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TORONTO, ONTARIO--(Marketwired - Feb 24, 2016) - Peat Resources Limited (the "Company") (TSX VENTURE:PET) announces the evaluation of technology-based initiatives in the mobility space, including gesture recognition, image and motion sensing technology, with the advice of Dr. Samuel Peralta.
Previously, the Board announced that it is working with Dr. Peralta to evaluate potential new lines of business and the acquisition of intellectual property, and pursue related initiatives. Dr. Peralta has extensive experience in pivot situations, most recently supporting POET Technologies Inc.'s successful pivot from a photovoltaic company to a fabless semiconductor company.
"We are pleased to investigate gesture recognition, image and motion sensing as a new line of business," said Ms. Patricia Mannard, Chairman and CEO of Peat Resources. "It's an area with enormous potential, and could serve as the foundation for a new direction for the company."
"The gesture recognition and touchless sensing market alone is estimated to reach over $23 billion by 2020," said Dr. Peralta. "This industry provides ample room for new technologies."
Peat will be further assessing the market segmentation of the mobility space, with intent to deliver recommendations to shareholders as required, and an overview at its upcoming Annual General Meeting.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the statements. There are certain factors that could cause actual results to differ materially from those in forward-looking statements. These include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review registered filings at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.