INTEGRATED LI MEDIA TECHNOLOGY – GuruFocus.com
SYDNEY and NEW YORK, April 11, 2022 /PRNewswire/ — Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the “Company”), today announces that the April 6, 2022 the Company’s subsidiary, Ace Corporation Limited (“Ace”) has entered into a Memorandum of Understanding (“MOU”) with Grown Up Group Investment Holdings Limited, a listed company on the Stock Exchange of Hong Kong Limited, HKSE: 1842 (“ GUGIHL”) to (i) enter into a business relationship to be co-developers of non-fungible token (“NFT”) content and other digital assets to be traded on the Ouction platform; (ii) arrange for Ace’s online digital asset exchange trading marketplace (referred to as an “auction”) to be one of the metaverse partners to be set up by GUGIHL; and (iii) GUGIHL to establish a metaverse development team.
GUGIHL initiates the development of a metaverse centered on Asia and China cultural and artistic. GUGIHL intends to build a metaverse (“Metaverse”) that can accommodate events and exhibitions in the virtual world. A metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually. Augmented reality superimposes visuals, sound, and other sensory input onto real-world settings to enhance the user experience. In contrast, virtual reality is entirely virtual and values fictional realities. By using these new technologies, GUGIHL hopes to be able to simulate historical cultural events in the virtual world.
The Company and GUGIHL (“Parties”) agree to formalize the definitive cooperation agreement within 6 months of the signing of this MOU. The parties expect the agreement to be formalized so that ACE has the right to provide and service the GUGIHL metaverse, for a period of time. GUGIHL will bear the costs of establishing and promoting the virtual galleries for a period of at least six months from the date the metaverse has a number of users to be agreed by the parties. All revenues derived/received, including advertising and admission receipts, from virtual galleries will be shared 50/50 between the Parties. The Parties will do their best to find potential themes and content for virtual rooms in the Metaverse. In addition, once GUGIHL completes the development or acquisition of the metaverse, Ace will start promoting on its adjudication platform and members to share/display their NFT contents in the metaverse. The parties will also find additional potential content providers to promote the mutual interest of the parties. The parties will evaluate the metaverse once available for testing and use it for a reasonable testing period of at least two (2) months; the evaluation will include consumer acceptance to Metaverse, platform performance for efficiency, and user experience in the Metaverse virtual world.
About Integrated Media Technology Limited (“IMTE”)
IMTE is an Australian company specializing in the manufacture and sale of nano-coated plates for filters, the manufacture and sale of electronic glass, Halal certification and the distribution of Halal products, the operation of an exchange platform in online for trading digital assets and providing financial research. For more information, please visit www.imtechltd.com.
Safe Harbor Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding the expectations, intentions, strategies and beliefs of IMTE regarding future events or future financial results. performance. Actual events or results may differ materially from those in the forward-looking statements due to a variety of important factors, including those described in the Company’s most recent filings with the SEC. IMTE undertakes no obligation to publicly update these forward-looking statements, whether as a result of new information, future events or otherwise. For a more complete description of the risks that could cause our actual results to differ from our current expectations, please see the section titled “Risk Factors” in IMTE’s Annual Reports on Form 20-F and Interim Reports. on Form 6-K filed with the SEC, as such factors may be updated from time to time in IMTE’s periodic filings with the SEC, which are accessible on the SEC’s website and at http://www.imtechltd.com.
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SOURCE Integrated Media Technology Limited