Oblong, the award-winning maker of multi-stream collaboration solutions, announced today that it has signed a non-binding letter of intent with Dwellwell Analytics, to acquire 100% of the outstanding equity interests of Dwellwell . Pursuant to the terms of the Letter of Intent, Dwellwell securityholders would, after giving effect to the proposed Merger, own 67% of the equity of the combined company and equity holders of Oblong would own 33% of the equity of the combined company, on a fully diluted basis.
The contemplated business combination would give Oblong investors a unique opportunity to be part of Dwellwell’s journey. The Dwellwell solution combines patented and patent-pending, multi-sensing technology and artificial intelligence to take the guesswork out of maintenance for both institutional and individual owners of residential property. Dwellwell’s unique approach uses remote sensing to monitor an entire residential building instead of individual systems or appliances.
Ambient Inference™, a unique form of artificial intelligence allows Dwellwell’s SaaS platform to identify maintenance issues as soon as they arise, and ultimately predict issues before they occur. Dwellwell enables customers, including owners of multi-family buildings, single-family homes, and short-term rentals, to address repairs proactively, significantly reducing costs across multiple operational areas.
“After undertaking a comprehensive process to explore and evaluate a range of strategic options, our Board and Management team believe this transaction with Dwellwell is the best strategic alternative for Oblong and represents an opportunity to create substantial value for our shareholders,” said Pete Holst, Oblong CEO. “This business combination, if completed, will result in Oblong investors having an equity stake in a company that is focused on developing and commercializing AI-centered technology and solutions that could transform how real estate is monitored and maintained under the leadership of a world-class team with decades of domain expertise spanning machine learning/AI, software systems, applied physics, advanced sensors, user-centered design, and building maintenance.”
“Dwellwell has created disruptive patented IoT technologies to address a critical need, the deployment of comprehensive, smarter maintenance solutions for residential real estate, an asset class worth over $40T in the U.S. alone,” says Dan Simpkins, CEO, Dwellwell Analytics. “Combining with Oblong’s team will enable us to scale our company and more rapidly meet the needs of the real estate community. This merger will provide resources that Dwellwell needs to achieve its long-term objective, to be the leading provider of smart maintenance products.”
Both parties are currently completing their respective due diligence reviews and are continuing to negotiate the terms of a Definitive Merger Agreement. Accordingly, Oblong cannot provide any assurance that it and Dwellwell will successfully negotiate and enter into a Definitive Merger Agreement or that it will effect the Merger with Dwellwell or, even if it is able to consummate such a Merger, that the terms of any such Merger will be on the terms set forth in the Letter of Intent. The Merger would be subject to board and shareholder approval, regulatory approval, each party satisfying a net cash closing condition and other customary closing conditions.
About Oblong, Inc.
Oblong (Nasdaq: OBLG) provides innovative and patented technologies that change the way people work, create, and communicate. Oblong’s flagship product Mezzanine™ is a meeting technology platform that offers simultaneous content sharing to optimize audience engagement and situational awareness. For more information, visit www.oblong.com and Oblong’s Twitter and Facebook pages.
About Dwellwell Analytics
Dwellwell is the only comprehensive Check Engine Light for Homes™. The powerful technology diagnoses and alerts residential property owners and managers to irregularities in the performance of an entire residential building, including HVAC, electrical, plumbing, and even environmental concerns. The SaaS platform provides early detection of issues before they lead to system failure or a catastrophic event. With its simple plug-and-play installation capability, Dwellwell proactively diagnoses issues across an entire building, helping multifamily and short-term rental owners streamline maintenance, generate cost savings, improve NOI, and ensure resident/guest comfort. For more information, visit www.dwellwell.ai.
