Integrated Media Technology (IMTE) acquires Magnum International Holdings for $ 11 million in stock
StreetInsider.com Top Tickers, 12/31/2021
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Integrated Media Technology Limited (NASDAQ: IMTE), today announces the signing of a conditional sale and purchase agreement to acquire a 100% interest in Magnum International Holdings Limited (“Magnum”), for 11 million US dollars to be paid by the issuance of 3,630,360 common shares of the Company at a price of US $ 3.03 per share. The acquisition of Magnum by the Company is conditional, among other conditions, on satisfactory due diligence (at the sole decision of the Company), on the legal and financial affairs of Magnum. According to the Agreement, the long stop date to complete this transaction must be within 3 months from the date of the Agreement.
Magnum is a technology development company based in Dalian, China which intends to build a post-diagnostic medical and healthcare platform using big data and artificial intelligence. Magnum is currently developing the smart pharmacy system and healthcare platform for hospitals and pharmacies. Magnum will focus on the development of a post-diagnostic platform integrating portable medical devices for real-time monitoring and on the integration of medical resources to provide consumers with medical and health information.
Mr. Xiaodong Zhang, CEO of IMTE, said, “The healthcare technology market is a rapidly growing market. The acquisition of Magnum will bring us the technology and entry into the post-diagnostic medicine and healthcare market. We look forward to finalizing the acquisition and integrating Magnum IoMT (Internet of Medical Things) into our IoT business unit. “