opportunities; the risk of downturns and the possibility of rapid change in the highly competitive industry in which we operate; the risk that we and our current and future collaborators are unable to successfully develop and commercialize our products or services, or experience significant delays in doing so; the risk that we may never achieve or sustain profitability; the risk that we will need to raise additional capital to execute our business plan, which may not be available on acceptable terms or at all; the risk that we experience difficulties in managing our expected growth and expanding operations; the risk that third party suppliers and manufacturers are not able to fully and timely meet their obligations; the risk that we are unable to secure or protect our intellectual property; the possibility that we may be adversely affected by other economic, business, and/or competitive factors; and other risks and uncertainties discussed under the "Risk Factors" section of SportsMap Tech Acquisition Corp.'s prospectus in the registration statement on Form S-1/A filed with the Securities and Exchange Commission on December 18, 2023, and the combined company's other periodic filings with the SEC. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. Any forward-looking statement made in this press release is based only on information currently available and speaks only as of the date on which it is made. Except as required by applicable law, the combined company expressly disclaims any obligations to publicly update any forward-looking statements, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.
Media Contact:
Infrared Cameras, Incorporated
Andrew Klobucar
Director of Marketing
Andrew.klobucar@infraredcameras.com
Investor Contact:
Alpha IR Group
Mike Cummings or Griffin Morris
MSAI@alpha-ir.com
SOURCE: Infrared Cameras Holdings, Inc.
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