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Integrated Media Technology Limited announces the launch of its NFT trading platform

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SYDNEY and NEW YORK, December 30, 2021 /PRNewswire/ — Integrated Media Technology Limited (NASDAQ:IMTE) (“IMTE” or the “Company”), today announces that it has entered into an assignment and assumption agreement to take over the rights and obligations of a cooperation agreement on the development of a Blockchain company focused on the digital asset market platform, mainly focused on the NFT (Non Fungible Token) trading market. IMTE will pay a deferred payment based on the future earnings of Ace Corporation Limited (“Ace”) and a bonus payment if Ace is listed on a recognized stock exchange within the next 5 years.

Under the cooperation agreement, IMTE can now invest up to $1 million for a 60% interest in Ace to develop, establish and operate a trading platform called “Ouction”. The development, marketing and operations team will receive the 40% stake in Ace. The core technology will be developed by Mr. Eric Zhang and his team. The Ouction platform will be an interactive experience solution designed with dynamic image cryptographic verification technology that will act as a bridge for the O2O (Online to Offline) transaction. This will allow the “Ouction” platform to not only verify virtual asset transactions, but also provide notarized digital encryption and Blockchain certificates of physical assets for a fairer and more accurate platform trading experience. credible for e-commerce businesses and their users.

The Ouction platform will build its own sidechain on top of the existing large-scale blockchains to save computational cost and computational load analysis computed by distributed ledgers, and reduce the hurdle for users to become a knot. We also intend to develop mobile device applications to allow mobile device users to browse data for traceability proof and transact using Blockchain without IT overhead.

Mr. Eric Zhang said, “NFT is the bridge to connect the public auction and e-commerce market. The market size, measured by revenue, of the e-commerce and online auction industry is US$645.2 billion in 2021, and is expected to increase by 8.1% in 2022.” Eric added, “We are bringing together a team of skilled and experienced software engineers who have experimented in several Blockchain projects, including the development of the first batch of Blockchain cultural platforms , Quantitative Crypto Trading System, Supply Chain Financial Blockchain Platform, etc. Ouction is expected to adopt decentralized technologies in gaming, fintech, film and television, culture and e-commerce, and develop cross-industry synergy, to develop economic value from the new NFT market that ‘they create.”

“We are delighted to work with Mr. Eric Zhang, who was the leader in the development of Blockchain technology in supply chain finance and the former CTO of an Internet TV operator. Eric’s team will bring their expertise in Blockchain, Cybersecurity and other technologies to help us grow our NFT trading platform and business operations,” said IMTE CEO Mr. Xiaodong Zhang.

About Integrated Media Technology Limited (“IMTE”)

IMTE is an Australian company engaged in the business of manufacturing and selling nano-coated plates for filters, manufacturing and selling electronic glass and financial research. For more information, please visit www.imtechltd.com.

Safe Harbor Statement

This press release contains certain statements which may include “forward-looking statements”. All statements other than statements of historical fact included herein are “forward-looking statements”. These forward-looking statements, often identified by the use of forward-looking terminology such as “believes”, “expects” or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and such expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements due to a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements.

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SOURCE Integrated Media Technology Limited

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