CHEYENNE, Wyo., Nov. 2, 2018 /PRNewswire/ -- Argus Worldwide Corp (www.argusworldwide.com) reported today that it looks to expand its investment in India based consumer electronics startup, Tejovat Technologies PVT Ltd. (www.tejovat.com) in 2019. At the same time the Company has indicated that it plans to raise sufficient funds to acquire control of all of the Tejovat shares that remain issued and outstanding in accordance with a Purchase Agreement signed earlier this year. Argus completed the purchase of a 40% stake early in the Q3 and it now anticipates that it will close on the remaining shares no later than April 30th, 2019.
According to Michael Wexler, Argus Chairman and CEO, "The way we see it, we want to ensure that Tejovat will be a major player in the years ahead in a multi billion dollar revenue opportunity in the rapidly expanding market for Smart Home hardware and services. The Amazon acquisition earlier this year for USD$1 billion of US based Ring, a supplier of video smart door bells, underscores the potential value added by companies in the Smart Home space. It is clear that the consumer is looking for both convenience and security in their daily lives and companies like Amazon and others in the E-shop marketplace are seeking innovative ways of going that extra step for their customers in providing competitive services such as safe in house delivery."
Adds Santosh Labade, Founder and President, Tejovat Technologies, "I am confident that the Tejovat line up of Smart Home products including our Smart Wi-Fi Video Doorbell DP1000, Smart Wi-Fi Video Doorbell DF 1500, and 4 wire Video Doorphone DP 500 will offer major international markets a value proposition second to none. While our current activities are heavily India based, our plans for 2019 and beyond will take our high performance, price competitive Smart Home offering into major consumer markets in North America and Europe."
Tejovat Technologies Pvt Ltd, was established in 2015 and is headquartered in Pune, India. A consumer electronics company, Tejovat is engaged in the field of design, development, manufacturing, marketing and servicing of smart home products, tablets and mobile phones. The Tejovat technical team has broad experience working on cutting-edge products and technologies for various domains including but not limited to ASIC/FPGA, Hardware, Firmware, Software, Mechanical design, development and verification. The Company's Quality engineering team uses best in class knowledge and training in testing hardware and software products along with the necessary certifications in the field of medical and consumer electronics.
Argus Worldwide Corp is a diversified operating company engaged in the development or acquisition of corporate properties in 'go to' business segments including but not limited to digital/internet products and services, smart consumer electronic products and health industries such as generic pharmaceuticals. The Company maintains its registered corporate office in Cheyenne, Wyoming and has affiliated offices in Ottawa, Canada; Warsaw, Poland; and Amsterdam, The Netherlands. Shares of Argus Worldwide Corp. are traded on the US OTC Markets; Pink Current ARGW.
FORWARD-LOOKING INFORMATION: Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words "will" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Corporation's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Corporation. The forward-looking information contained in this release is made as of the date hereof and the Corporation is not obligated to update or revise any forwardlooking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained here.
SOURCE Argus Worldwide Corp.
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