AirIQ Inc. has acquired certain assets, including customers, video telematics software solutions, URLs, licenses, and other marketing assets from a privately held IoT services company. The assets include a customer base with over 1,000 devices, generating approximately $450,000 in annual recurring revenue with margins exceeding 70%, and about $300,000 in hardware revenues over the past year. The acquired assets have contributed approximately $225,000 in EBITDA during the previous twelve months. The purchase price is up to $850,000, with $600,000 paid in cash at closing, $150,000 held in escrow, and a potential $100,000 earn-out based on future gross profit growth. AirIQ has also entered into a Transition Services Agreement with the principals of the acquired business for one year to ensure a smooth transition. All amounts are in Canadian dollars.