Integrated Media Technology Limited Reaches US $ 11 Million Conditional Agreement to Acquire Internet of Medical Things (IoMT) Company | State
SYDNEY, 12 October 2021 / PRNewswire / – Integrated Media Technology Limited (NASDAQ: IMTE) (“IMTE” or the “Company”), today announces the signing of a conditional sale and purchase agreement to acquire an interest of 100% in Magnum International Holdings Limited (“Magnum”), for US $ 11 million which will be paid by the issuance of 3,630,360 ordinary shares of the Company to 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. In accordance with 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.
Sir. Xiaodong Zhang, the CEO of IMTE said, “The healthcare technology market is a 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. “
About Integrated Media Technology Limited (“IMTE”)
IMTE is an Australian company engaged in the manufacture and sale of nano-coated photocatalytic plates for filters, 3D display without glasses and electronic glass, sales of IoT solutions and financial research. For more information, please visit www.imtechltd.com.
Safe Harbor Declaration
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 are often identified by the use of forward-looking terminology such as “believes”, “expects” or similar expressions, involving 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 these 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 actual results of the Company could differ materially from those anticipated in these forward-looking statements due to various factors, including those discussed in the Company’s periodic reports which 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 to persons acting on its behalf are expressly qualified in their entirety by these factors. Except as required by securities laws, the Company assumes no obligation to update these forward-looking statements.
View original content to download multimedia:https://www.prnewswire.com/news-releases/integrated-media-technology-limited-enters-us11-million-conditional-agreement-to-acquire-an-internet-of-medical-things-iomt-company- 301397805.html
SOURCE Integrated Media Technology Limited