INTEGRATED MEDIA TECHNOLOGY LIMITED Launches Internet of Things (IoT) Business Unit Through Acquisition
SYDNEY, HONG KONG and NEW YORK, February 1, 2021 / PRNewswire / – Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the Company), today announced the launch of its new Internet of Things (IoT) business unit through the closing of a conditional agreement to acquire 70% stake in Shenzhen Koala Wisdom Fire Engineering Co., Ltd. (“Shenzhen Koala”), a company specializing in the marketing and sale of IoT solutions.
Shenzhen Koala is currently selling a tracking solution to monitor and identify the location of fallen objects from high-rise buildings. This technology will detect the exact location from which the objects fell and thus identify the responsible residential / industrial unit. Thanks to this IoT solution, it would deter residents from throwing objects from high-rise buildings.
Mr. Con Unerkov, Chairman and CEO of IMTE, said: “This is IMTE’s first investment in the growing IoT industry and we believe it will grow very quickly. Today, the IoT sector is at the top of the priorities of most leading companies. strategy within this business line is to aggressively grow through acquisitions that match our acquisition / investment strategy. “
About Integrated Media Technology Limited
Limited integrated multimedia technology. is engaged in glassless 3D display (also known as autostereoscopic 3D) business, manufacture and sale of nano-coated air filter plates, electronic glass sales, financial research and service data and marketing and sales of IoT solutions. New business activities in air filters, electronic glass, IoT and financial research services should form the basis of our future growth strategy. 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 performance. Actual events or results may differ materially from forward-looking statements due to a variety of material factors, including those described in the Company’s most recent SEC documents. IMTE assumes no obligation to publicly update such 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 these factors may be updated from time to time in IMTE’s periodic documents with the SEC, which are available on the SEC’s website and at http://www.imtechltd.com.
LIMITED INTEGRATED MEDIA TECHNOLOGY SOURCE