Note: A prior version of this press release incorrectly indicated that a halt would be placed on the company's securities pending the company demonstrating that it satisfies the initial listing criteria for NASDAQ.
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". Because the listing application was not approved prior to the closing of the business combination, the company expects Nasdaq to initiate delisting procedures, subject to the company's ability to appeal the delisting. The 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.
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.
