Integrated Media Technology Limited Announces Entry into Halal Certification and Food Market
SYDNEY and KUALA LUMPUR, MalaysiaJan. 20, 2022 /PRNewswire/ — Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the “Company”), today announces the execution of a subscription agreement for a 60% stake in World Integrated Supply Ecosystem Sdn Bhd. (“WISE”), a Malaysian company specializing in providing Halal certification to qualified businesses/operations, establishing the supply chain for Halal products and selling Halal products.
WISE’s business is to bring Halal certification to the forefront of food safety for the food industry. Halal is a process that respects cleanliness in the cultivation, preparation and delivery of food products. WISE will provide the certification in conjunction with JAKIM, a Malaysian government department mandated to conduct and manage the Halal certification process. WISE strives to be appointed by JAKIM Malaysia as an accredited certification body to conduct the audit process and certify the product application. WISE will also work with other certification bodies around the world that have been accredited by JAKIM, extending our reach to global markets.
The other ambition of WISE is to promote the global supply chain of halal products through cooperation and collaboration with international halal organizations, consumer community and manufacturing bodies to strengthen the halal ecosystem. By working with Halal product manufacturers, WISE will be able to market their products through a supply chain network and trading platform, both offline and online, from raw materials to finished products.
We intend to use the latest technology to provide product traceability to track their movement from farm to table. Dato’ Megat Radzman, CEO of WISE, said, “Today we are concerned about food security around the world. The environment around us is changing rapidly and it is a challenge for consumers to determine what foods and where they are safe. In mind, we aim to bring the Halal process to producers, food processors and distributors to build a credible Halal ecosystem. Dato’ Radzman added, “WISE will offer online courses on Halal practice and food handling to educate and train Halal food stakeholders to maintain the quality and compliance of their Halal products.
WISE enters a specialty (Halal) food market estimated at around US$1.9 trillion in 2020 and is expected to continue to grow in the coming years. WISE aims to be a key player in building the ecosystem and a business platform for growers/producers to sell their products directly to consumers and wholesalers/distributors. Dato’ Radzman concluded: “There is a tremendous opportunity to provide Halal products to the world. The pandemic has highlighted the need to maintain food safety throughout the supply chain and a delivery system that people can rely on.
Mr. Xiaodong Zhang, CEO of IMTE, said, “We are very happy to work with WISE and its management team to build a Halal ecosystem. Although this is not IMTE’s traditional technology investment, we see many applications to bring this ecosystem to the new digital economy. traceability, anti-counterfeiting technology, Blockchain application and automation.”
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, the operation of an online exchange platform for the trading of digital assets and the provision of financial research. For more information, please visit www.imtechltd.com.
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SOURCE Integrated Media Technology Limited