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by Stockwatch Business Reporter

The TSX Venture Exchange fell a fraction to 598.04 Wednesday. Michael Atkinson's NEX shell, Knol Resources Corp. (NOL: halted), plans to acquire an advertising tech promotion called Freckle IoT Ltd. The terms are not yet available, but the shell plans to roll back its 55,696,470 shares issued.

The "IoT" in Freckle IoT's name stands for "Internet of things" and refers to a network of devices, such as beacons or sensors, that are connected to one another through the Internet. The IoT system is what enables homeowners to control the locks or the air conditioning in their homes, while they are at work, by using apps on their cellphones. Freckle IoT was originally hyping a plan to install a network of 60,000 beacons across the United States, for instance on college campuses, on street furniture, in movie theatres or in cabs, for the purpose of local advertising. The idea was that a person standing near a beacon would receive targeted ads on his cellphone from retailers in the area. Of course, Freckle IoT would have needed to first put its beacon-detecting software into the person's cellphone. It was going to do this with the help of retailers. In other words, a person who had a particular retailer's app installed on his cellphone and who was standing near one of Freckle IoT's beacons would have received targeted ads from Freckle IoT's partner retailers in the area. Note that there are other advertising technology firms that offer similar location-based advertising services using only apps and not a single beacon, since cellphones already have GPS.

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